Analytics in business is a sure-fire way to outpace your competition, delight your customers, and secure the long-term success of your organization. Business analytics helps your business in a variety of different ways. No matter how “perfect” you think your business processes are already, data analysis software and product analytics can show you new ways of thinking about things that can improve productivity, improve quality, save time, and improve customer satisfaction.
Business analytics allows you to combine all of your data from multiple sources to show trends, patterns, and relationships across your entire business. You can then take this data, learn from it, and make changes accordingly to improve different aspects of your business. By using data analytics, you can view your business from a new perspective and make changes based on statistical analysis to improve the company.
Analytics in Business: Human Resources Department
Human resources is one of the most important departments of a business, and improving the way your HR functions is a great way to benefit your business. Big data can allow your HR department to view multiple datasets of how employees are doing with their work, allowing them to make changes accordingly to benefit everyone. Some examples of the types of data that are helpful to human resources are:
- Employee Hours
- Employee Attendance
- Salaries and Overtime pay
- Performance Appraisals and Employee Awards
- Employee Error Rates
- Employee Work Output Data
Using datasets like these, human resource departments can make changes to their processes that can improve productivity, employee satisfaction, and working conditions.
Analytics in Product Development
Product development is arguably the most important part of a business. Product analytics can help businesses improve product development by looking at the big picture, and analyzing all aspects of the current market, competitors, and the company’s own product. Companies can use product analytics to look at:
- What their competitors are offering and at what price
- Current market trends
- What customers want out of the product
- What specifications will impress the customers
Using product analytics to improve product design and performance is guaranteed to have a huge impact on customer satisfaction and subsequently, sales in general.
Analytics in Business: Manufacturing
Manufacturing is another department that can benefit greatly from business analytics. It can be a very complicated department with lots of moving parts, and a lot of room for error, but also a lot of room for improvement. There are many aspects to producing goods that data analytics can allow you to greatly improve your processes through statistical analysis. Data analytics can improve:
- Product Design
- Product Quality
- Supply and Demand Forecasting
- Supply Chain Optimization
- Customer Experience
- Asset Optimization
Key Benefits of Data Analytics in Business
As previously stated in this article, there are many different ways that big data analytics can improve businesses, but the best data analytics platforms should provide innovation in business processes, improved customer service, and lower costs to the company. When a company utilizes big data analytics into their processes, they should receive a substantial competitive advantage over businesses that don’t use data analytics to optimize their business processes. Investing in data analytics to improve your business is one of the smartest moves you can make to improve and stay on top of the market.