So, what is analytics, and what does it have to do with your company?

Analytics is the systematic analysis of data or statistics – known as content analysis and big data analysis. The data you already have is analyzed to show patterns or trends, customer preferences and other useful information. Basically, analytics take an asset you already have but do nothing with, and turn it into a tool to help your business and your profits grow.

SMBs often fall into the trap of believing that they’re too small to use or be affected by analytics. They’re wrong. If you have a business, you have data which can be transformed into information, and information equals opportunities.

Here’s how.

Information

Using Big Data Analytics (BDA) to find information out about your company affects how you do business and it starts with how you decide to use BDA. Firms that have used BDA more successfully have been very specific on what they need more information on whether it’s on how to boost sales or on how to cut down costs, and feed in data to those ends. The information gathered gives a more complete view of the opportunities and helps you to change the way you operate accordingly.

Making sure your business is run to the highest possible standard is a byproduct of BDA information. In today’s culture, visibility and performance are highly documented and a lot of information about your company is available online. Customers and potential customers have access to this, as well as company policies and other information, and this can have an influence on whether they choose your firm or not.

Efficiency

How you create your marketing strategy is a big part of any business. BDA changes the way you do this by helping you be more efficient. Traditional advertising practice is in favor of blanketing your adverts over every possible media, meaning you waste time and money in places away from your target audience. BDA will help you to see patterns in sales information, meaning you spend less and focus on what can bring in more customers and higher profits.

Using BDA can also affect how you manage your business. Analyzing stock, peak sales times, staff productivity and outgoings can highlight aspects of your business that can be streamlined or improved in some way. For example, if the BDA shows that your sales fall off at certain times of the day, you can reduce staff at that time or even close altogether – saving you money and giving you time to focus on other departments.

Privacy Policies
Using BDA will mean having to create new privacy policies concerning your customer’s information and how it’s being used. Large companies such as Spotify and Microsoft have suffered a backlash over this issue. Nobody really reads terms and conditions when they sign up for things, but everyone expects and should get transparency on how the data they provide will be used and the ability to opt out if they don’t wish their information to be collected. To protect yourself and your customers, an overhaul of your company policies needs to happen, and be regularly maintained.

Let Stratosphere Networks help you use your analytics to its fullest. Contact us at (877)599-3999 or fill out our contact form and talk to our IT professionals.  They have extensive experience working with analytics to make sure you get the best out of your internet endeavors.