What is business analytics you ask? Very simply, business analytics is the exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of a business’ performance based on data and statistics. Data and analytics should be investigated throughout every aspect of your business, including but not limited to your office of finance (including data from your ERP), analytics on your Marketing and Sales software (CRM for example) and of course within your Operations Departments (including Field Services). Additionally, business intelligence traditionally focuses on using a consistent set of metrics to measure past performance as well as guide business planning, which is also based on data and statistical methods.
“The horse is here to stay but the automobile is only a novelty, a fad.” -The president of the Michigan Savings Bank advising Henry Ford’s lawyer not to invest in the Ford, 1903
If only Henry Ford’s lawyer had access to business analytics instead of listening to his bank advisor giving him his gut feel on an investment.
With technology moving at a more rapid rate than ever there is no sure fire way to keep on top of it all, even business giants struggle to keep up. A prime example is the Kodak Company. The Kodak Company did not keep up with the times and as result went from being a company that grossed over $1.2 billion annually to under $10 million in a single year. There are so many excuses we could come up with for why this could happen to any company, but at the end of the day, it all comes down to a lack of relevant information and insights into the business, the data and customer trends.
Staying relevant within the business world is an ideal that no company or software can offer you with 100% guarantee. What is on offer however, is the ability to make informed decisions based on facts, trends and history.
As they say “Knowledge is Power”. You can’t afford to not have all the insight you can about what is happening within your business right now – from the employees, to suppliers, to customers. Being able to pick up on the smallest trends or changes in your data quickly, could make all the difference in making a profit or a loss. If you want to gain insight, drive business planning and commit to data-driven decision making – then you a need a business analytic strategy in place as soon as possible.
about business analytics and how we can help you with our data offerings and business analytics tools.