Have you ever reached a dead end or were stumped while thinking about your next strategy? Maybe you struggled to expand your reach, or even decide which campaign to take forward. In times like these, you may find analyzing your data to be a most useful tool!
This is where data analytics can help your business or organization!
Now, what is Data Analytics?
In our last blog post, we talked about Why is Data Organization Important? We reviewed the importance of keeping your data organized, accessible and within reach. This time, let’s talk about making use of all that data.
Data analytics is the process of looking through your data in order to draw conclusions from trends and observations. It’s a skill we probably all did in our science courses, but today, it is an indispensable tool for business. While scientists use it in proving (or disproving) hypotheses and theorems, businesses use it to improve performance and decision-making, towards the goal of maximizing profits.
Data analytics will help you get from point A to B; you will get a clearer picture of where you are, and where you want to be.
Of course, you must first understand it better:
There are 4 basic types of data analytics.
1) Descriptive Analytics
This type of analytics simply describes what has happened over a period of time.
2) Diagnostic Analytics
This form of analytics answers the question “why?” Why is there such a trend? What could have been the reason? This approach involves quite a bit more hypothesizing on your end, compared to the first type.
3) Predictive Analytics
Similar to its name, this type of analytics aims to provide what is most likely to happen in the short term.
4) Prescriptive Analytics
Finally, this type of analytics outlines a course of action; your next step.
How do I make use of data analytics?
Today, there are different tools and software that you can use to accomplish data analytics easily and conveniently! From manual bookkeeping, to spreadsheets, to specialized software such as a CRM – analysis has become so easy!
Akubo’s CRM is this and more! It has a built-in function that can turn your data into graphics and simple visual aids. Reports are generated with clean charts and graphs; demographics are laid out in a neat, color-coded style.
You may even create custom reports! From your data, pick only the groupings you need, and generate a report based on any of the groups that you’ve included.
The age of information and technology is NOW. Today’s ever-shifting landscape can be very overwhelming. Your data is the foundation you need in order to navigate this landscape. Data Analytics will focus your insights in the business, and give you the skill and technique to make the best informed decisions for your organization!