Need a Win? Why Data Analytics is a Must-Have Win for Your Business
Operating a business may sometimes seem like a game of chance.
Sometimes the sales are flowing, other times business is stagnant. You notice certain times of the day or days of the week customers are more active with your product or service - but you're not sure why. You may wonder why some products or services aren't taking off the way you expected.
Are you missing something that could be a huge opportunity? All of these uncertainties make businesses lose out and ROI unpredictable and inconsistent. However, business need not be a gamble. When you understand the why’s and what’s to your particular sales, customers and daily operations, then you can be proactive in moving forward. That is why data analytics and reporting is so important for businesses. When you use a BI tool such as Microsoft Power BI, you harness the power of your data, put it to good use and take action with it.
Just what is data analytics?
Data analytics simply refers to the process of extracting business data and then analyzing it. Both parts are equally important. If you only have data but no analysis, it’s useless. With Vizion Solutions and our custom BI apps, data is always complete, accurate and actionable.
How can data analytics and reporting boost my business?
1 Consolidation of data
You already have a multitude of data available. Every business transaction you complete contains data. Each customer interaction and operational shift has data. You probably have this relevant information in a variety of places. You may have spreadsheets, invoices, and more to keep track of your business dealings. Our Vizion360® analytics platform and Microsoft Power BI gathers the data from these different sources and consolidates it to ensure data integrity. This is the first step in making this data work for your business.
2 Interpretation of data
Once the data consolidation occurs, you need interpretation or analysis. What does it all mean? Analysis recognizes trends, buying patterns, customer preferences, and much more. How do all the pieces fit together? Analysis is vital in identify data gaps, potential opportunities, and potentially overlooked losses. Analytics puts the pieces of data together so it is useful and actionable for your business.
3 Provides solutions based on the data
After data is extracted, consolidated and analyzed, it’s time to put the information to good use. Data analytics and reporting helps provide opportunities for your business. With proper analysis, you understand the reasons behind the trends, operational efficiencies, buying patterns, and so on. Then you can implement business rules and policies to make your business more profitable.
To make the most of data analytics, use an experienced professional to provide you with reporting and solutions. Taking on data analytics is no easy feat, and it can make or break your business.
At Vizion Solutions, we partner with businesses to bring their data to life, grow the top line, improve profitability, increase productivity, manage risk, and consult on our solutions to better your business.