The purpose of business analytics is to bring the company to a new stage of development. It allows and obliges to develop new ways to solve existing problems – less costly and more effective. To achieve this goal, business analysts must perform the following tasks:
– find ways to reduce costs,
– understand the reasons for the decline and growth of sales,
– track the movement of goods,
— to identify trends in the impact of stocks in warehouses on sales,
— monitor the performance of staff and the use of other resources.
All of the above tasks of business intelligence can be reduced to a single formula – the development and description of universal schemes and ways to solve a particular problem, so that in the future the company will act according to a new plan and avoid unnecessary time and money.
Business analysts
Business analytics is often done by an expert in their field: they are expected to provide a professional assessment and recommendations for further actions. Many companies hire such experts for project work: they performed business analysis, provided recommendations, and this is where their work ends. But now companies have a lot of daily updated data, and business intelligence is no longer needed once a year, but almost daily.
Large companies understand how important it is to conduct business analytics in real time and quickly respond to changes in the company’s work: for example, if views of an important page on the site have dropped, then you need to understand why and what to do. It is better to notice such situations immediately, and for this you need to monitor the data online. How can I do that:
– with the help of their own department of analysts or one individual specialist in the state, who will be responsible for business intelligence;
– using analytical solutions that allow you to work with data quickly and do not require additional training time (for example, the Tableau program); such programs allow you to combine the work of a specialist in his position with the functions of an analyst.
Resistances and conflicts in the implementation of business intelligence
With business intelligence, meetings will be conducted with data-driven reasoning:
Often the implementation and development of business intelligence is accompanied by certain problems associated with the non-acceptance of the team of new standards of work and attachment to past traditions. However, all problems are easy to handle if you understand that business intelligence is the way to the future of the company. What to go through:
– Universality vs Customization – if there is a task to set up reporting for several teams or departments, it will not be easy to make a common universal dashboard, since everyone has their own requirements for the report and the information that should be on it; therefore, everyone should have access to their own information and to one common;
– Resistance of the participants in the process – on the part of analysts and developers who are used to working in the old way, or, conversely, on the part of management that does not want to spend money on new software; it helps to use the argument in favor of modern technologies that allow you to stay ahead of competitors.
We, ANALITIKA PLUS, have been helping our clients to work with data since 2012 – to find useful insights and use this information to increase the company’s profits.
During this time, we have developed and implemented solutions for various industries and business areas:
– sales analysis,
— forecasting the effectiveness of promotions,
– tracking the sales funnel for a specific campaign with conversion rates at each stage,
– segmentation by various methods: ABC, RFM, etc.,
— key indicators of Internet marketing,
– analysis of goods in warehouses,
— analytics for the HR department (employee cards, training, KPI analysis, etc.),
— analysis of financial indicators
– and much more.