There are numerous ways that using analytics can boost your business’ productivity and growth factors.book your complimentary consultation
There are numerous ways that using analytics can boost your business’ productivity and growth factors. Our aim in this article is to outlay some of the most critical and useful ways you can utilize analytics for the growth of your business, and also show you how Blue Star are IT consultants in Michigan and Indiana who can help you maximize your use of analytics tools and lock-in your best business IT vector!
Here are seven areas where a leading floral delivery company participating in a study done by Inc.com used analytics to transform their performance, which boosted revenue, increased profits, and improved customer satisfaction and retention:
When it comes to delivering flowers, From You Flowers uses a network of florists to fulfill orders, as well as their own distribution centers. Analytics has allowed them to predict their ability to meet customer demands, which are often for same day delivery, by understanding the impact of traffic patterns and average delivery times for each supplier in major cities. This allows them to make and meet commitments, or pass on business where they know that delivery is not possible, or to propose a next day delivery.
Florist performance can vary based on many factors, such as time of day, the day of the week, or the product being sold, etc. Analyzing supplier performance helps identify which of their many suppliers will give the highest probability of success for any give orders based on location, which increases their order fulfillment.
Analyzing the customer complaints and refund requests allow them to drop poorly performing suppliers, either from on-time or product quality perspective. Which helps to ensure that their clients get good quality flowers on time.
When you can identify those customers who are more likely to come back and do repeat business, it allows you to optimize your marketing investment. Building long-term relationships with customers then maximize their value to you, and your level of repeat business.
The IT business, for instance, is gets boosted at certain times, like when new ransomware viruses are unleashed (insert other variable x that randomly increases your incoming sales leads or conversions), producing ten times the demand as most other days. This requires a very flexible labor force. Turning the analytical focus inward has helped to significantly improve staffing level forecasts which have helped to manage operational costs.
Every advertisement is A/B and even C split-tested. All landing pages, pop-ups, and even product images are assessed for their effectiveness with tweaks being made to ensure maximum results.
Even the positioning of products on the website is measured to identify the best location to help drive engagement and sales. Advertising can be expensive, and it’s important to know how to get the best return on investment by using analytics, for instance, to streamline and rein-in expenditures.
There are literally thousands of different products that could be offered by any one industry, or even certain businesses. Understanding which are the most popular products or a combination of products and this too can vary by region, as well as seasonally. The data is used to ensure the company targets the right product at the right time, which helps to increase sales.
[Source credit: Inc.com]
What Is Analytics?
Analytics has emerged as a catch-all term for a variety of different business intelligence (BI)- and application-related initiatives. For some, it is the process of analyzing information from a particular domain, such as website analytics. For others, it is applying the breadth of BI capabilities to a specific content area (for example, sales, service, supply chain and so on). In particular, BI vendors use the “analytics” moniker to differentiate their products from the competition.
Increasingly, “analytics” is used to describe statistical and mathematical data analysis that clusters, segments, scores, and predicts what scenarios are most likely to happen. Whatever the use cases, “analytics” has moved further into the business vernacular. Analytics has garnered a burgeoning interest from business and IT professionals looking to exploit huge mounds of internally generated and externally available data.
[Source credit: Gartner.com]
Putting analytics tools at the heart of your organization.
It’s not uncommon for teams to outsource analytics or outsource it to an internal analytics group. When the findings come back, however, those same teams may be reluctant to implement them because they don’t fully understand or trust the numbers.
To solve that problem, marketers must work closely with data scientists, marketing researchers, and digital analysts to question assumptions, formulate hypotheses, and fine-tune the math. Companies also need to cultivate “translators,” individuals who both understand the analytics and speak the language of business.
One financial-services company, for instance, set up councils within its marketing function to bring the creative and analytical halves of the department together. The councils helped analysts understand core business goals and helped creatives understand how analysis could inform marketing programs.
Speed and agility are also important. Insights from the consumer decision journey and the marketing-mix allocation should inform the tactical media mix. Actual results should be compared with target figures as they come in, with the mix and budget adjusted accordingly.
Attribution modeling can be especially helpful with in-process campaign changes (especially with tools like Google analytics), since digital spending can be modified on very short notice. Certain research shows that the best-performing organizations can reallocate as much as 80 percent of their digital-marketing budget during a campaign.
The pressure on business leaders to demonstrate return on investment from a diverse portfolio of marketing programs is only increasing. The data to make smarter decisions are available, as are the analytical tools. We believe that taking an integrated analytics approach is the key to uncovering meaningful insights and driving above-market growth for brands.
Experience the Most Trusted IT Services Company in Michiana! Blue Star helps companies in Goshen, Elkhart, and South Bend IN, as well as Cassopolis and Niles MI to optimize their entire business intelligence protocols via advanced analytics that act as a fine-tuned compass for optimal business growth!
Let Blue Star IT Pros Successfully Guide Your Analytics Use and Drive Growth
We can help boost your overall business intelligence IQ in the area of computer networking (and its various beneficial business effects) by monitoring and crunching (or showing you how to best apply) your digital analytics numbers so that we can fine-tune your technology use-and-application approach.
This will keep your ship on a steady heading in an ongoing, consistent fashion, as you adjust to the demands and challenges of internal growth and external business technology trends and concerns.
Give us a call today at (574) 975-0767 or email us at email@example.com for more information or to get started right away with Blue Star as your analytics gurus and business intelligence guides of choice.Published on 8th January 2018 by Jon Morningstar
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