Elite Tips that will help Businesses Optimize Their Data Analytics

1. Elite Tips that will help Businesses Optimize Their Data Analytics Cultural adaptations of the analytics sector have developed in ways and to varying degrees around the world. Analytics is connected with business intelligence — a term that's closely related but carries a slightly different meaning. In a recent study by Braun Research Incorporated, a new research poll just released, 150 companies revealed that 80% of those companies weren't using their data analytics to their full potential, and 20% were "living in blissful ignorance." Those are pretty high numbers. Of course, data analytics has given rise to big data — and big data can carry big challenges. But don't let these challenges dissuade you from taking advantage of the tips below. Understand The Business Goals Knowing what to track is as simple as asking yourself a few key questions. It's important to remember that the business goals are not necessarily the same as marketing goals. If you can align with an executive or someone who knows about the business more than anyone else, this can help you understand a company's KPIs. www.reallygreatsite.com 01

2. Understand The Business Goals Knowing what to track is as simple as asking yourself a few key questions. It's important to remember that the business goals are not necessarily the same as marketing goals. If you can align with an executive or someone who knows about the business more than anyone else, this can help you understand a company's KPIs. Align With a Business Expert Many companies have a Chief Data Officer (CDO) or Chief Analytics Officer (CAO) in place to help define what key business problems need to be solved. If this is lacking in your organization, then you need someone who can champion your analytics work across different departments. Define the Key Performance Indicators You'll need to determine the key performance indicators of your business to make sense of all relevant data. Some examples include customer lifetime value, customer satisfaction rating, customer acquisition cost, and average time spent on the website. Map The Customer Journey The customer experience is a key driver of success, and capturing that journey data can be incredibly valuable to your business. Customers are 50% more likely to do business with companies who personalize communications and offers based on the customer's purchase history. To achieve this level of personalization, you need a deep understanding of each customer's journey. Know Your Data Sources The number of available data sets is increasing as more information becomes available online and through third-party providers. Your analytics will only be as good as the quality of your data, so make sure it's coming from a reliable source. External sources could be data from social media, website analytics, surveys, and more.