Business Analytics

Business analytics (Business Intelligence) have become key tools in the world of modern business. They allow large amounts of data to be transformed into useful information that supports decision-making. An important part of this process is KPIs (Key Performance Indicators), or key indicators for business success. In this article, we will look at how these three elements work together to help your business perform better.

The Role of Business Analytics in Modern Business

Business analytics is like a compass for companies in a sea of market data. It allows them to understand market trends, customer behaviour and the effectiveness of marketing activities. For example, in the e-commerce industry, analysing customer data helps to understand which products are most in demand and at what times.

Business Intelligence - Your Tool for Better Data Analysis

Business Intelligence (BI) is a set of tools and techniques that enable the effective processing of business data. BI differs from traditional data analysis methods in that it offers a more integrated and interactive approach to data. BI tools such as Power BI or Tableau, allow the creation of advanced dashboards and reports that are invaluable in the decision-making process.

Table relationship view in Power BI

 KPIs - Measures of Success in Business Analytics

Selecting the right KPIs is crucial for effective business analysis. For example, for an online shop, an important KPI might be the conversion rate, i.e. the percentage of visitors who make a purchase. It is important to choose KPIs that are directly related to business goals and that can be measured effectively.

Example visualisation of KPIs in Power BI

Integrating Business Analytics and BI in Practice

One example of a company making effective use of business analytics and BI is Amazon. Thanks to its advanced BI systems, Amazon is able to analyse vast amounts of customer behaviour data and adjust its offerings in real time. Implementing such solutions in your company can increase the effectiveness of your marketing and sales efforts.

Summary

Business analytics and business intelligence are powerful tools that can contribute significantly to the growth of your business. Implementing the right KPIs and using BI tools to monitor them allows you to better understand your business and make more informed decisions. We encourage you to explore these techniques in your business! Not sure where to start? We can help, arrange a consultation with RATISOFT.