October 9, 2020

Why Business Analytics Software is a Great Tool for Analyzing Data and Monitoring Your Business

Business Analytics SoftwareAs data increases, businesses can easily get overwhelmed by the available information spread across multiple systems. Therefore, there is a growing need for easy-to-use data and analysis systems that provide an accurate view of current and future business performance. Today, these systems exist in the form of business analytics software.

Benefits of Using Business Analytics Software for Data Analysis

Business analytics software is a visualization and analytical software that exhibits and analyzes the current status of KPIs and metrics for:

  • A department
  • An organization
  • Specific process

The analytics software provides, at one glance, powerful insights into key business functions. This ensures fact-based business decisions. There are many reasons to use analytics software. One of them is the ease of analyzing data. The following are the reasons that make business analytics software the easiest way to analyze data.

More Valuable Data

One of the most valuable assets of an organization is data. However, often leveraging data is costly and time-consuming. Analytics software cheaply and quickly provides businesses with the insights they need to enhance the performance of their employees and operations.

Ability to make real-time and fact-based decisions

By providing them clear and vibrant graphic interfaces, business analytics software allows users to understand and gauge complex data easily. This propels real-time and fact-based decision making.

An objective view of performance

By providing an objective and easily understandable view of current performance, analytics software propagates further dialogue. For example, the customer acquisition process requires sales and marketing to be aligned. In a mutually understandable way, analytics software can showcase metrics pertaining to each team.

Identification of problem areas

In order to help stakeholders manage challenges proactively, analytics software provides them insights into potential problems. This is in addition to providing real-time and historical data. People who use business analytics software often:

  • Feel unshackled
  • Make better decisions
  • Manage complex problems at the source as they emerge

Ability to see the big picture

With the analytics software, businesses can capture the ‘big picture’ at a glance. Analytics software provides users with a snapshot of key metrics, such as:

  • KPIs from various markets, data sources and departments
  • Real-time metrics

Users can use the ‘big picture’ to make informed decisions.

Identifications of gaps

With the analytics software’s interactive dashboard, users can view information related to their team’s performance. Furthermore, they can use filters to view different sets of information and explore a list view to get the report’s details so they can take action.

With visual patterns, analytics software brings data to life and helps managers to support, predict and analyze critical business decisions. By helping managers find answers to key questions related to business challenges, business analytics software improves decision making.

Reasons to Use Business Analytics Software to Monitor Your Business

In order to predict and prevent fraud, many banks today use business analytics software. This way business analytics helps banks to save millions. Apart from banks, other businesses use business analytics, as well.

For example, retailers use business analytics to find out the optimal ways of stocking stores as well the best location for them. Today, business analytics software is widely used. In fact, in order to determine optimal ticket prices and game strategy, even sports teams are making use of business analytics.

According to experts, business analytics software helps businesses to identify new business opportunities, spot cost saving areas and become more efficient. By giving them access to ‘big’ data, business analytics allows businesses of all sizes i.e. medium, small, or big to make better decisions. You can extract substantial benefits from better analytics even if you don’t accumulate a large data volume.

There was a time when only large businesses could afford business analytics software. However, things have changed considerably in the past few years and today small and medium sized businesses are using business analytics to:

  • Better understand key business metrics
  • Centralize
  • Predict future performance

There are many reasons for businesses to use business analytics software. One of them is monitoring their business. Let’s now take a look at why business analytics is the best way to monitor your business.

No more guesswork

You need to keep in mind that running a business is not gambling. Therefore, steering your business into the future based purely on ‘gut feelings’ and ‘guesswork’ is a big NO! More often than not, businesses rely on guesswork to make key business decisions only because they do not have the technology and/or systems in place to make informed choices. Business analytics software allows businesses to make informed decisions by providing them:

  • Trends and forecasts
  • Real-time updates
  • Historical data
  • What if analysis

All of the things mentioned eliminate the need for guesswork.

Obtain answers to business questions quicker

With the business analytics software, businesses can obtain answers to business questions quickly. This eliminates the need to spend hours to read through countless printed reports.

Access key business metric reports at a place and time you need them

Thanks to the latest technology and business analytics software, today, businesses can access critical business information on the go. Today, BA software providers are ensuring that businesses are able to access key metrics, dashboards, and reports on mobile devices such as Droid, iPad and iPhone.

Easily benchmark

A valuable data analysis tool, benchmarking allows businesses to measure their:

  • Revenue
  • Productivity
  • Overall success proportionate to that of competitors

Often, businesses find it difficult to perform benchmarking. However, businesses that use business analytics software do not consider benchmarking as a headache simply because BA provides easily understandable reports and actionable information and simplifies the benchmarking process.

Final Word

By allowing managers and other business leaders to support, predict and analyze critical business decisions, business analytics software harnesses the power in the data. This makes analytics software an easy and great way to analyze data. Additionally, by providing them with valuable data, business analytics software allows businesses to monitor their business effectively. What more do you need?