Business analytics is a powerful tool in today’s marketplace. Across industries, organizations are generating vast amounts of data which, in turn, has heightened the need for professionals who know how to interpret and analyze that information. There are three primary reasons why it is important to analyse your business closely:
There are three primary methods of business analysis:
- Descriptive: The interpretation of historical data to identify trends and patterns
- Predictive: The use of statistics to forecast future outcomes
- Prescriptive: The application of testing and other techniques to determine which outcome will yield the best result in a given scenario
THE BENEFITS OF BUSINESS ANALYTICS
In just a few years, the implementation of data analytics has skyrocketed. Big data adoption jumped from 17% in 2015 to 59% in 2018, a whopping 42% increase. Nevertheless, a recent survey also found that many businesses are not tapping into the data that they already have at their disposal. Between 60% and 73% of all data within an enterprise goes unused for analytics. It’s a startling number when you think about the potential benefits to small businesses.
Here is a few:
- More Informed Decision – What about predicting time in a day your biggest sales? Business analytics uses data to inform decisions and improve accuracy, efficiency and response time.
- The ability to measure accomplishments against overall goals. Business analytics gives you a clearer image of goals and objectives. By using data visualisation, businesses can track their current and past performance against key performance indicators (KPIs), goals and objectives.
- Improved Operational Efficiency – Nowadays, the speed at which businesses can garner data is lightning fast. Thanks to business analytics, you can identify any breakdown in progress or performance in almost real-time, saving time, money and resources.
In Laundro, we helps you to capture all the relevant data for your day to day operation such as sales data and machine utilisation data. Each parameter has its role whenever it comes to business analytic. For example machine utilisation data will reflect the capacity of your laundromats and helps to decide whether further investment is necessary for the business.
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