Network Synergy Blog

How to Intelligently Approach Business Analytics

How to Intelligently Approach Business Analytics

A solid business decision needs to be based on more than just a gut feeling. It takes quantifiable data to choose the right path for your company, leveraged in a process known as business analytics. Today, we’ll explore this process, as well as discuss a few ways you can use it to your advantage.

What Are Business Analytics?
To begin, let’s picture a spinner, divided equally into sections numbered “1” through “5.” Each time we spin the spinner, the arrow lands on a different number. Let’s assume we have some time on our hands, so we spin it 100 times. At the end, it has landed on “1” a total of 13 times, “2” a total of 22, “3” a total of 18, “4” a total of 18, and “5” a total of 29 times.

If we were to predict what the outcome of another spin may be, under the same circumstances, this data could help to inform this prediction. For instance, we could predict with reasonable confidence that the spinner would land on an odd number, not only because there is a higher probability of that outcome (3/5 as compared to 2/5), but we have historical data. Out of 100 spins, the outcome was odd exactly 60 times.

Why is this relevant?

When we consider business analytics, the purpose is to make predictions based on past results and statistical likelihood. In this case, we can predict with reasonable confidence that the spinner would land on an odd number if spun again, based on both the probability and the evidence suggesting that probability would be reflected in the results.

Business Analytics in Action
While business analytics tend to be a little more complicated than that, the basic idea is the same. By taking collected data and studying it for patterns you are able to make better decisions from an informed position. This can manifest in your business processes in a few different ways.

  • Data Mining - Data mining, or the analysis of data to identify trends and opportunities that were previously overlooked, is streamlined by the incorporation of business analytics. As a result, the desired improvements are only made better.
  • A/B Testing - Utilizing the A/B testing process, a company is made more able to optimize the decisions they make in the future, as well as revise those that were made in the past. This process hinges on the use of analytics.
  • More Accurate Predictions - Along with a better sense of why a certain outcome was the result of an action, business analytics can be used to identify the best course for an organization to take through statistical analysis and predictive modeling.

Using Analytics to Your Advantage
There are any number of ways that business analytics can be leveraged to directly influence your business procedures. Take your sales process, for example: data can provide you with deeper insights into your client/customers’ behaviors, which can in turn be used to more effectively target your audience and optimize the profit generated through serving your existing base. In addition, analytics can assist you in streamlining your inventory management, managing your business finances, and benefit a great number of other business-essential tasks.

Would you like to do more to leverage analytics and data as a benefit to your business processes? Network Synergy can help. Reach out to us at 203.261.2201 to learn more.

Data Security Issues of 2018
Tip of the Week: 5 Simple Browser Tricks


No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Sunday, November 18, 2018
If you'd like to register, please fill in the username, password and name fields.

Captcha Image

Mobile? Grab

QR-Code dieser Seite

Sign Up

  • First Name *
  • Last Name *

      Blog Categories

      Typing Google WPA3 Microsoft Excel Food Infrastructure Apple Data Warehousing Language Lenovo Content Filtering Mobile Data Business Continuity Public Speaking Identity Artificial Intelligence Computing Computers Hiring/Firing SharePoint Outlook Smart Tech Macro File Sharing Deep Learning Information Budget Business Computing Alert Backups VoIP Cybercrime Backup and Disaster Recovery Dark Web Project Management IT Solutions User Tips Techology Quick Tips Saving Money OneNote Meetings Processors Document Management Cookies IP Address The Internet of Things Customer Service Service-based Business Google Drive Avoiding Downtime Print Server Managed Service Provider Downloads Downtime Tech Term Shortcut Personal Information Gmail Productivity Gaming Console Technology Redundancy Troubleshooting Remote Workers Software Hacking Break Fix Spam Business Growth Software as a Service Software Tips 5G Remote Monitoring and Management Data Breach Writing Staffing WiFi Halloween Cloud Computing Consumers Logs Permissions Big Data Business Technology Recycling Productivity Streaming Media Office Information Technology Wearable Technology Asset Tracking Cleaning Heating/Cooling Enterprise Resource Planning History Business Management Address CIO Regulations Sync Best Practice Staff Hotspot IBM Efficiency Healthcare Internet Read Only Business Owner Computer Accessories Mail Merge Sports Network Management Data Backup Entrepreneur Piracy Company Culture Windows 8.1 Update Cameras Alerts Collaboration Superfish LiFi Holiday Conferencing Fleet Tracking Firefox Cabling Scheduling Managed IT Services Upgrade Access Control Education Data storage Passwords Domains Chrome Monitoring Proactive IT Unified Threat Management Disaster Recovery Hosted Solutions Chatbots Regulation IT service Vendor Management Test Legal Unsupported Software Firewall Tech Support Cyberattacks Social Tip of the week Printers Computer Repair Two-factor Authentication User Screen Reader How To Marketing Cables Network Congestion Virtualization Password Current Events Mouse CrashOverride Cooperation Development Patch Management CCTV Programming Hard Drives High-Speed Internet Mobile Licensing How To Hosted Solution Star Wars Technology Laws eWaste Virus Google Docs Consultation Virtual Reality Leadership BYOD Training eBay Authentication Maintenance Authorization Users Data Loss Ransomware Unified Communications Drones Mobile Technology Thank You Smart Technology Online Currency Administration Net Neutrality Telephone Systems People Money Environment Comparison Point of Sale Charger Managed IT Hacks G Suite VPN Tip of the Work Social Media Hackers Politics USB Lithium-ion Battery Cache Intranet Help Desk Save Money Mobile Security Webinar Office Tips Black Market Wires Cyber Monday Microsoft Office Legislation Corporate Profile Permission Crowdfunding Touchscreen Knowledge Automation Excel PowerPoint Cost Management Connectivity Best Practices Tutorials Website Specifications Data Security Webcam Human Error Unified Threat Management Social Networking Taxes Cloud Trending Spyware Running Cable Google Calendar Going Green Gadgets Employer-Employee Relationship Digital Payment Internet Exlporer Managed IT services Windows Risk Management Mobile Office Trainging Microsoft Security IoT Black Friday Bitcoin Smartphone Small Business Employee-Employer Relationship Social Engineering Remote Computing Humor Identity Theft Assessment Skype Servers Documents Text Messaging Operating System Mobile Computing Crowdsourcing Law Firm IT Identities Vulnerabilities Instant Messaging IT Support GPS Administrator Networking Buisness Browser Mobile Device Management Congratulations Secruity Consulting Fraud Debate Windows 10 Mobility Proactive Modem SaaS Bring Your Own Device Cybersecurity Wi-Fi Electronic Health Records IT budget Computer Supercomputer Hacker Phone System LinkedIn Computer Care Finance Virtual Private Network Employees Customer Relationship Management PDF Laptop Cryptocurrency Managed Services Provider App Saving Time Notifications Upgrades iPhone Computing Infrastructure Privacy Managing Stress Health Fun Law Enforcement Hardware Antivirus Office 365 Disaster Resistance Data Recovery Twitter Remote Support Router Value Hard Disk Drive Flexibility Fax Server Miscellaneous Tablet Tracking Bandwidth Hard Drive Wireless Presentation Private Cloud Work/Life Balance Google Wallet Samsung Blockchain Undo Nanotechnology Email Distributed Denial of Service Phishing Save Time Scam Start Menu Network Security Botnet Chromebook IT Consulting Printing Scary Stories Virtual Desktop Geography End of Support IT Services Technology Tips Web Server Error Managed IT Service PC Care Wireless Technology IT Support YouTube Android Server Management Internet of Things Memory Public Cloud Disaster Electronic Medical Records IT Management Windows 10 Compliance Inbound Marketing 3D Tip of the Week Paperless Office Mobile Devices Network Facebook Robot Mirgation Bluetooth Remote Monitoring Migration Application IT Consultant Communication Machine Learning Refrigeration Business Server Retail Analyitcs Encryption Backup Video Surveillance Storage Recovery Smartphones Motherboard Battery Favorites Competition Google Analytics Motion sickness Digital Signature Data Digital Multi-Factor Security Safety Experience Time Management Printer Best Available Utility Computing Emoji Travel Workplace Tips Word HIPAA Operations Management Government 3D Printing Features Relocation Business Intelligence Gadget User Error communications Windows 8 MSP E-Commerce Display Apps Outsourced IT Websites Cortana Search Statistics Applications BDR Zero-Day Threat Vulnerability Co-managed IT Telephony IT Technicians Malware Uninterrupted Power Supply Automobile Data Management Work Station Mobile Device Solid State Drive Managed Service Bookmarks Files Innovation Augmented Reality RMM Physical Security Enterprise Content Management Settings Monitors Alt Codes Google Maps

      Latest Blogs

      With so many people depending on the Internet for a litany of reasons, there might not be the general acknowledgment of just how powerful the ubiquitous use of the Internet really ...

      Latest News

      Our Site Has Launched!


      Welcome to Our New Site!
      We are proud to announce the unveiling of our new website at Network Synergy!

      Read more ...

      Contact Us

      Learn more about what Network Synergy can do for your business.


      Call us today    203.261.2201

      Fax Number :    203-261-2935

      126 Monroe Turnpike
      Trumbull, Connecticut 06611

      facebook twitter linkedin #youtube