The concept of data analytics is essential for any organization that deals with large amounts of data daily. There are many benefits to data analysis. They include everything from improving internal processes and optimizing security to increasing efficiency. Data analytics has an important role in these elements of business activities.
The task of analyzing data is not at all simple. As such, organizations today rely on a set of tools to manage the collection, aggregation, analysis, and, to some extent, interpretation of data.
If your company is one of those that lack a big data strategy, then you should start developing one today. The best thing you can do is find the data analytics tools that can answer the questions that press you the most, and below we recommend a few tools that every business should consider and implement in their regular operations.
IT Log Data Management Tool
The purpose of log management tools is to provide IT administrators with a reliable platform to collect logging data from the various devices, applications, machines, and networks used by the business.
An advanced log analyzer automatically aggregates and extracts useful insights from log data, empowers human capabilities, and encourages the “hunting” necessary to determine security issues, monitor system stability, comply with legal requirements, and more.
With the right log management tool, IT administrators can easily access out-of-the-box overviews and generate reports that visualize significant events that lead to appropriate actions and meaningful decisions.
Customer Data Platform
The main goal of a customer data platform is to make sense of all customer information, create a unified profile, and enable the company to operate effectively with the results.
What sets customer data platforms apart from other equivalent tools is the fact that they can connect all customer data, regardless of the source. They can not only analyze data but also provide additional functionality such as business intelligence or reporting.
Intelligent ERP Solution
You can gain more control over your company or branch with ERP solutions like SAP Business One and SAP. These small business management software programs connect and streamline your processes.
As mentioned at https://www3.technologyevaluation.com/selection-tools/comparison-reports/22746/sap-business-one-vs-s, SAP offers multiple enterprise resource planning (ERP) solutions that many businesses across a variety of industries use to streamline operations. This report details two of SAP’s offerings: SAP Business One and SAP ERP for discrete manufacturing.
This solution is designed to evolve along with the growth of your business and make key processes more efficient and give you better insight into your business so you can make decisions based on real-time information and increase profitability.
Data Management Platform
A data management platform is unique in that its primary function is to collect and organize data that comes from first-hand, second-hand, or external sources. This unstructured information is essential to effectively design data-driven advertising and marketing campaigns.
The data collected through such a platform has many functions. Other than making targeted marketing strategies, the information can also be utilized for monetization.
Customer Relationship Management
Another data analysis tool used by many companies today is CRM analytics (CRM – Customer Relationship Management). Some practical applications of CRM analytics are:
- Creating customer groups
- Analysis of profitability and customer value
- Track and measure escalations arising from issues with a specific product or service
- Creating predictive models
- Personalization of marketing campaigns.
Better business decisions are the primary goal of CRM analytics, especially those derived from how customers interact with your business.
Social Media Analytics
Social media platforms have become an integral part of every company’s operations, so it is necessary to use tools that can take advantage of the data collected from these sources. There are open-source platforms as well as paid ones aimed at businesses.
Essentially, the purpose of using tools that analyze data from social media is to extract customer perceptions, preferences, and dislikes by quantifying customer behavior on these platforms. With the help of artificial intelligence and machine learning, it is easier today to interpret information coming from different platforms and then use it to make business decisions.
Tools for Web Analytics
To get that information, you need a sophisticated software solution for web analytics. With data generated using website analytics software, you’ll be able to find out how many visitors come to your website, how long they spend there, what percentage of them subscribe or buy something, and a lot of other useful information that will help you improve your business and ultimately increase your income.
The most popular web analytics tools are:
● Google Analytics
Business analytics tools are great for solving many problems that business owners face. Along with the above guidelines, you can find many different solutions to meet the needs of your business.