The attention of digital experts is often immediately captured at the mention of Business Analytics. This is because Business Analytics is a vital aspect in the decision making process in numerous corporations that interact with digital data on a daily basis. However, its importance is not only vital today, but it’s considered necessary for the survival of the digital economy in the future.
Business Analytics helps measure performance, inform business decisions and help corporations maintain a competitive advantage. Essentially, it is a corporate asset that plays a part in the success of a company and often depends on analysts and the quality of the data. Business analytics basically come with the increase of Big Data, which was born out of the inception of the internet.
With the internet, come search engines, websites and digital marketing strategies. Business analytics such as app and web analytics helps gather information on consumer behaviour and deliver their needs and wants as per customer expectations.
Nowadays, the success of corporations and even techpreneurs solely depends on understanding the concept of Analytics and how to leverage it. In other words, the growing wealth of information online is limitless, and by utilizing Analytical stack, you can access quality data easily and quickly.
To put it simply, the analytical stack is the data infrastructure that maintains the limitless amount of data availability. It a system of applications that gathers, analyzes and identifies that value of data.
For a company /business to remain viable and operational in this day and age, adapting to the changing technologies cannot be understated. According to Justin Bauer, a 2x entrepreneur and Head of Product at Amplitude, at least half of the Fortune 500 companies no longer exist since the year 2000. The reason: the lack of integrating the digital world.
So far, we’ve seen that business analytics is highly important. Below, we take a deeper look at its importance, and with that, its future especially for strategic decision making for tech entrepreneurs.
Analytics uses the collection of data to study the behaviour of their customers as they interact with their digital products. From web analytics to Google analytics, the future of analytics is moving towards focusing on the message, how it’s delivered and how it’s received by the customer.
Analytics is also moving towards understating the user’s location and time zone. All these factors combined are geared towards enhancing customer experience and customer engagement.
Rise of Mobile use
We no longer live in the days where information is received through computers and/or laptops alone. Digital innovation and advancement have equipped consumers with other digital devices such as smartphones, smartwatches, tablets and digital personal assistance just to name a few.
For a business to survive or a techprenuer to remain competitive, it needs to meet consumers halfway or all the way. This is where the importance of mobile applications, as well as App analytics.
Just like with the inception of the internet demanded an online presence for businesses through websites; Big Data will demand businesses and techprenuers to evolve. Business analytics will evolve into more aspects than web analytics or even Google analytics. Yet, as it evolves and changes, so must business and techprenuers in a bid to remain viable.