Understanding your company’s performance is vital for business owners since it helps them make critical decisions for the future. That’s where business analytics comes in. Business analytics provide detailed insights that make it easier to measure your company’s performance, establish actionable steps to achieve your business goals and solve reoccurring problems within your business. This post will explain how data analytics helps your business expand and thrive in a competitive market.

What Is Business Analytics?

Business analytics is a method of interpreting data to find valuable performance patterns and insights. Examples of business analytics tools and techniques include machine learning, predictive analytics, and natural language processing. These tools transform data analytics into usable insights to determine your website’s performance. You can use these insights to make decisions and improve your marketing strategies to reach more people.

Analytic tools need clear and accessible data to provide real-time, accurate business analytics. Several tools and cloud storage software platforms exist to access and process your vital data to provide valuable business insights.

How Can Businesses Benefit From Using Analytics?

Identifying patterns and trends in your business data helps you find ways to change your business practices for a more favorable outcome. Here are a few specific benefits of business analytics:

Improve Customer Insights

Your goal as a business is to improve your customers’ experience when they use your products or services. However, it may be challenging to enhance their experience if you know how they feel. Business analytics tools analyze data to create detailed customer profiles, allowing you to understand individuals’ behavior to provide tailored services to meet their unique needs and preferences.

Track KPIs

Key performance indicators (KPIs) are quantifiable measurements that evaluate your company’s long-term performance and can determine your strategic, financial, and operational achievements compared to other companies in the same industry. Business analytics track your company’s performance metrics by collecting data and converting it into measurable insights you can display on charts and dashboards.

Simplify Decision-Making

As a business owner, you have many decisions to make every day. Business analytics can provide insights that guide you in making informed decisions. Business analytic tools use predictive analytics to suggest the best responses to changes in your business. These tools can use sales data to determine the chance of success, helping you decide on your company’s right course of action.

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Mitigate Business Risks

You are likely no stranger to business risks. Legal liabilities, employee safety, and delayed deliveries are just some risks your business may experience. Business analytics models can evaluate business data, such as your location, product demands, and current inventory, to predict potential risks and allow you to prevent them. Business analytics can also help you recover from setbacks by recommending a suitable solution.

Enhance Data Security

In addition to mitigating risks, business analytics tools can also identify security vulnerabilities and help you protect your data. Some data analytics models can use information from previous data breaches to strengthen security and prevent recurrence. Investing in business analytics solutions will help you protect your company’s sensitive information and maintain compliance with privacy regulations.

How Can FranConnect Benefit Your Business?

At FranConnect, we offer analytics solutions for franchises and multi-location businesses. FranConnect’s Analytics includes a catalog of pre-built analytics to provide your company’s development, operations, and finance teams with valuable insights that streamline decision-making. We use scorecards, benchmarks, and dashboards to represent your company’s performance, allowing you to increase profitability and strengthen your brand.

FranConnect’s Analytics catalog has a user-friendly design to ensure you get the most out of our tool. We have optimized the catalog’s dashboard and scorecard to be mobile-friendly so you can access your data no matter where you are. Experience all the benefits of business analytics with our comprehensive and innovative solutions.

Contact FranConnect for Analytics Software You Can Trust

Would you like to know more about FranConnect’s Analytics and other catalog solutions coming soon? Our experts are happy to assist you with a tailored solution to expand your units. Feel free to request a demo or contact us directly to speak to a member of our sales team.