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Analytics Software Is Helping Transform The Business World

Here’s why you should consider using analytics software in your business.

Businesses today are more data-driven than ever before, thanks to the capabilities of analytics software. A mere decade ago, collecting and analysing data at this level was simply impossible due to cost and complexity, but fast computers and cloud-based technology have changed all that. Now, businesses from large corporations to small shops can track everything from sales numbers to customer interactions in real time and use the information to improve their business processes and find new opportunities that weren’t possible before. If you’re considering using analytics software in your business, here’s why you should.

Analytics Software Is Helping Transform the Business World

Why are businesses increasingly turning to analytics?

There are many reasons that businesses are increasingly turning to analytics, from measuring leads and conversion rates to discovering valuable insights. But one of the most notable developments is how things like text analytics software has enabled companies to use words as a powerful tool for understanding customers’ behaviours. Once limited to data sets in spreadsheets, predictive analysis has now become user-friendly, making it accessible even to small companies and startups. It’s no surprise that some of the world’s most prominent tech companies—including Google and Facebook—have been investing heavily in machine learning, artificial intelligence, neural networks, deep learning, natural language processing (NLP), sentiment analysis (SA), and more. And while their models may not be perfect yet—SA still has difficulty parsing sarcasm or irony—those who know what they’re doing with this type of technology are already seeing some major benefits. Take Moz, an SEO company based in Seattle. The company’s success relies on generating high quality content that appeals to its customer base; by analysing how people talk about specific topics across social media channels, Moz has developed a solid understanding of what content resonates best with its audience. 

What are the major benefits of analysis?

Every type of analytics software helps companies in distinct ways. The major benefits are definitely a better understanding of audience and product response. Ultimately, every business aims to ensure that their products are utilised in the manner they are intended, and analytics software tends to help distinguish that. For instance, text analytics software analyses text from a variety of formats (e.g., social media posts, emails, tweets, reports) and provides insights on what is being discussed. Text analytics can help companies understand customer feedback by providing more details than just social media posts or user review comments. 

How did tracking user behaviour change marketing?

There are many ways analytics software has helped transform the marketing strategies over time, from email marketing to social media campaigns. Analytics software is now being used as a way to gather insights on how customers feel about a product or service through blogs, forums, and social media posts. Social media monitoring allows marketers to track comments that mention their brand name across multiple platforms like Twitter, Facebook, and Instagram in real-time which they can then use as opportunities for engagement with customers.

How did tracking user behaviour change customer service?

Customer service has significantly improved with the use of analytics. Companies went from knowing nothing about user behaviours and preferences to being able to provide tailor-made, context-specific customer service that gives each user exactly what they need. It has enabled companies to engage with them on their level and in a way that made sense for their needs, ultimately making them more likely to convert. With other companies, we might not have been able to tell until it was too late or at all. It’s hard to imagine how we used to run the business without this kind of information.

How did tracking user behaviour change business operations?

Tracking user behaviour led to significant change in business operations. For example, JCPenney needed an analytics platform that could help them understand how their customers were browsing and then buying on their site. By understanding these patterns, they were able to use tools like website notifications and geo-targeting to show different product advertisements depending on where a customer is shopping or what they are viewing. Other companies have used these same strategies to increase sales or even solve problems with return rates. One company found that by reducing the number of clicks it takes for a customer to make a purchase, they increased conversion rates by more than 11%. Analytics software has been able to provide all this information without disrupting customers’ experiences and can be customised based on each client’s needs.

Ultimately, user behaviour is changing on a global scale and analytics is helping the world understand and navigate it. Companies are scrambling to take advantage of this unprecedented opportunity for intelligence and in order to be successful, they’re tapping into data. There’s no question that analytics software is helping transform the business world. In fact, it could very well be what determines whether or not businesses succeed in the future.

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