6 different types of data analysis to make smart business decisions
Business intelligence refers to the data that a company collects that can be applied to strategic business decisions. Six different types of data can be used to make smarter business decisions and build a successful sales funnel. Let’s take a look at them.
1) Manufacturing analysis
Manufacturing analyzes help summarize production progress and determine the total number of hours worked and the associated expenses. It allows you to identify production rate, equipment failures, poor quality control, or bottlenecks that could slow down production. Both AI and ML contribute to the optimization of industrial processes. To get a complete picture of the entire manufacturing cycle, an analytics dashboard should merge all data sources.
The critical manufacturing analysis metrics to measure are:
- Production volume
- Production costs
- Overall Equipment Efficiency (OEE)
- Productivity in turnover per employee
- Overall Efficiency of Operations (OOE)
- Cash-to-cash cycle time
- EBITDA (Earnings before interest, taxes, depreciation and amortization)
2) Sales data
Sales data allows you to better understand which products customers love the most and find out why customers want to buy. The impact of data on traditional lead generation is immense. Sales analysis helps in better decision making and improves the overall performance of the sales team.
Important sales metrics for revenue managers to track are:
- Recurring annual turnover
- Average profit per user
- Average transaction size
- Conversion rate
- Selling rate
- Cannibalization rate
- Sales by representative
- Sales by region
Sisense is one of the world’s leading sales analytics platform that uses AI-powered analytics to skyrocket your sales.
3) Analysis of the helpdesk
Help desk analysis is a critical part of overall customer experience management. Help desk dashboards allow you to visualize your support team’s performance and generate actionable insights to improve customer retention and reduce churn rates.
Here are the essential components of the sales analytics dashboard:
- Total number of tickets
- Solved tickets
- Maximum resolution time
- Minimum resolution time
- Average resolution time
- Average time to first response
- Priority to tickets
- Satisfaction rate
Help Desk Analysis easily integrates with other data sources for cross-functional analysis. Pre-built reports and dashboards help improve the performance of your support team. Zendesk is powerful support software that takes customer issues from multiple sources and turns them into tickets.
4) Marketing measures
Marketing metrics allow you to identify which campaigns or touchpoints resonate the most with customers. Marketing analysis consists of different KPIs that are tracked by marketing teams to understand the buyer’s journey and optimize campaign effectiveness across all marketing channels. Some of the valuable marketing metrics are:
- Qualified Marketing Prospects
- Potential sales accepted
- Return on investment (ROI
- Customer Lifetime Value (CLV)
- Cost per customer acquisition (CPA)
- Customer retention rate
Different marketing metrics help maintain a steady flow of leads to drive more conversions.
There are several tools such as Hub Spot that offer a robust marketing analytics suite to measure and optimize all your campaigns using a single dashboard.
5) Social media metrics
Social media metrics are key to understanding the importance of the brand to customers. Facebook pixels and Google Analytics UTM parameters help you measure the performance of the social media marketing team.
In addition, social listening analysis allows you to learn about customers’ feelings towards your brand.
Plus, you can track your competitors and find out what steps they’re taking to improve their social reputation. Follow-up of reviews and brand mentions through social networks is essential to improve the reputation of the company.
For example, YouTube Analytics offers different metrics to analyze and create better videos. As On video suggest in this post, YouTube statistics can be used to create content that matches the needs of your audience.
The different social media metrics that matter to each brand are:
- Share of social voice
- Applause rate
- Average engagement rate
- Social media references
- Conversion rate
- Cost per conversion
- Positive and negative brand feelings
6) Financial data
Financial analysis is done before the product launch or planning any marketing strategy. The idea is to analyze whether the product or strategy is profitable enough over the long term. Several types of financial analysis, such as vertical, horizontal, liquidity, efficiency, growth, profitability and cash flow, are performed to analyze current profitability and risk.
The essential financial indicators that every manager must follow are:
- Gross margin
- The net profit margin
- Rotation of working capital stocks
- Berry report
- The added economic value
- Price policy
- Price index
- Error rate on transactions
- Excess currency
Fintibi is a financial analysis software for preparing financial statements, analyzing financial ratios or performing variance analysis.
Business analysis uses various statistical analysis methods to identify past business trends, current business performance, and predict future profitability of the company. Companies should use different analytics software to optimize the performance of their marketing, sales, and customer support teams. In addition, C suite management can make data-driven decisions, which improves profitability. Companies that use business analytics are smarter and will stay in the market for years to come.