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Data analytics has increased in popularity over recent years as one of the most important behaviors of a business. If you own a company or are part of one, you likely have a team of data miners, alaysists, and more working on various aspects of data analytics. So, how does operational analytics come into play?
Operational analytics is the process of gathering data information, collecting it in one place, and putting that data to action. In other words, it takes data concerning sales, marketing, financials, and other aspects of business health, and puts this data to action. These business insights are vital to knowing how your business needs to grow, change, and improve.
To put it another way, operational analytics is the process of gathering data across various platforms and concerning various aspects of your business, storing it all in one central, accurate hub of information known as a data warehouse, and then having your company’s teams access this data from the warehouse and take action on it.
So, why should you use operational analytics? Let’s take a closer look at a few reasons and how you can make the most out of your business.
Because Operational Analytics Turns Data into Action
If you haven’t started using operational analytics in your business, you’re wasting your time collecting data. Operational analytics turns the data you collect into action. Why is turning data into action important?
You can look at data concerning your business all day long and gain knowledge about how your sales, marketing, finances, and other aspects are doing, but until you take action on this data, your business won’t improve.
Because Operational Analytics Improves Your Business
As discussed above, operational analytics is important because it turns the data information you collect into action to improve your business. What are some of the specific ways operational analytics can help improve your business? Let’s break down a few key examples below.
Improves Your Marketing Team
Your marketing team likely relies on SMS marketing, email marketing, and web advertisements to reach your target audience about purchasing your goods and services. Think of it this way. Your marketing team needs to know which customers have purchased which items so they don’t get targeted with an advertisement for something they’ve already bought. This would be a waste of time and money on your marketing team’s part.
So, operation analytics comes in handy because it helps collect the data about which customers have purchased which items, which your marketing team can then use to take action on how to market to this customer from there.
Improves Your Sales Team
Another way operational analytics comes in handy is when one business tries to sync data concerning customers and transfer this to their sales rep, letting them know when to reach out to this customer. Without proper operational analytics, the sales rep wouldn’t know how to take the data and turn it into action.
Because Operational Data Helps Analytical Data, Too
Operational data is just one type of data usage out there. Analytical data is another necessary type of data usage for your business, and the two essentially go hand in hand when it comes to business health. Here’s how!
Analytical data is the type of data that helps you see the big picture of your company’s health. The analytics portion of the data helps you understand what’s going on, while operational analytics takes action from this information. Both of these are essential for growth!
How they Work Together
Analytical data is the type of data that helps unlock operational analytics. Seeing the big picture of your company’s health is essential for making executive decisions and taking the right type of action. Without the ability to bring all the different data concerning your business together in one place, you wouldn’t be able to see the big picture or access accurate data in the same place.
These two types of data go hand in hand. So, how can you use both of these types of data to maximize your business’s growth and improvement? The key is in your data warehouse.
Optimize your Data Warehouse and Master Operational Analytics
Now that we’ve discussed the why behind operational analytics, it’s time to discuss the how. This can be a challenge for many companies if you don’t have the right tools and resources. Luckily, our tool can help sync your data in one accurate warehouse where all your teams can access the same information and make both executive decisions and changes to your business to optimize growth! Get started today!