Whether or not numbers are your niche, you need to get a hold of your business’ analytics! Your methods for collecting and interpreting data can make the process a breeze (or seriously hold you back). That’s why choosing the best business analytics tools for your specific business type and style is essential for optimal growth.
What Is Business Data?
Business data refers to all kinds of information that reflects the status of your business. Data can be fairly stagnant, like the number of team members you have on board, or it can fluctuate day-to-day.
Fluctuating data can be a pain to track, which is why it’s super important to leverage user-friendly, efficient business analytics tools.
Types of business data that require some sort of tracking device include:
- Social media interactions
- Profit dollars
- Website clicks
- Client leads
- Marketing costs
- Other business expenses
The list can go on and on depending on what services you provide to your clients. Luckily, no matter your niche, there are tools to help you stay organized.
Related: How To Use Basic Data Analysis To Find Success As A Service Provider
What Are Business Analytics Tools?
Analytics tools are a saving grace for most businesses. They can take the most arduous parts of data collection and simplify the process to be more enjoyable and informative.
Business analytics tools pull information from your internal systems and translate them into actionable charts or graphs. Most businesses leverage multiple software platforms to cover all their business bases. It can be tricky to set up at first…but it’s so worth it long-term!
Once your business analytics tools are all locked in place, they should work in unison to give you a complete view of your business well-being whenever you want it. Having all the essential data right at your fingertips will help you steer your business towards success.
Why Are Business Analytics Tools Important?
Business analytics tools work in many different ways, depending on your specific needs. Take a deep dive into the importance of data tools by reading through these five key reasons you should use them.
You Can Minimize Your Business Risks, Especially in Marketing
By now, you probably already realize that some aspects of running a business are a gamble—you win some, you lose some! But you’ll win more when you have the right tools in place.
Business analytics tools can help you stay up-to-date with current trends in the market. Sometimes shifts in industry wants and needs happen quickly—you need to act equally quickly with fast access to your business data.
Our Measure & Maximize program helps present all of your analytics in a personalized, easy-to-use dashboard. You’ll never miss out on sudden market changes with all of your data kept neatly organized with Measure & Maximize!
You’ll Make More Accurate Data-Driven Decisions
With so much on your plate, it can be easy to get overwhelmed and make poor choices (even with your data presented in an organized way). That’s why the best business analytics tools help you interpret your data.
Measure & Maximize works to translate your analytics (even those that usually make your head spin)! As you’re clicking through recent trends on your dashboard, our program will help you understand why certain numbers have changed. And understanding why will help you make better decisions and strategize improvements!
Your Costs Will Decrease and Your Revenue Will Increase
Implementing business analytics tools might seem costly at first glance, but seriously—it’s anything but, especially when you take into account a few key factors!
- Analytics tools cost less than other means of data collection and generation (like hiring a full-time data specialist)
- They also eliminate the need to train team members on analytics (distracting from other important work)
- ROI will offset and erase any upfront costs associated with getting business analytics tools up and running
Most top-performing businesses leverage analytics tools. The long-term gains are certainly worth the short-term adjustments to get on board.
Your Business’ Efficiency Will Improve
Speed and accuracy are essential to running most businesses. No matter your niche, business analytics tools will automatically collect and dissect data faster than you could manually.
Data technology also tracks things you may overlook. For example, your business analytics tools can help you keep an “eye” on your overall time spent in meetings, answering emails, or planning your next marketing campaign.
With a more comprehensive picture of how you spend your time, you may be able to delegate more to your team and streamline your processes to make things run more smoothly.
You Can Prepare Your Business For Different Situations
Think of how many businesses you know that have gone under due to circumstances out of their control. It can happen to any business, but is less likely to happen to you if you’re utilizing business analytics tools.
Analytics tools have the ability to predict different scenarios depending on trends in the market. You can simply submit your future plans and your data technology will play out the different outcomes. This feature will help steer you away from huge risks or likely failures.
Using Google Analytics and Google Looker Studio as Business Analytics Tools
Did you know that Google has superior business analytics tools? Google Analytics can expose all of your data strengths and weaknesses. Have a look at why Google is the right choice for your business.
What is Google Analytics?
Google Analytics meets all of your statistical and analytical business needs. And the best part? It’s totally free. Just set up your account and you can start tracking your data immediately.
Google Analytics can:
- Track clicks on your website
- Reveal where your visitors are coming from
- Measure the achievements of your advertisements
- Observe other client behaviors
Pair Google Analytics and our Measure & Maximize program for optimal efficiency and usability. It doesn’t matter what your current data method is right now, you can sync everything to Google and leverage Measure & Maximize for a more complete picture of your data potential.
What is Google Data Studio?
Google Data Studio works alongside Google Analytics to help display your data in a more helpful way. After all, accurate visualization of data is necessary so you know what to do with it.
What’s more, Google Data Studio makes it easy to share charts, graphs, and spreadsheets. Most business professionals and Internet-savvy clients are familiar with Google programs, so collaborating is simple when you use this tool. It even can help you make projections for the future (or compare notes on what’s happened inside your business in the past).
Can You Use Both Of These Business Analytics Tools?
Google’s analytics technology and data studio technology are designed to work together. And they work best alongside other Google tools, like sheets, emails, and ads. Google has a widespread hold on the business world for good reason! Both of these tools make it easier to sync and share all of your analytics data—even with folks who use other platforms.
Google’s programs are also chock-full of templates, suggestions, and themes—all for free. The ability to set up your business analytics tools without taking a hit to your wallet is a gift in itself! Measure & Maximize can help you learn everything you need to know about interpreting your business data and setting up custom dashboards tailored to your unique business needs!
Whether you love business data or downright hate it, business analytics tools can make it easier to analyze. Be sure to set up your free Google Analytics account and Google Data Studio account. Most importantly, use Measure & Maximize to get the most out of your data figures and watch your business grow.