Some entrepreneurs have stumbled upon great success acting on instinct. But more often than not, the best business decisions are driven by data. Organizations of all sizes—from the smallest start-ups to the largest enterprises—can benefit from incorporating data insights into their decision-making processes.
This explains why over half (53 percent) of companies interviewed in one study adopted data analytics in 2017. When you compare this to the much-lower adoption rate of 17 percent in 2015, it’s easy to see which way the trend is headed as more companies incorporate artificial intelligence and machine-learning algorithms into their business intelligence strategy. Top technologies for adoption included “reporting, dashboards, advanced visualization, end-user ‘self-service,’ and data warehousing,” according to Forbes.
Are you currently exploring various data analytics tools for digital transformation? Here are four top tools worth considering, depending on your company’s needs and line of business
- Google Analytics
Google Analytics has a few major benefits to businesses across the board: it’s flexible and free at its most basic level—which still offers quite a bit of functionality. The key to getting the most out of your Google Analytics experience is configuring it to track the most important performance metrics.
Here are a few questions business users can ask themselves that will help them define segments, goals and events to track using GA:
· Which website visitor actions drive revenue?
· Which website visitor actions drive acquisition and retention?
· Which visitor actions are “background noise,” comparatively?
· What does a “successful” visit look like?
All in all, GA has the potential to help you understand who is visiting your website, how they’re interacting with it and how this relates to your company’s bottom line. This will help you better attract and serve online users within your target audience.
ThoughtSpot provides search-driven and AI-driven analytics to business users across an organization with its full-stack architecture.
Using the relational search engine, users can query billions of rows of company data in seconds. For example, a sales manager may search [Revenue] [Geographical Area] [Time Period] for insights on various markets. ThoughtSpot would then create a best-fit, interactive data visualization based on this query. To disseminate this information to their team, the same user could then embed the chart into a shared portal.
ThoughtSpot’s Spot IQ AI engine uses machine-learning algorithms to uncover insights buried within data. This means business users can click without having a specific query in mind; the insight-detection algorithms will seek out trends, anomalies and patterns that may be useful. Human users offer feedback to refine the nature of the insights over time and can even schedule recurring jobs and get the results pushed to their workflows.
According to some estimates, more than 5 billion people will be mobile phone users by 2019. This means businesses increasingly need a way to track and understand mobile user behavior, especially if they’ve joined the rising ranks of companies with dedicated apps. In today’s marketplace dominated by apps that are free to download, monetization depends on attracting and retaining engaged customers—as defined by what specific actions you deem meaningful to your mobile app, of course. Examples include subscribing, making an in-app purchase or registering for an account.
A tool like AppsFlyer focuses on flexible mobile data analytics to help you track in-app events that are significant to your bottom line. From these insights, you can improve the user experience and refine your marketing techniques to attract mobile users most likely to engage and convert.
Different businesses harness different analytics tools depending on their exact needs, but one thing is clear: adoption is on the rise, and it’s easier to make a case for making data-driven decisions than ever before.