VISIONS MEDIA GROUP - Analytics
Analysing your past and present data can be used to increase your future's bottom line.
It is important to get the most from your marketing and operations dollar. By looking to past and current trends, we can then build a model for your growth into the future.
Let's look at an example: say you run a manufacturing shop that makes three kinds of widgets. Without tracking sales data, you may make more of widget "B", when you actually sell more of widget "C". So you now spent more than necessary on manufacturing, plus now you are storing extra product.
Similarly, your trade magazine marketing brings you 5% more business, at 30% less cost. Business analytics takes all aspects of your process, from manufacturing to sales, and quantifies the results. This way, trackability becomes an integral part of your future business.
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Business Analytics basics
Do you know if your business idea has what it takes to succeed in your market? How viable is your business idea? What should you expect in 1, 3, and 5 years? Let's look at business research and analytics to see how it will assist in maximizing the return on investment.
Initially, business analytics will take what is known industry-wide, through business research, and generate a business projection. The projection will cover what is the expected growth of the company finincially. Through the projection, the profit and loss analysis and break even analysis can be developed, which is the key to ensuring success.
Then business analytics are used to track actual growth, and are compared to what was expected. At this point, modifications to the business plan might be incorporated to raise the bottom line.
Business projections are generated on at least a yearly basis, more if the growth rate of the company is high. Tying the projection to your business plan a big picture of your company then unfolds.
We will flesh out this area both here and in our blogs. Come back often to see the new information.
If you have any area of business analytics you would like to see addressed, feel free to contact us here.