Know The Difference
Between Business Intelligence
And Business Analytics
If you have plans to build a business or company, then it is important to do business analytics before running the business. This is done so that in the future the business will be successful and sustainable. This assumption is not limited to large businesses. However, also when opening a small-scale business. If you have a fairly large capital, it is a good idea to recruit several experts to carry out analysis activities related to the business that will be run.
Types of Business Analytics
Simply put, business analysis is a process carried out to evaluate whether the business or business that will be run has a number of risks. In addition, this activity also aims to see the possibility of prospects that are attached when it is running. The point is used to analyze opportunities and risks as well as solutions when there are problems so that the company’s goals can be achieved properly.
This business analysis itself is divided into several types, including:
1. Descriptive Analysis
This analysis process uses data mining to find out the current business conditions. Such as information related to purchasing interest, demographics or customer behavior. The form is in the form of sales figures or the company’s financial condition. Data is obtained from social media matrices such as the number of followers, likes and so on. The point is this analysis uses a calculation of definite numbers. Not based on cause and effect.
2. Predictive Analysis
As the name suggests, this analysis is used by a company to make predictions about what steps to take in the future based on current trends. For example, using data from the previous year to find out which product models are still in demand by consumers. It is also used to research whether they will buy it again if it is produced sustainably
3. Perspective Analysis
The data source for this perspective analysis is the result of descriptive and predictive analysis. Furthermore, make estimates related to the steps to be taken next to attract customers. In addition, it is also to find solutions if something happens based on the same experience as the previous year.
How Business Analytics Works for a Company
To conduct a business analysis, there are at least several steps that must be taken so that the business grows and survives even though the economy is in difficult conditions. By taking this step, at least the risk of minimal failure can be reduced because obstacles have been predicted in advance. Here’s how to do the analysis:
1. Determine Opportunities Using SWOT Analysis
The first thing to do in business analytics is to determine opportunities through SWOT reading. Namely an analysis based on strengths, weaknesses, opportunities and obstacles. These four components are used to see the potential that can be developed in a business. In addition, it also analyzes how to find solutions or solutions if there are problems that hinder the company’s journey.
2. Anticipate Threats with Innovation
After the SWOT analysis is complete, the next step is to prepare solutions to the many challenges that exist. Through these preventive measures and mitigation activities, business risks can be inventoried so that the business survives even in difficult conditions. Well, to overcome existing threats, it is usually answered through new innovations. This is an anticipatory step against possible threats to the business.
3. Determine the Marketplace
In all businesses, the marketplace is a must. Although the target is for all groups, it should be categorized at least based on the age, interests and occupations of consumers. This is done for content creation to be right on target. After knowing the market segment, it will be easier to reach the market through existing social media.
4. Calculate the Financing Budget
Business analysis is also related to calculating the financing budget needed from the process to the product to the customer. For that, calculate raw materials, employee and employee labor, marketing costs and expenses for the energy needed such as electricity, fuel, gas and so on.
5. Use Promotion
If you already have a detailed cost calculation, the next step is to plan a marketing and promotion pattern. Try to make the marketing plan be carried out in a targeted manner so that it is right on target. So that the costs incurred are not wasted. If the plan is not carried out in a structured and directed manner, then all that will happen is waste without any results at all.
6. Ask for Suggestions from Customers
The existence of suggestions or criticisms from customers certainly adds political value to the sustainability of the business. Because consumers feel cared for. In addition, the criticism will indirectly answer business challenges and help determine the business in a better direction.
7. Conduct Monthly Evaluations
All business plans and analyses that have been made require a complete monthly evaluation. Starting from the production process to sales. Don’t forget that when there is constructive criticism or suggestions, it must be used as a consideration for the next period’s development steps. In addition, the evaluation process is a benchmark for the effectiveness of the business that has been run.
So, those are some types and ways to implement business analytics. That way, the business you run can survive and continue to grow with an increasing number of customers.
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