The Three Types of Business Analytics
What Do Business Analytics Tell You?
The analytics data tells a story. It’s not just a bunch of numbers on a spreadsheet. Those stale, boring, black-and-white numbers represent people. At its core, it is a person. A human being.
Each of those numbers is a person telling your company something vital. Your business will live or die by that data; and you would do well to listen to it, not just stuff it into a folder and forget about it.
What can analysts offer? Well, at SuitsOn Staffing, the numbers can tell you how departments, teams or staff members are performing over a period of time. Then that data is used to predict how those departments, teams and staff members will perform in the future. This is called “predictive analytics.”
There is also the art of “descriptive analytics,” which follows key performance indicators and uses them to help understand the current state of a business. Sometimes you get so caught up in the moment that you can miss the forest for the trees.
Finally, there is “prescriptive analytics,” which uses past performance to create recommendations as to how a company should act going forward. If you don’t understand your own history, then you are going to keep failing again and again and again.
How to Use the Data
Using these three types of business analytics in tandem helps to inform business decisions and streamline operations. Businesses that optimize data are able to leverage it against the competition and use it to their advantage.
Of course, the results are only as good as the analysts comprehending the data. That’s why you need to hire a company like SuitsOn Staffing. We’ve been around long enough to see other businesses rise and fall, come and go. We know the drill.
We know this type of data. When it comes to legal information, we’ve seen it all. By using our analysts and unlocking the advantages hidden in your data, your company can truly make informed decisions and create value for your organization.
If that sounds like something you would like to try, contact us today.