Effective Business Analytics Tool Your Business Should Use

Business analytics is a core practice for companies to track their past & present data with the use of modern tools and technologies. These recorded performance data pieces are accumulated and converted into actionable insights to predict the future & growth potential of the business.

As of today, businesses are scaling at a very high pace, and to ensure this growth stays consistent, the use of intelligence tools is highly recommended. In attaining growth for your business, you cannot miss out on rightful decision-making aspects. 

In this data-driven world, your projections for the future of your business will strongly rely on how it performed in the past and how it is progressing in the present. So, this is what business analytics means for the thriving brands out there! 

Many businesses have already understood the potential of adopting or integrating a business analytics tool into their operational practices. If you are a budding entrepreneur striving to win over your competitors by healthily tracking your business performance, this is the article you should count on! 

In this article, you will get an insight into how business analytics is an important element in determining your business success. Following this, you will get a closer look at a couple of profound business tools for analysis in the market that can help you map the growth pattern for your company’s success. 

What Would Happen If You Neglect the Adoption of Business Analytics?

Business analytics is a technique that helps you to use a tool for making commercial decisions for your business. In short, the entire functionality of the company will depend upon the data you collect through this method. Hence, it is right to conclude that business analytics will help determine profitability for your organization. 

Moreover, it also contributes towards increasing your market revenue and share. Not just that, but your team members will be able to gain a better understanding of the primary & secondary data, which will eventually affect your operational efficiency positively. But what would happen if you miss out on integrating a business analytics tool into your thriving business? 

Here are a few things you are missing out on when you aren’t utilizing your business data optimally:

1. Losing Out on Understanding Your Customers Better

When you don’t collect or utilize the data through a business analytics tool, you do not have any record of customer interactions with your brand. This way, you won’t be able to specify what your customers need or want. Thus, the development of a product to marketing and sales strategies will be impacted adversely due to the unavailability of business analytics. 

2. Inappropriate Decision-Making For the Business

If you aren’t seeking real time data analytics for your business, then you are probably letting go of the 360-degree view of how your business is performing across different channels and among customers. As a result, you will be deprived of predictive and prescriptive analytics, leading to inappropriate decisions in reacting to any business performance fluctuations. 

3. No Control Over the Business Cash Flow

The next important element of business analytics is tracking cash flow and business expenses. Without proper business analytics, you cannot expect to attain optimal control over the cash flow. Moreover, you will also be spending irresponsibly without any track over the budget. 

Without the financial data, you will eventually have wrong calculations on your business expenditures, ROI, and gross/net profits. For optimal tracking of the finances, you need to collect, review and assess the sales data collected from all of your business channels.

The Perfect Business Analytics Tools For You to Count On!

You definitely don’t want your business to suffer due to the lack of data analytics. Therefore, you must count on adopting the best business analytics tools and integrating them into your business solutions. This way, you will have a complete view of how your business performs on various fronts. 

With business analytics, you will ultimately know what things you should tweak in specific business areas to change the outcomes. Weavr is one of the most advanced business analytics tools that provides you with a range of two outstanding products, which go by the name Weavr Sense and Weavr Slate. 

All business-related metrics can be measured over these two products by Weavr in a very proficient manner. You get actionable insights, with in-depth information breakdown, for your team members to understand and take necessary actions right away in real time. Here’s a brief understanding of the capabilities of Weavr Sense and Weavr Slate:

Weavr Slate:

Here are some of the features of Weavr Slate in association with business analytics for your organization:

1. Integration with Media Platforms or Channels

Weavr Slate enables you to link all social media channels and business platforms to its centralized dashboard. Irrespective of where you sell your products/services and where you promote them, add them all to gather collective insights from all involved channels. May it be Facebook, Flipkart, Google, AMS, or others, you will be able to track the performance of your business products or services over a unified dashboard. 

2. Custom Omnichannel Analysis

With Weavr Slate, you will get a closer insight into the customer interaction data across all channels where your business operates. With this data being collected from various channels, you will better understand the customers’ responses to your products or services. As a result, you can tailor your service or product offerings to provide a personalized and seamless experience to consumers while they travel within the sales touchpoints. 

3. Single-Channel Data Analysis

If you are running a business with just a single distribution or sales channel, then you have the liberty to avail the analytics services of Weavr Slate as well. You can track all insights associated with the sales recorded, revenue generated, returns requests, and refunds processed over the centralized dashboard. You can always switch to multi-channel data analysis by toggling through the available features from the dashboard. 

4. Automated Report Generation

You can schedule the generation of automated analytics reports associated with single or multi-channel analysis. These reports will be created by taking all select parameters into consideration. It will be generated automatically per the set weekly, monthly, or quarterly cycle. 

You can then assess these perfectly curated reports to break down the strong and weak zones of your business operations. Following this, it will also be a record for you to measure & compare your business performance over time. These reports are also exportable with just one click. 

5. Schedulable Report Emailers

In association with the previous feature, you can also schedule the reports to be sent to the associated team members automatically via email. In this way, even though a specific team member is using Weavr Slate for assessing the data, insights, and reports, they can schedule an email with the report to the company's decision-makers. 

Weavr Sense:

Here are some of the features of Weavr Sense associated with its business analytics capabilities:

1. Performance Analysis Across Various Websites

Irrespective of the websites where your product is being sold, Weavr Sense, an exceptional eCommerce analytics tool, helps analyze more than 50 websites to provide you with comparative data on your product’s performance. Some websites include Cosco, Flipkart, Curry’s, Amazon, and others. It will help you note which channel provides you with maximum and minimum revenues in terms of product sales. 

2. Rating & Review Analytics

Weavr Sense, as the name suggests, will help you analyze the reviews and ratings on your products across various channels. This tool runs the sentimental level analysis by picking out common keywords that express the pain points of customers. Following that, keyword-level analysis is also implemented for the reviews to determine any specific technical or physical fault in your products being highlighted by the customers. Thus, it will help you work on those flaws instantly and make your product more customer-centric. 

3. Listing Analytics

Weavr Sense helps you with listing analysis, which will help your brand get a broader view of the competitor’s listings. In this way, you will be able to identify the most relevant keywords that correlate with the product, similar to yours, that the competitor is selling across the same channels. It will help you optimize your specific listing in a way such that your products rank better and get more sales. 

4. Price Tracking

Weavr Sense also enables in-depth price tracking of competitor products across various platforms. You can compare the same and make changes to your product pricing to be among the preferred choices of the target customers. 

Conclusion

So, this is a clear elaboration on how Weavr is providing you with stand-out business analytics tools to track various metrics in a precise manner. With the use of this data, you will be able to take optimal care of various business parameters and determine if the operations and marketing efforts are on the right track or not. 

So, if you are starting a new business, or are planning on taking business operations, sales, and marketing analytics a bit more seriously, count on Weavr as your one-stop hub for tracking all of those metrics. Get in touch to avail a demonstration of how effective these tools can be for your business growth.