Analytics Software 101
Lately I’ve been running into people that are curious about analytics software and they have been asking me all kinds of questions ranging from what it actually is and what it does, to most importantly how it can benefit me or my business.
Even though this can be a quite complex topic to explain, I decided to take a shot at breaking it down for those who are curious about it in similar fashion to my previous Android article.
First, there are many different forms of analytics software out there. They come in all shapes and sizes and can be used for many different purposes. Some are geared towards tracking sales figures and monitoring consumer’s shopping habits. Others are geared towards detecting fraud, for example tracking fraudulent medical billing or inappropriate credit card usage. A good number of them are also used to monitor efficiency and productivity by finding out what areas of performance might need improvement in one’s company or business, for instance, in a hospital setting where medical billing is used to provide efficiency. Depending on what data models are used and what analytics platform you’re on, they can all be tweaked to accomplish what you really want them to do. For instance, if you need software and marketing solutions to expand your dental practice, then you may consider using these orthodontic marketing strategies, try these guys to learn more on these.
One main common attribute that all of these different types of analytics software programs have in common is the ability to recognize relevant trends and patterns in any given data set. This is usually accomplished by embedding in the code a well thought up statistical data model or to a greater extent, a sophisticated artificial neural network that can trace any type of related information and provide feedback in measurable results. This works similar to how a search engine would help you find related articles depending on what search terms you enter or how a social networking site can help you connect to other people based on the information you provide on your profile such as location, past education or work history.
Of particular interest to many companies and businesses these days is the use of web analytics. In today’s economy, the use of proper web analytics could mean the difference between staying competitive or falling behind. In this case, the software is used to track the visitors experience on the current website that they happen to be on at the time. This can provide you with many important performance indicators, such as surfing habits, which landing pages or links are most popular, duration of visit etc. which can then be used to improve the website or alter its marketing focus. This gives companies a great view into their customer base and allows them to better target their audience based on response to these indicators. Companies can then use this information to create a better marketing campaign or help them decide which products to jettison due to low popularity.
The use of business analytics and intelligence software by most of the so called Best-In-Class companies has proven its usefulness in the past by accounting for better service probability and customer retention. In fact, you would be hard pressed to find any major service organization these days that doesn’t employ some type of analytical metric to tracks areas of process and performance improvement within their own company. With the explosion of expansive e-commerce and the strong presence of online businesses, the same could be said for web analytics. Web analytics has served as a strong catalyst in helping companies improve their overall profit margins and sales figures.
There are quite a few players in the analytics software market these days and the numbers are expected to grow in the future as more and more companies start to realize its value. The fee for these services can range anywhere from free to a bit on the pricey side. A simple web search should turn up a whole host of companies that provide this software. A good number of them will be from right here in sunny Southern California which is a part of its tech industry that is often overlooked. Google seems to be one of the most popular options when it comes to web analytics, primarily due to its consumer friendly price tag, free. SAS continues to lead the pack when it comes to business and predictive analytics. Top competitors aren’t too far behind, however. With an expected 10 % growth over the next five years competition in the analytics market should remain fierce.
