In today’s world, the sheer volume and variety of current and new data collected is unprecedented. As this trend continues, so do the chances for businesses to leverage data to make a genuine difference. Pearl Lemon Consulting assists companies in identifying and capturing the most valuable and relevant insights from data, as well as converting these insights into competitive advantages.
Our global consulting teams have extensive industry and technical knowledge, as well as a thorough understanding of industry economics, client needs, and competitive dynamics. We provide ad hoc, deeply transformative, and continuing analytics management solutions for clients, delivering insight and impact through a variety of flexible support options.
Importantly, we are technology agnostic, meaning we can work with any technologies and platforms our clients desire. We focus on establishing and transferring competencies and skills once the tools and models are in place to ensure that analytics management becomes a long-term competitive advantage.
Here are the four basic forms of business analytics that businesses may use to better understand and grow their operations.
Descriptive analytics—is one of the most fundamental types of analytics, providing information on what has occurred or is now occurring. Descriptive analytics includes things like sales reports and social media participation.
Predictive analytics employs methods such as machine learning and artificial intelligence (AI) algorithms to forecast future events, such as how a product will sell or who will buy it.
Prescriptive analytics—utilizes a number of data elements, such as available resources and prior performance, to recommend a course of action or plan for achieving a goal.
Diagnostic analytics analyses data to determine the cause of an event.
Depending on the goals of an organization, one or all of these types of analytics may be used. And Pearl Lemon Consulting’s analytics management team can help you make better sense of them all.
Businesses can use business analytics to make better, more informed decisions and achieve a range of objectives. Businesses can benefit from data by:
Many businesses have benefited from business analytics, particularly in the wake of the COVID-19 pandemic. During the pandemic, 50 percent of organizations said they used analytics “more often” or “far more often,” according to a poll by business intelligence firm Sisense.
The rising usage of analytics among smaller businesses was even more significant. One of the many reasons why analytics is vital to business is to assist firms in navigating through crises. Companies that use analytics effectively are twice as likely to rank in the top quarter for financial performance, five times more likely to make timely judgments, and three times more likely to execute their decisions and plans, according to data.
By employing sophisticated quantitative and statistical tools, analytics management enables firms to tackle a wide range of problems and extract maximum value from data. By working with Pearl Lemon Consulting’s analytics management consulting team, you can ensure that you get the most from the data you have access to, maximizing your ROI on such investments.
Most people link the idea of analytics management with information technology and the Internet, such as Google’s Analytics Management API platform, which provides unique access to Google Analytics configuration data. Analytics management,however, can apply to a variety of roles and programs that collect, analyze, and interpret corporate data. And we can help with all of it.
We work with businesses that already have analytics solutions in place and are hoping to maximize their usefulness, as well as businesses who are hoping that by implementing new analytics solutions they can give themselves the benefits and boosts they have heard they might be able to leverage if they do.
Any e-commerce company will almost certainly need to effectively utilize analytics management solutions to keep track of website operations, sales, digital marketing, and content management chores.
For reporting and analyzing on website performance, digital advertising results, content management requests, and online merchandising trends.
Our analyst management consultants will collaborate with departmental executives and other stakeholders to reach website goals. We will build strategies to maximize site efficiency, conversion rates, and incoming traffic leads as well as improve overall website performance and sales revenue, using automation technologies and lead nurturing strategies.
Analytics management solutions can also be used by companies that use enterprise systems for research and planning. Enterprise data managers should have a broad understanding of analytical techniques as well as hands-on experience acquiring data to solve difficult challenges. Our consultants will ensure they do.
Enterprise data managers also need to be able to create customized reports for threat analysis, business modeling, operations research, internal logistics, budget performance, and training and training creation using analytics management technologies.
They must be able to plan and complete complex projects using their in-depth understanding of analytics management principles, processes, and procedures. The fact is that this involves a lot more than learning how these tools work on a basic level.
We work with those who use, or will be using these tools to help ensure that they will be able to get the most from them. This might involve basic instruction, more advanced training or even a change in the tools utilized.
To understand operations, eliminate weaknesses, and implement new business prospects, multinational firms with offices all over the world will require a continual stream of comprehensive reports and research.
For strategic and tactical company planning, operations, and decision-making, data mining managers can employ all kinds of analytics management principles and technologies. With the right tools in place they can have constant access to financial, administrative, operational, personnel, and supply chain data, which they can then collect, organize, and disseminate.
Analytics management is popular among IT-dependent firms in the financial, academic, e-commerce, health care, supply chain, and management consultancy industries. But increasingly analytics solutions can benefit any business, even if they don’t realize it yet.
Business executives can use analytics management to gain cross-functional business intelligence that can lead to cost savings, increased staff efficiency, website optimization, and workflow simplification.
To learn more about how Pearl Lemon Consulting can help you with analytics management, contact us today.