Home

About Us

IT Services

Electronic Security

Knowledge Center

News & Events

Blog

Support

Contact Us

Prosper IT
  • Register

Prosper Solutions Blog

There Are Answers In Your Company’s Data

There Are Answers In Your Company’s Data

When you’re making important decisions for your business, you need solid data to back them up. Through the use of business analytics, you can take advantage of your quantifiable data to find the right decisions for your business. We’ll discuss the process of using business analytics and how it can be used to your business’ advantage.

What Are Business Analytics?
To get started understanding business analytics, let’s use a hypothetical scenario. Let’s say you have a spinner with five sections numbered 1-5. Whenever you spin the spinner, it has an equal chance of landing on each section. If you spin it 100 times, you will encounter varied results, but let’s say that the results are like this: 1) 13 times, 2) 22 times, 3) 18 times, 4) 18 times, and 5) 29 times.

Predicting the results of another spin might seem random, but looking at the trends, we can make an educated guess. We could say that the spinner will land on an odd number relatively safely. The odds are in favor of this (3 out of 5 compared to 2 out of 5), but the historical data also correlates with this. Out of the 100 spins made, the outcome was odd 60 times.

The ultimate goal of this is to make decisions based on pre-existing results and statistical likelihood. In the above scenario, we’re using information to figure out which section (or sections) is most likely to be landed on, and the result is that an odd number is most likely.

Business Analytics in Action
Analytics are admittedly more complicated than this, but the basic idea still applies. You collect data, find patterns, and make the best decisions you can based on those patterns. A business can use this process in a variety of different ways:

  • Data Mining: Data mining can be used to identify trends and opportunities that may have been overlooked, and it’s all thanks to the incorporation of business analytics.
  • A/B Testing: A/B testing can help your business make better decisions, but it can also help remedy mistakes made in the past.
  • More Accurate Predictions: Statistical analysis and predictive modeling can be used to make educated decisions and optimize the chances of achieving the wanted results.

Using Analytics to Your Advantage
Business analytics can be used to directly influence your business’ operations and procedures. You could improve your sales process using data and insights gleaned from analytics, allowing you to identify who your primary clients and customers are, as well as optimizing how you target them. Analytics can also be used to streamline your inventory management, business finances, and many other critical tasks.

How would your business use analytics? Let us know in the comments, and be sure to subscribe for more great blogs from Prosper Solutions.

Technology Basics: Proxy Server
How to Thwart Targeted Phishing Attacks
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Monday, November 19, 2018

Captcha Image

Mobile? Grab this Article!

QR-Code dieser Seite

Tag Cloud

Machine Learning VoIP Meetings IT Plan Passwords IT service IT Virtualization Software License Regulations Human Resources Identity Theft Network Workers History Specifications Productuvuty Small Business Streaming Media Evernote Smartphones Devices Project Management Budget How To Tech Terms Digital Signature Managed IT services SaaS Internet End of Support Regulation Cryptocurrency Recovery Administration Education Asset Tracking Nanotechnology Settings uptime Office Cache Data storage Tracking Skype Help Desk In Internet of Things Backup Internet of Things Reading Microsoft Office Collaboration Hacker Gamification Windows 10 Congratulations Networking Ransomware Technology Tips Computer Microchip Equifax Botnet Mobile Computing Social Media Outsourced IT IT Management IT Services Data Analysis Android Bookmark iPhone Cost Fiber-Optic Telephone Systems Facebook Windows Server 2008 Training Mouse cloud computing Processors Scam Microsoft Alert Redundancy Backup and Disaster Recovery Samsung Presentation Spyware Public Cloud Vulnerabilities Taxes Gaming Console Health IT Social Engineering MSP Excel Consultation Tablets Telephone System Assessment Rental Service Malware Government Windows10 Analytic Monitors Data Backup Music Google Docs Productivity Writing Deep Learning Two-factor Authentication Keyboard IBM Monitoring Employer Employee Relationship Data Breach Startup DDoS Big data Avoiding Downtime Travel Retail Artificial Intelligence Information Maintenance Computing Infrastructure Chromebook Hard Drives Unified Threat Management Access Society Proactive IT Error Social Licensing Wireless Headphones Multi-factor Authentication Database PowerPoint Printer Scalability Gadgets Tip of the Week Windows 10 Cybercrime Mobile Payment Printers Hosted Solution Data Management G Suite Emails YouTube Fileless Malware Inbound Marketing Books Website Device security Hard Drive Disposal Information Technology Remote Computing Google Drive Shortcut Business Intelligence Data CIO Legislation Computer Care Remote Monitoring Teamwork Entertainment Application Solid State Drive Reliable Computing Healthcare Managing Stress Paperless Office Computer Malfunction Mobile Devices Efficiency A.I. Mobile Technology Telephony PDF Running Cable Electricity Entrepreneur Corporate Profile Disaster Upgrades Sports Pain Points Audit Trends Document Management Drones Addiction Proxy Server Apple Social Networking WannaCry Migration Chrome Programming Flash 3D Printing Fraud Virtual Reality Search Office 365 eWaste BDR Service Level Agreement Software Computer Accessories Encryption Vendor Management Experience News Business Continuity User Tip Windows Documents Data Loss Cortana Thank You Tip of the week Going Green Heating/Cooling Relocation Co-Managed IT Office Tips HTML Flexibility SharePoint Desktop Bring Your Own Device Intranet Time Management Cost Management Laptop Start Menu Business Cards Tactics IP Address Firewall Password Business Management Tech Term Text Messaging Memory Google User Read Computer Repair switches Blockchain Operating System Permissions Saving Time Company Culture Web Server Smartphone Private Cloud Enterprise Resource Planning Software as a Service Security Server Freedom of Information Email Printing Electronic Medical Records User Tips Banking Value Applications Holiday Hack Advertising Network Security File Sharing Saving Money Phone System Fleet Tracking Outlook Data Recovery Upload cloud Hacks Upgrade Telephone Business Growth Sync Word Securty Microsoft Excel Unified Threat Management Messenger Management Motion Sickness Dark Web IT Support Virtual Assistant Product Reviews Workplace Tips Cabling Safety Gmail Risk Management Update Save Money Communication Data Warehousing Vendor Data Security IT Consultant Employer-Employee Relationship Cleaning Accountants Antivirus CCTV Vulnerability Unified Communications Download HIPAA Users Net Neutrality Storage email scam Conferencing Browsers Content Filtering Business Computing Marketing Business Metrics cyber security Patch Management the Internet of Things Emergency Supercomputer Wireless Technology Lithium-ion battery Business Mangement Competition Television Router Downtime Hackers Automation UTM Windows 8 Network Congestion communications Bitcoin Access Control hardware Connected Devices cloud storage Managed IT Service Finance Legal USB Data Protection Browser Work/Life Balance Comparison Current Events Best Practice Politics LiFi Quick Tips Money Managed IT Knowledge Google Wallet VPN Bata Backup Content Processor Customer Relationship Management Windows XP Technology Customer Service Hosted Solutions Digital Payment IT consulting Wi-Fi Domains Google Calendar Multi-Factor Security Fake News Law Enforcement Computers Windows 7 Spam outsource cloud computing Best Available Computing Capital Health Disaster Recovery Statistics WiFi Touchscreen IT Support Screen Reader clout services App Cybersecurity Hard Drive Miscellaneous Mobile Security Tech Support Black Market Distribution Business Technology Analytics Mobility Smart Tech User Error Virus Network Management Innovation Micrsooft Managed Service Worker Staffing Hacking Save Time Best Practices Compliance BYOD Twitter Automobile Webcam Social Network Hiring/Firing Directions Privacy Uninterrupted Power Supply Business Websites Citrix Xenapp Managed IT Services Vendor Mangement Physical Security Tablet Mobile Device Piracy Administrator Notifications Username VoIP Digital Environment Managed Service Provider Language Visible Light Communication outsource cloud storage Wireless Robot Virtual Desktop Bandwidth Navigation Augmented Reality Google Maps Downloads Patching Electronic Payment Business Owner Customer Resource management Distributed Denial of Service Displays Productivity Bluetooth Troubleshooting Public Speaking CrashOverride Apps Mobile Device Management Phishing Trending

Latest News & Events

Prosper Solutions is proud to announce the launch of our new website at http://www.prospersolutions.com. The goal of the new website is to make it easier for our existing clients to submit and manage support requests, and provide more information about our ser...

Contact Us

Learn more about what Prosper Solutions can do for your business.

Call Us Today
Call us today
(617) 369-9977

150 Eastern Ave, Second Floor
Chelsea, Massachusetts 02150