According to Wikipedia, analytics is, “…the study of business data using statistical analysis in order to discover and understand historical patterns with an eye to predicting and improving business performance in the future.” In other words, it’s a tool you can use to intelligently ‘guess’ the best way to conduct your business, based on past performance.

You need to analyse your business trends. If you don’t know where you’ve been, you won’t have a very good idea of where you are going. Analytics let you discover seasonal patterns. If you discover a spike in sales in, say, November, and this has occurred five years running, then you need to discover why, for it’s a fair bet that it will happen again. When it does, you need to be ready.

It goes the other way too. If careful analytics reveal that there has been a steady drop in profits over a specified time period, this could be cause for concern. Further analytics study may show you why, and what you can do to reverse the trend.

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This entry was posted on Friday, August 3rd, 2007 at 6:27 pm and is filed under Analytics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.