Organizations are eager to make the most of the ever-increasing data volumes at their disposal. Finance teams are ideally qualified to drive this opportunity, yet many firms struggle to put their plans into action. What is the reason for this?
The amounts of available data and the ability to acquire, store, and interpret these data utilising cutting-edge technologies are the major differentiators that set Business Performance Analytics apart from traditional financial analysis. As a result, even while the generated insights may be aimed at resolving the same business problems as before, they are considerably more:
- Extensive – thanks to a bigger number of previously unavailable data points,
- Accurate – thanks to more advanced algorithms and the ability to use various forms of data, including financial, operational, and even unstructured data,
- Quick – thanks to modern technology's increased processing power, in addition
- Reliable – due to the ability to alter logic iteratively, run multiple tests, and take use of the scalability of digital solutions.
What in Business Performance Analytics?
There's a lot more to Business Performance Analytics. Beyond technological developments that allow for better cost awareness, the ability to analyse in greater depth at a faster pace, and the capacity to combine financial data with operational and even unstructured data (text or photos), a completely new approach to performance management can be used.
The line between opinion and fact is drawn by analytics.
The goal of web analytics tools is to make website analysis as simple as possible. The goal is to collect, organise, and report data on your site's performance for you—basically, to handle the technical part of web analytics. Web analytics tools will allow you to swiftly determine the success of your SEO efforts. More importantly, it will give you with this information in a significantly more precise fashion than manually entering it. They're made to make this decision-making process easier for you, so you can concentrate on implementing your new plan rather than figuring out which strategy will work best for you.
The Amazing Adobe Analytics
We'll take a look at Adobe's fantastic performance statistics tool. It truly lives up to Adobe's illustrious reputation. The business's requirements must be examined in greater depth, and Adobe Analytics hits the mark with these tools:
- Analysis Workspace: Adobe Analytics' most important feature. Workspace offers a canvas on which you may drag and drop components to fit your reporting requirements.
- Adobe Analytics dashboards: This mobile software provides users with straightforward scorecards with essential data, as well as the option to perform more extensive breakdowns and trended reports on the go.
- Activity Map: A browser plug-in that overlays your site and shows which elements were most clicked.
- Report Builder: An Excel add-in that lets you retrieve Analytics data and paste it into a workbook.
- Reporting API: Send report queries to Adobe's servers directly and receive results for use in your own customer reporting solutions.
- Reports & Analytics: A tool that comes with a number of pre-built reports. For most reporting purposes, Adobe recommends Analysis Workspace.
Various analytics components in Adobe Analytics are used to power these tools. Analytics components assist you in fine-tuning and empowering your data analysis. The following are examples of components:
- Dimensions: In Adobe Analytics, dimensions are variables that typically contain string values.
- Metrics: Metrics allow you to quantify dimension things, such as the most popular pages on your website. You can also track data over time, such as how many orders visitors place each day on your website.
- Segmentation: Concentrate your efforts on a portion of your data. The Segment Builder allows you to create segments and run a pre-test, while the Segment Manager allows you to gather, tag, approve, secure, and share segments within your business.
Segmentation in Adobe Analytics
Segments help you identify groupings of users based on their attributes or activities with the website. Segments are codified audience insights that you may create for your specific needs, then validate, amend, and share with others on your team, or use in other Adobe products and Analytics capabilities. Segments let you figure out who your visitors are (country, gender, coffee shop), which devices and services they use (browser, search engine, mobile device), and where they came from (search engine, previous exit page, natural search), among other things.
Segments can be based in the following values:
• Visitors based on attributes: browser type, device, number of visits, country, gender.
• Visitors based on interactions: campaigns, keyword search, search engine.
• Visitors based on exits and entries: visitors from Facebook, a defined landing page, referring domain.
• Visitors based on custom variables: form field, defined categories, customer ID.
- Calculated metrics: Combine metrics using basic formulas or complex algorithms for statistical analysis.
- Virtual report suites: Enables data cleansing and segmentation for a better user experience.
- Cross-Device Analytics: You can configure Cross-Device Analytics using a particular sort of virtual report suite.
- Alerts: Get notified if data crosses a certain threshold.
- Classifications: To gain more understanding, re-organise and group dimensions.
- Real-time reporting: Receive reports and trends as soon as they're ready. In real time, real-time reporting shows web page traffic and ranks page visits. Provides you with actionable data to help you make better business decisions.
- Marketing channels: Marketing channels are frequently utilised to gain information into how users come on your site. Discover how people come to your site and which methods are the most effective.
There is a lot in your Business that Analytics can add in........
Business Performance Analytics, without a doubt, can only be built on a solid foundation of sound data governance, an integrated approach to data management and analysis, and a culture of insight-led decision-making. The most essential takeaway from this post is that if you only use top-level web analytics to inform your marketing strategy, you are missing out on a lot of valuable data that can help you better connect with your audience and customers. While web analytics paint a rosy image of your top-line activities, business performance analytics can assist you in translating your business goals into measurable achievements that benefit your bottom line.
At Merkle Sokrati, we provide a holistic approach in understanding your requirements and connecting them with the best possible measures. We are happy to provide you services like Data Management Platforms, Analytics Platforms, Web Personalization Platforms, Tag management services etc.
If your business needs help in utilizing the best out of Performance Analytics, we’re here to help.