Applying Analytics to your Online Enterprises
In the past, businesses analyzed their data with the help of mathematics and statistics. The process was done manually and it involved a lot of manual labor. Analytics came about as a service that made the process simpler by introducing the power of electronic computing to the process.
Therefore, analytics is nothing but a computer incorporating theories of mathematics and statistics in analyzing data. The benefits of analytic tools are that a vast amount of time is understandably saved from the use of technology.
Analytic tools and decision making
The ultimate purpose of an analytics tools is to provide you with critical information with which you can make crucial decisions to improve the efficiency of your business. Though it is mostly used by large corporations, there is no reason why you, as an online business owner cannot make use of analytics as shown below.
Analytics for your online business
If you have a website, there is a lot of information that you would like to know about it. You might want to know
- How many visitors visit your website
- Where are they coming from
- What do they do on your website
- What percentage of the visitors actually make a purchase from your site
- Why do visitors leave your website
- How can I make my website more efficient
Website analytic tools will be able to provide you with these critical bits of information on a daily basis. Typical analytics software will record various points of information on the website in a database. It will then analyze the data, compute various mathematic functions and then neatly present the data to you in a report that will be easy to understand.
The data that analytics software provides is what you would then use to alter your website to increase its optimization.
The parameters mentioned
above are only a few of many data points that analytical software can report to you. Of late, a new form of website analysis known as real time analytics has come about that takes analytical reporting to a much more advanced level that before.
With real time analysis, there is absolutely no delay between the events on your website happening and the report being shown to you. You will be able to watch the visitors navigate your website as and when they browse through it.
This is a very efficient analytics tool if you want to make the most out of the conversions right away rather than have to wait a day to see a traditional analysis report. You will be able to see activities like how many people are reading through your site, how many are trying to search for something in the search box and so on. You will also be able to see where your traffic is coming from and more importantly see which traffic is the one that is converting on your site.
Thus, analytics is a very important tool for you to have if you want to make the most out of your website.