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project report on web analytics
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Web analytics is the process of analyzing the behavior of visitors to a website. The use of Web analytics is said to enable a business to attract more visitors, retain or attract new customers for goods or services, or to increase the dollar volume each customer spends. By monitoring a Web analytics dashboard, businesses will be able to keep track of the traffic on their websites and tweak them whenever need arises.
There are two categories of Web analytics, On-site and Off-site web analytics. Off-site web analytics is used for web measurement and analysis regardless of who owns the website, on the contrary, On-site web analytics is used to for analysis of one’s own website performance. The two main methods of collecting data using on-site
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According to Kaushik, A. (2010), Web Analytics helps businesses answers questions like what, why, how much, what are the competitive intelligence data. We would be able to figure out what types of visitors, visits, Time on site, Page Views, Bounce Rate, Sources et al. Web Analytics would help us determine how much the website has caused an increase in revenue, cost reduction and customer satisfaction. Web Analytics helps us with experimentation and testing. Overall, Web Analytics helps businesses perform against competition and identify new opportunities.
In computing, a cache is a component that stores data so future requests for that data can be served faster; the data stored in a cache might be the results of an earlier computation, or the duplicates of data stored elsewhere. A cache hit occurs when the requested data can be found in a cache, while a cache miss occurs when it cannot. Cache hits are served by reading data from the cache, which is faster than recomputing a result or reading from a slower data store; thus, the more requests can be served from the cache, the faster the system performs. Cached pages can account for up to one-third of all page views. Not counting cached pages seriously skews many site
In addition enterprise analytics must allow for the information to be easily viewed and readable to the persons that must make the critical business decisions that can lead to the success or failure of an organization. Enterprise analytics gives executives a way to see what is happening across the organization at any time. This is the kind of real time knowledge that executives need to keep their companies competitive in the work place.
If the organization is unable to spend huge amounts on this web analytics tools and the corresponding resources it is better to spend some money on the
Avinash Kaushik in his blog proposed the 10/90 rule. [1] According to him, many large companies that have invested in web analytics tools still struggle to make any meaningful business decisions. Apparently, there is a no dearth of data that is collected via these web analytics tools for these companies. However, the caveat here is that there is no real useful information that is being analyzed from these data. In other words, there are not sufficient people with expertise in these areas working on these web analytics tools for these companies to make any meaningful suggestions from the data for the companies to implement and in return increase their profits or whatever they are trying to achieve/gain. The 10/90 rule suggests that for every $10 invested on web analytics tools, $90 should be invested on web analysts by the company to be able to expect positive results on their investment on web analytics tools. Primarily, the data collected from such web analytics tools is useless unless an expert is analyzing that data. It is the web analyst that is critical for the success from the ...
The web analytic has evolved in massive way in recent past, because of which the companies have to deal with quantitative data, qualitative data, competitive intelligence marketing trends costumer behavior and many more, and to deal with these issues a company need a proper skilled analyst with the correct power of analytical tool. Now consider a situation that a company has invested a huge amount of money acquiring the most advance analytical tool and hired a very expensive web analytical contractor to set up the tackling strategy and utilized the ability of an in-house developer to implement the tool. But due to some reason the contractor has left and the in-house developer has been moved to some other project and the company is left with huge undefined numbers unanswered business queries and with one or two analysts. This is the best situation to use the 10/90 rule, according to which the company should have invested 10% on a web analytical tool (Omniture, Coremetrices etc.) and rest 90% should be spending on the people to analyse the numbers and on a team of web analysts to analyze and gain valuable
It is given, if we open most web analytics tool, they show the exact same metrics, almost all of them measured and computed differently. So we have to sort this issue.
Most of studies have proved that a lot of companies are doing great job in using web analytics in order to do investments , but they still have problems on how they can make the right business decisions and recommendations. Most of the employees are complaining about the tera bytes of data and giga bytes of data that comes from the reports for Excel and power points files that have no actionable insights . Avinash Kaushik had found the solution for this issue , he created the “10/90” rule. This rule suggests that for every $10 you spend on your analytics tool and implementation, you should spend $90 on intelligent digital analysts that can convert your data into actionable insights. Avinash Kaushik mention an example in order to clarify his
By using these softwares, our agency will find the specific posts, events, promotions, and marketing content that reached our target audience. We can also determine which generated the most likes, what publics received it, what publics engaged with it, and what medium was most effective. Data analysis is an essential tool to accurately measure our PR efforts throughout the campaign.
Companies have transformed technology from a supporting tool into a strategic weapon.”(Davenport, 2006) In business research, technology has become an essential means that many organizations use in their daily operations. According to the article, Analytics is a major technological tool used. It is described as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions."(Davenport, 2006) Data is compiled to enhance business practices. When samples are taken, they are used to examine research and understand how to solve problems or why situations are as they are. Furthermore, in this article, Thomas Davenport discusses analytics from a business standpoint. He refers to organizations that have been successful in their usage of data and statistical analysis. In addition, he also discusses how data and statistics can be vital in the efforts to improve the operations of businesses.
Marketing Analytics is another concept that is very essential for your business or company. It comprises of all the technologies and process that would allow you to evaluate the performance of your marketing campaigns and initiatives.
Cookies are used to gather statistics on how customers use the site. For example, to:
Analytics are extensive use of data statistical and quantitative analytics, explanatory and predictive models and fact based management together drive decisions and actions. Analytics are set of technologies and processes that use data to understand business performance which leads to the efficient execution and smart business decisions.
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Customer Relationship Management (CRM) is another field where A.I. is used. There is no doubt that the internet has changed the way that businesses and corporations interact with their customers, and A.I. helps by offering a myriad of data about the customersuch as their demographics and purchasing history. A.I. offers analytics in real-time, greatly benefitting the company as it works to improve its marketing and ultimately its profits.
Now days, companies are searching for new ways of gathering data so that they can get useful data in order to make well informed decisions regarding the market they are operating in. Google analytics is considered one of the best tools offers extensive amount of data to business owners for free. However, the success of business is highly depended on how well they can arrange data and customize their collected data corresponded to their business priorities. Google analytics provides beneficial information for companies regardless of their extent of operation.
Analytics means using data and performing statistical analysis on it, applying quantitative and predictive models, in order to arrive at a certain decision. Analytics can be the first step in a process or can rather be an intermediate step as well. Analysis can be done using different set of tools that are available in the market or it can done manually using different concept and formulas. Business intelligence firms like Cognos, SAS and BusinessObjects have developed different tools that are readily available in market that assist in analysis and decision making. Analytics is used in order to find solutions to the problems and the solutions provided enables us to be successful and in the business world allow us to compete with our contenders.