With the correct metrics in place information can be gathered and reported on in order to form knowledge. Data is raw numbers, information is data with context, and knowledge is the information with understanding, which leads to decisions (Hunter Whitney, 2007). Basing decisions on every metric is a waste of resources and time. As a result, Key Performance Indicators (KPIs) distill the vast amount of data into information that is pertinent to the decision making. Some KPIs could be the items per hour, visitors per day, customer retention rate, conversion rate, etc. However, not all companies need to know all of the indicators, that is why KPIs are based on the business model and needs of the company.
How these metrics are viewed can also shed
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External partners will build the IT infrastructure for those with weak IT, while a weak Business acumen will benefit from consultants who can provide the Business insights needed.
Finally, you have to know what you are solving. If the new tool is simply to provide the basic click-stream information and that is appropriate, but if further Web Analytics is needed then qualitative and quantitative information gathering is needed in order to make customer-influencing decision-making.
When implemented correctly a Web Analytics tool offers more than just data or information, it can offer knowledge and insights. One can analyze the effect of a new background color, the effectiveness of a marketing campaign, the emotional impact of positive vs negative news feeds (Vindu Goel, June 9th 2014), or the effects of dynamic pricing based on demographic and personal visitor data insights (Greg Petro, April 17th 2015). With the correct data and information we can make the insights needed not just to know what has happened, but to influence events. As Kaushik said, “We’ve evolved from hits to page view to visits. Now, we have Outcomes.” (Kaushik, 2010,
Kristy May, the company’s CEO and the individual who will be leading the project, estimates that the probability of implementation is 99% (K. May, personal communication, September 23, 2016). Google Analytics is a free and easily accessible tool (Warner, 2015). Therefore, the only costs associated with the project will be the time required to understand and implement a well designed Analytics Program (Warner, 2015). May believes the opportunity costs associated with her time is well worth the potential payoff for the company (K. May, personal communication, September 23, 2016).
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.
Numerous studies have pointed out that while almost all Fortune 500 companies have great investment in web analytics they still struggle to make any meaningful business decisions. Most people complain that there are terabytes of data and gigabytes of reports and megabytes of excel and power point files. Yet no actionable insights, no innate awareness is present on what is really going on through the clutter of the clickstream data.
The BrightGauge Software case study, in turn, shows that the company understood the importance of tracking customer behavior, but was not using the right tools. As Paine (2011) notes, “Even the most sophisticated measurement tool is worthless if it can’t measure progress toward your goal” (p. 46). HubSpot assisted the company with not just the tools in this specific case, but with determining how to create processes that were repeatable so they could be measured. According to Paine (2011), “Because you become what you measure, it is critical to carefully choose the metrics by which you will track your success” (p.
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
These obstacles include the wholesomeness of the data, analytical knowledge, an understanding of statistics, and several other philosophical and educational challenges. Gathering the data is usually half the battle in the analytics game. The data collected could include social networking information, sales lists, real estate listings, product lists, and product reviews and can be gathered into structured storage and analyzed. The gathered data proves to be a valuable resource for businesses that look to analytics in order to enhance their market
The fact that so many businesses vary on what they examine the most crucial KPIs, makes it that much more problematic to characterize what they are. In short, a KPI is a part charged on important financial and non-financial business clue that gives an expression of profit or loss for the business.
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.
The assignment research objectives were (a) to gain insight into securing strategic partnerships in the information technology (IT) arena; (b) to understand the choices made to reduce information and security risks by exploring the different outsourcing techniques, and; (c) to understand how business process associated with outsourcing will stimulate awareness on how the process is interlinked with human behaviors. The topics covered include an evaluation of the specifications of information security consultants to become strategic partners assisting in the reduction of information or security risks, an examination of four factors that were omitted in the specifications that add value to the selection process, and an explanation of the value of the four factors.
The limitation for implementing Web Analytics ecosystem in the Organizations can be quite murky as the visitor interaction and their preferences change quickly overtime. Moreover, Web data provides little information about the user than their clicking patterns. An example would be- why a particular visitor of a website did not end up becoming its customer. Web Administrators must use Web Analytics to monitor and determine what pages are not working well or rather understand which pages or areas within the site do not attract traffic. They can alternately tweak and modify the site to create good user experience. Regularly monitoring customers’ traffic would enable organizations understand their customers better and enhances their overall performance. Therefore there is the need to design their websites
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.
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.
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.
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.
These benefits are best discovered and maximized if used in conjunction with KPIs. A KPI is a key performance indicator and they allow a company to measure and manage ...