Analytics: How Can Your Business Benefit From It?

Posted by - Eleanor Webb-Dickin on the 2nd December 2020

Analytics; it’s a popular word at the moment that you’ve probably seen flying around on business blogs and adverts, but what does it mean?

According to Oxford Languages, the correct definition of analytics is ‘information resulting from the systematic analysis of data or statistics’.

In other words, you can collect data and statistics on the various functions of your business and analyse them, to reach conclusions that inform your next business moves. 

If you’re not already doing this, we strongly recommend that you start as there are so many benefits to paying attention to analytics. Data-driven companies treat their data as a corporate asset and actively look for ways to turn it into a competitive advantage.

But how do you begin gathering this data, and how can you make the most of it? In this article we aim to improve your knowledge; giving you the tools to boost your business?

How Should You Gather Analytics?

The quickest and easiest way to start gathering analytics on the various aspects of your business, is to outsource.

Companies like Cymphony understand how valuable analytics can be for businesses, therefore, as part of their services they offer feedback of this kind.

For example, Cymphony offer a number of key services for businesses, such as call handling services and live chat services. As part of their packages, they measure things like the number of chat requests received, and your average response times. 

These are extremely valuable figures to have as they allow you to pinpoint exactly where your business might need improvements. 

To give you a real life example of a company that uses analytics, fast-food giant McDonald’s relies on them to customise services to diverse populations internationally. 

What is Outsourcing?

Outsourcing is also a pretty great way to improve many aspects of your business without breaking the bank. 

For example, long wait times for customers who call you are bound to cause discontent. This, in turn, could lead to you losing customers and losing new leads.

Outsourcing the busier aspects of your business, such as this, ensures that every function is handled perfectly.

Luckily, companies like Cymphony are extremely flexible, so you can outsource to them as and when you need to.

If you have a sudden rush of new leads or customer enquiries, you can quickly and easily put an external call handling service in place in the short term. This is ideal, as it helps you to keep a tight hold of the purse strings as well as make the most of opportunities. 

Infographic representing outsourcing, which helps to provide analytics

What Kind of Analytics do You Need?

The kind of analytics you need to focus on, depends on the services that your business offers. However, there are four key types of analytics to choose from. 

You can have descriptive, diagnostic, predictive or prescriptive analytics

  • Descriptive analytics highlight an existing issue and explain its nature.
  • Diagnostic analytics figure out what might be causing an issue in your business.
  • Predictive analytics predict future trends in your business functions; allowing you to prepare for the future.
  • Finally, prescriptive analytics suggest solutions to these problems.

You might think your business is running smoothly but until you start gathering analytics, there will be underlying problems you haven’t discovered. Uncovering these can lead to eureka moments that open doors for your business and boost revenue.

The use of analytics isn’t limited to larger companies. 59% of all enterprises use analytics in some capacity. So, make sure you don’t fall behind competition by staying informed on the latest business insights.

Which Areas of Your Business Should You Focus on?

Every business has its own USP, no matter what field or industry it is part of. Only you know the intricate ins and outs of your business structure but certain functions are universal in every company.

One of these is customer service. Every business needs at least one customer service interface (although we definitely recommend having more). 

As a minimum, you should consider having telephone lines, email addresses and a live chat service. That way, you cater for every kind of customer and every kind of enquiry.

Without them, you can’t build relationships with customers or ensure that they have wholly positive experiences when working with you. 

Analytics can be absolutely key to the success of every customer service department. No matter how in control you feel, you can’t possibly know everything that’s going on under your roof.

Analytics are a great way to be able to see whether the various aspects of your business are functioning to the best of their abilities. Most of the time, they highlight areas in need of improvement that you would never usually be aware of. 

So, whether it’s your marketing team, your sales team or your customer service team, start gathering analytics to see how they could be improved.

Infographic representing the value of analytics

What are the Benefits of Gathering Analytics?

Here are some examples of issues that could be uncovered with the help of analytics…

  • Calls going unanswered. Having a team size that can’t meet demand could be a huge barrier for the growth of your business. New leads need to nurtured and existing customer relationships need to be maintained.
  • Excessive wait times on calls. This is a sure fire why to frustrate existing customers and put new customers off. It gives the impression that your businesses isn’t functioning to a professional standard.
  • Slow responses to live chat requests. The idea behind live chat is that it is the ultimate convenient customer service interface. Therefore, it is important to make sure requests are handled quickly and efficiently.
  • Low customer feedback ratings. Asking customers to rate the quality of service they have received, helps you pinpoint the areas of your business that need improvement.
  • The number of new enquires made. Seeing how many leads your business receives can be a great measure of how well your marketing department is functioning.
  • Average customer lifetime. Being able to see how long your customers are loyal for, and the point at which they leave, can highlight problem areas that need improvement.
  • Employee turnover. You can use analytics tools to examine the likelihood of an employee aligning with a company’s culture. You can also track their performance and how satisfied they are with the new role.

Business analytics are catalysts for growth and shouldn’t be ignored. 

Most business owners have a number of stressful thoughts running through their minds at all times. It is inevitable when you have responsibilities. However, the more you know about the inner workings of your business, the more power you have to make sure everything is running smoothly

Maybe you’re one of the lucky business owners reading this article, confident that everything is taken care of. Don’t be so sure. If you’re not already making the most of analytics, chances are they will bring to light some surprises.

Whether you’re ready to take control of your company, or you’re interested in the potential of outsourcing when it comes to boosting your business’ efficiency, contact Cymphony today.

We can give you all the information you need to make a decision that’s a great fit for your business and keeps costs down.