Unlocking the Power of Business Analytics: Personal Insights and Benefits Revealed
The future belongs to business leaders who can harness data to make smarter, faster decisions. And that starts here at Eller.
Delving into the dynamic world of business analytics, we've gathered personal insights from ten seasoned professionals, including managing partners and founders, to illuminate its significance and advantages. From translating financial data into a measure of company health to making nimble decisions with analytics, these leaders provide a rich tapestry of experiences to inspire students in the field.
- Translate Financial Data into Company Health
- Harness Data for Strategic Business Decisions
- Leverage Data for Business Performance Results
- Data-Driven Insight for Strategic Business Action
- Navigate Complexity with Business Analytics
- Transform Data into Strategic Organizational Insights
- Enhance Operational Strategy with Data Analytics
- Turn Data into Actionable Business Next Steps
- Inform Critical Decisions with Quantitative Analysis
- Make Nimble Decisions with Business Analytics
Translate Financial Data into Company Health
As a CPA, I see it as the art of translating financial data into a clear picture of a company's financial health. We used to focus on historical financial data, but business analytics now lets us identify hidden patterns in areas like client billing, casework efficiency, and even partner profitability.
If a law firm comes to us for help with rising costs, aside from just analyzing their financial statements, we can go deeper and track time spent on different case types and identify which ones are resource drains. We can analyze partner performance metrics to see where expertise lies and how to optimize case allocation. Suddenly, the numbers transform into a clear path for cost reduction and improved efficiency—and that’s all thanks to business analytics.
For students studying business analytics, you could be the one who helps a company identify a new market segment they were completely overlooking. Or, you could be the reason they streamline their operations and save millions. The possibilities are endless, and that's what's so exciting about this field.
Paul Carlson, Managing Partner, Law Firm Velocity
Harness Data for Strategic Business Decisions
Business analytics, to me, is about harnessing data to make informed strategic decisions. The field offers the tools to analyze trends, optimize processes, and predict outcomes, enhancing business efficiency and competitiveness. At Write Right, employing business analytics has enabled precise targeting and smarter decision-making, significantly boosting our ROI.
For students, my advice is to immerse deeply in both the technical skills and their practical business applications. Take part in internships and practical projects to see firsthand how analytics solve real-world problems. This blend of theory and practice is invaluable, preparing you to be a sought-after professional in any industry.
Bhavik Sarkhedi, CMO, Write Right
Leverage Data for Business Performance Results
I define business analytics as the practice of leveraging data to understand business performance and key drivers of success. It involves gathering data from various sources, analyzing the data to find patterns and insights, and using those insights to make better business decisions.
For example, e-commerce companies use business analytics to understand customer behavior, identify trends, optimize marketing campaigns, and personalize the customer experience. By analyzing data on browsing history, purchases, and demographics, they gain insight into what customers want and how to better serve them.
Studying business analytics provides many benefits. You develop a data-driven mindset and learn tangible, in-demand skills. You can spot opportunities, anticipate challenges, and make strategic recommendations based on facts. This allows businesses to optimize key performance indicators, reduce costs, increase revenue, and gain a competitive advantage. Overall, business analytics is crucial for success in today's data-centric world.
Charles Veprek, Director of Business Development, IT Asset Management Group (ITAMG)
Data-Driven Insight for Strategic Business Action
Business analytics, to me, represents a powerful blend of data-driven insight and strategic action, crucial for navigating the complexities of today's business environments. My journey, transitioning from medicine to spearheading multiple startups, including an AI-driven business acceleration firm, has underscored the transformative power of data analytics in driving business growth and operational efficiency.
One pivotal experience was my role in expanding a diagnostic imaging company into São Paulo. Utilizing business analytics, we could pinpoint market demands, optimize resource allocation, and enhance service delivery—leading to a 50 percent increase in yearly revenue. This experience taught me the value of leveraging data not just for incremental improvements but for strategic leaps that redefine the business landscape.
For students, the study of business analytics offers a crucial toolkit for transforming theoretical data into practical strategies and solutions. During my time developing Profit Leap, an AI-powered firm, we designed HUXLEY, a chatbot that assists small businesses in interpreting complex data for informed decision-making. This initiative alone illustrated how business analytics could democratize data intelligence, making it accessible and actionable for businesses of all sizes.
Engaging with business analytics during your studies provides a framework for critical thinking and problem-solving that is applicable across industries and indispensable in the age of big data. Embrace projects and internships that challenge you to apply classroom theories to real-world problems, as these experiences will prepare you for impactful careers in a variety of fields, from technology to healthcare and beyond.
Victor Santoro, Founder and CEO, Profit Leap
Navigate Complexity with Business Analytics
As an expert in the insurance field, I strongly believe in the power of business analytics. I'm not only talking about a tool; it's an incredible asset that helps us make smart decisions and strategize with care. In our line of work, understanding how to analyze risks, forecast trends, and refine our processes is not optional—it's absolutely essential.
When students learn about business analytics, they pick up the ability to navigate through complex data, spot patterns, and come up with valuable strategies. These skills are important as they push the boundaries of innovation and improve efficiency in various sectors. For those studying business analytics, the doors swing wide open. They're equipped to help shape more precise products, improve customer service by providing personalized solutions, step up fraud detection techniques, and so much more.
From my own experience, embracing analytics has revolutionized our approach to underwriting, claims management, and sustaining customer relationships. With a solid understanding of business analytics, students aren't just ready for data roles—they excel in them. They gain a competitive edge and are poised to make a real difference wherever they go next.
Steve Case, Consultant, Insurance Hero
Transform Data into Strategic Organizational Insights
Business analytics is a powerful combination of data, technology, and analytical methods that helps organizations make smarter decisions and improve their operations. I have learned from my experience that business analytics is not just about numbers; it is about using data to forecast trends, solve problems, and plan strategically.
One of the main advantages of studying business analytics is the ability to turn raw data into useful insights. This skill is very valuable as it helps companies improve processes, save time, and gain competitive edges. In my career, in law and cryptocurrency, I have used analytical skills from business analytics for many purposes, such as predicting market trends, understanding clients, and helping with regulatory compliance through predictive models.
Also, business analytics encourages a mindset that relies on evidence rather than intuition. In my legal practice, with complex mergers and acquisitions or the changing world of digital assets, the ability to analyze data well and make decisions based on that analysis has been very important.
For students studying business analytics, I would emphasize the importance of developing both technical skills and business knowledge. The real value of business analytics is not just in knowing data but in applying these insights into strategies that can make a big difference for an organization’s performance. This is what makes business analytics a truly transformative field of study.
John Montague, Attorney, Montague Law
Enhance Operational Strategy with Data Analytics
Business analytics has been a cornerstone in understanding and enhancing the operational strategy at TRAX Analytics, the company I founded and lead. By incorporating data analytics into our daily operations, we've been able to boost efficiency across various departments, aiding in predictive maintenance and smarter resource allocation. For instance, our Clean+Inspect technology platform uses analytics to optimize janitorial operations, ultimately fostering proactive rather than reactive management practices.
During my time in the analytics field, one personal insight that stands out is the power of real-time data in decision-making. For example, our SmartRestroom solution integrates IoT devices that collect real-time usage data. This enables airport facility managers to efficiently deploy cleaning crews based on actual restroom usage rather than scheduled guesses. The result is not only higher customer satisfaction but also a significant reduction in wasted manpower and resources.
For students studying business analytics, understanding how to convert raw data into actionable insights is crucial. Analyzing data from a project at TRAX Analytics, we discovered that small adjustments in cleaning schedules could lead to a 20% reduction in manpower costs. Projects like these show how analytics isn't just about handling data but also about identifying patterns that can translate into substantial cost savings and operational efficiencies.
By focusing on practical applications of business analytics like these, students can better appreciate the tangible impacts of their skills. Always seek out real-world applications for your theoretical knowledge, as this not only enhances learning but also provides compelling evidence of the power of analytics in business environments.
Tracy Davis, Founder and CEO, TRAX Analytics, LLC.
Turn Data into Actionable Business Next Steps
Business analytics, to me, is a powerful tool for making smart decisions. It takes all the data from a business and turns it into clear, actionable insights. Instead of guessing what might work, you can see patterns and trends that tell you exactly what's happening and what might happen next.
Studying business analytics offers practical benefits. It equips you with the ability to understand market trends and customer behavior, giving you an edge over competitors. This knowledge allows you to adapt quickly to changes and seize new opportunities.
Learning to interpret data sharpens your problem-solving skills. It's like exercising your brain – the more you practice, the better you get.
For students studying business analytics, I'd say: Embrace the challenges. It might seem tough at first, but the skills you gain are incredibly valuable. Keep exploring, keep questioning, and remember that every data point is a piece of a larger puzzle. Solving that puzzle can lead to amazing opportunities and success.
Mark Damsgaard, Founder, Global Residence Index
Inform Critical Decisions with Quantitative Analysis
Business analytics refers to the quantitative analysis of business data to derive meaning from it to inform critical business decisions and scale revenue. Business analytics helps marketers understand the effectiveness of different marketing channels by measuring the return on investment. Based on this metric, they can make informed decisions to drive sustainable business growth and profitability.
We use analytics at our agency to track key performance indicators such as conversion rates, website traffic, customer retention, and customer lifetime value. In one of our case studies, we used business analytics to redesign the paid advertising strategy for one of our clients.
Our aim was to increase the return on ad spend and reduce wasted ad spend. We leveraged data from analytic reports to redesign and relaunch their ad campaigns from scratch, which resulted in a 273 percent increase in ROAS and a 300 percent increase in online revenue.
Dan Ben-Nun, Founder and CEO, Adspace
Make Nimble Decisions with Business Analytics
As the owner of a digital marketing firm, I live and breathe business analytics. We analyze enormous amounts of data on our clients' behalf: from website traffic to conversion rates to email opens, and everything in between. The funny thing is that advertising used to be a more “gut-feeling” kind of business; a famous quote in the industry was that a Chief Marketing Officer once said, “I know half my advertising budget works. I just don't know which half.”
Well, with the advent of digital media, that changed tremendously. We now know more than ever about our clients and their customers, which can be both good and bad sometimes. One thing to remember is that too much data can create “analysis paralysis;” the inability to make decisions because you're spending too much time analyzing the data and not doing anything with it.
The benefit of studying analytics is that you will become a more nimble and strategic businessperson who knows how to make better decisions than your peers. By learning how to study and use data, you'll be able to make the right decision more quickly, which is a crucial strategic advantage that is necessary in today's extremely crowded marketplace.
Phillip Mandel, Owner, Mandel Marketing
