The Key Business Analytics Every Manager Should Know About

The goal of any business analytic tool is to analyze data and extract actionable and commercially relevant information that you can use to increase results or performance. But with so many tools available it can be difficult to know what to use and when.

I thought it might be useful to look at some of the key analytics tools in use today and how they can be used in your business.

1. Business experiments: Business experiments, experimental design and AB testing are all techniques for testing the validity of something – be that a strategic hypothesis, new product packaging or a marketing approach. It is basically about trying something in one part of the organization and then comparing it with another where the changes were not made (used as a control group). It’s useful if you have two or more options to decide between.

2. Visual analytics: Data can be analyzed in different ways and the simplest way is to create a visual or graph and look at it to spot patterns. This is an integrated approach that combines data analysis with data visualization and human interaction. It is especially useful when you are trying to make sense of a huge volume of data.

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