Business analysis is a relatively new field of practice that has emerged due to business needs in the informatization of processes and using the latest information technologies to improve operational efficiency. This article will reveal the data room benefits for business analytics.
Analytics in a data room: what tools play an important role?
The purpose of business analytics is to bring the company to a new stage of development. It allows and obliges to development of new ways to solve existing problems – less costly and more effective. Large companies understand how important it is to conduct business intelligence in real-time and quickly respond to changes in the company’s work. Achieving these goals requires a robust cloud analytics platform supporting the analysis process with the necessary security, flexibility, and reliability. In this case, virtual data room software is the best alternative for real-time business analytics.
Important changes have taken place in the ever-evolving data analytics market. While IT led business intelligence programs in the past, IT and business now make decisions collaboratively, becoming the new norm. Undoubtedly, analytics has already become a strategic resource for most companies, creating a wave of new consumers and expectations. How decisions are made in real-time and communicated to a wide audience has changed. While speed and availability are key, business leaders still expect high data quality and security standards. Like a virtual data room, the united cloud-based platform should still be a fundamental part of a data analytics strategy.
How does it work?
The data room software allows managers to evaluate various performance indicators of an organization and receive information for evaluation in the form of graphs and charts. The data room analytics module includes:
- an automated sales department customized for the specifics of your business;
- the ability to improve the quality of your services through a convenient system of notifications and reminders – all tasks will be completed on time;
- a single platform for communication of your employees;
- the ability for managers, with the help of control tools, to see the effectiveness of staff in real-time;
- integration with social networks and instant messengers to communicate with the client in one window mode.
Working with sales data
Analytics allows you to trace the transaction stages from receiving a new lead to the sale. In the data room, you can also track the dynamics of transactions, which shows the distribution of the amount of all purchases within a certain period. It helps to identify the share of repeat purchases and compare the dynamics of transactions of any period with the previous similar period. Monitoring and comparative sales analysis over periods allow you to identify seasonal demand for goods and services. It also helps to evaluate the effectiveness of implementing a new advertising campaign compared with the previous period. Tracking monthly and quarterly buying activity is necessary to make a sales forecast.
The reporting statistics also show the total duration of the transaction and the amount for each buyer – namely, how much time it takes to complete the transaction at each stage of the pipeline. At the same time, an assessment of lead conversion is also performed – how many buyers completed the target action and how many were eliminated at the pipeline stages.