Step 1. Identify the business problem

Optimizing enterprise operations with business analytics generally starts with strategy. Companies defined by data driven strategies apply quantitative results to future business decision. If an organization wants to improve line productivity, or marketing return on investment, business analytics platforms now offer web-based application as service database support for continuous monitoring and metric measurement of activity.

Benchmark performance is a substantial reflection of how profitable and sustainable an enterprise will be into the future. Competitive advantage sought in business analytics is a critical measure of how a small business is doing. Business analytics are metrics used for the monitoring, capture, and analysis of operations performance in reporting. Identify the business problem to begin the process.

Step 2. Determine which metrics and analyses techniques are appropriate for the target study

Metrics should be aligned with process. Digital marketing is a common measure of strategic business operations return on investment. Most small businesses now use statistical reporting to inform business strategy. Review Marketo, Oracle, ADP Solutions, Salesforce, SAS, and SPSS data analysis and reporting tools.

Step 3: Collect the data

Internal enterprise systems supported by database tracking of inventory and process efficiency also offer data collection, as well as metric tools for analytic reporting such as ADP electronic invoicing. In order to monitor a digital marketing campaign, or other supply chain process within an organization, use business analytics reporting to measure existing productivity, performance, and estimated projection of future forecast with metric tools.

Subscribers to web hosting platforms have access to e-commerce site analytics. A business conducting some or all of its transactions online will also have access to merchant services analytics reporting. Coupled with the free metrics offered by Google Analytics, businesses have multi-scale metric analysis tools covering every stage of the consumer relationships from marketing to point-of-sale (POS) and beyond.

Step 4: Analyze the data

Results to business analytics depend on application of insights in comparative testing. When implementing small business decisions based on actual findings, references need to be compared in aggregate sector performance indices and publications.

Analytics tools such as SPSS and SAS offer advanced statistical computing capabilities for co-efficient analysis, and graphical illustration of econometric modeling of optimal pricing, trend analysis, risk deviations (i.e. histogram), or regression frequencies applied to strategic decision.

Step 5: Report on findings

With such a large compendium of data available for statistical comparison, small businesses can turn modest operations into highly effective and profitable multi-scale operations.