If you’ve heard the terms “Big Data” and “analytics” being thrown around in the business world, then you probably already know it’s one of the hottest industries in the world. Startups are springing up all over the country, many which are dedicated to helping companies understand the hidden meanings within their business data.
Think these data reports aren’t meant for your business? Think again – because whether you run a restaurant or a hotel, there’s a wealth of information hiding within your company data…
And you can unlock it all with a trend report.
What’s a Trend Report?
Think of this kind of report as an analytics document or graph – or anything, really – that helps you narrow down the most important information about your business. What’s more, a business trend report makes it possible for you to get specific answers about what your business needs to do to succeed.
For example, let’s say you run a retail store on a busy main street. You want to know if planned construction is going to impact your sales, since customers might find it harder to shop in your store. Using web analytics software, you can dig up data from previous times when construction impacted your store. That way, you can see precisely what happened to your company the last time.
With this information in hand, you can make the necessary preparations to ensure your business does not receive negative impact.
What Else Can You Do?
Trend reports aren’t just for Big Data companies – they can also be used by small mom-and-pop shops. Best of all, they can be surprisingly simple to analyze. Take a look at the three things you can do with a trend report, no matter what kind of business you run:
- Make Better Decisions: Let’s face it – sometimes running a business can feel like a massive guessing game. But with analytics reporting, you can use your company’s data to make smarter decisions. From when to launch sales campaigns to what inventory your company should drop, the answers may all be revealed by web-based POS reporting.
- Plan Successful Campaigns: What if you could practically guarantee that every email campaign you send out is going to be a killer? With analytics, you can identify what email campaigns were most successful, so you can replicate those results. Even if you run a retail store, you can use business trend reports to identify the best times to have your next sale.
- Minimize Risk: Business data can show your company what risks it has experienced in the past – and what contributing factors may have made these threats materialize. That way, you can prepare your company to eliminate these risks right away, meaning you can protect your company’s time, manpower, and resources.
From sales and lead conversion to labor costs and everything in between, these reports can help you unlock the key to your company’s success. If you haven’t already started using a trend report for your business, try it today!