What is data analysis and what does it mean for my business?

Once Octelas reporting software is linking all your business data, you will have full visibility of the past and present performance of your business against the metrics that you choose.

Possibly for the first time, you are able to get immediate answers to complex questions.

A good example is the standard pivot table report referred to at [] above. This enables you quickly and easily to identify existing customers who only buy from part of you range of goods. With this information on hand, it is easy to target additional sales.

Another example is our “early warning report”. This is very helpful if you have customers with regular buying patterns. The report alerts you (usually monthly, but frequency depends on business need) automatically to significant changes. You will be alerted if a regular customer suddenly ceases to purchase. You can contact the customer and seek to recover the sale. Likewise if you are making stock purchases in reliance on demand from these customers, the early warning report will alert your buying department to the change.

Data analysis spots patterns in your data. By focussing on these patterns you can gain powerful insights which you can use to manage your business more effectively. They often prompt ideas which can drive your business forward in new directions.

In summary, data analytics answers the question “why”. Questions such as “Why did profits go up/ down in that period” and “what is likely to happen next week based on the trends I can see occurring?” and many more.