Analytics and Reporting

Unit V

Analytics and Reporting: Importance of analytics in digital marketing, Setting up webanalytics tools (e.g., Google Analytics), Tracking and measuring keyperformance indicators (KPIs), Conversion tracking and optimization, Reportingand data visualization

Analytics and Reporting

Analytics and reporting can help a business improve operational efficiency and production in several ways. Analytics is the process of making decisions based on the data presented, while reporting is used to make complicated information easier to understand. Let’s discuss analytics vs reporting.

Analytics and reporting are often referred to as the same. Although both take in data as input and present it in charts, graphs, or dashboards, they have several key differences.

What are analytics vs reporting?

Analytics is the technique of examining data and reports to obtain actionable insights that can be used to comprehend (understand some thing completely) and improve business performance. Business users may gain insights from data, recognize trends, and make better decisions with workforce analytics. 

Analytics is about finding value or making new data to help you decide. This can be performed either manually or mechanically. Next-generation analytics uses new technologies like AI or machine learning to make predictions about the future based on past and present data.

The steps involved in data analytics are as follows:

Developing a data hypothesis(concept, idea) 

Data collection and transformation

Creating analytical research models to analyze and provide insights

Utilization of data visualization, trend analysis, deep dives, and other tools.

Making decisions based on data and insights

Reporting is the process of presenting data from numerous sources clearly and simply. The procedure is always carefully set out to report correct data and avoid misunderstandings.

Today’s reporting applications offer cutting-edge dashboards with advanced data visualization features. Companies produce a variety of reports, such as financial reports, accounting reports, operational reports, market studies, and more. This makes it easier to see how each function is operating quickly.

The procedures needed to create a report are as follows:

Determining the business requirement

Obtaining and compiling essential data

Technical data translation

Recognizing the data context

Building dashboards for reporting

Providing real-time reporting

Allowing users to dive down into reports

Key differences between analytics vs reporting

Differences between analytics and reporting can significantly benefit your business. If you want to use both to their full potential and not miss out on essential parts of either one knowing the difference between the two is important.

Analytics	Reporting
Analytics is the method of examining and analyzing summarized data to make business decisions.	Reporting is an action that includes all the needed information and data and is put together in an organized way.
Questioning the data, understanding it, investigating it, and presenting it to the end users (a person or other entity that consumes or makes use of the goods or services produced by businesses. )are all part of analytics.	Identifying business events, gathering the required information, organizing, summarizing, and presenting existing data are all part of reporting.
The purpose of analytics is to draw conclusions based on data.	The purpose of reporting is to organize the data into meaningful information.
Analytics is used by data analysts, scientists, and business people to make effective decisions.	Reporting is provided to the appropriate business leaders to perform effectively and efficiently within a firm.

Analytics and reporting can be used to reach a number of different goals. Both of these can be very helpful to a business if they are used correctly.

Importance of analytics in digital marketing 2