What is Software Analytics and How Does It Help Businesses Improve Their Performance?

Software analytics is the process of analyzing software data to gain insights into how it performs and how it can be improved. From a digital consulting perspective, software analytics is a critical tool for optimizing business performance and driving growth. By using software analytics to gather and analyze data from various sources, businesses can gain insights into their operations, identify inefficiencies, and make informed decisions to improve performance. Predictive analytics is an important component of software analytics, which uses statistical algorithms and machine learning to identify patterns and trends in data, and forecast future outcomes. By leveraging the power of software analytics, businesses can gain a competitive edge, reduce costs, and drive innovation in the digital marketplace.

Understanding the Benefits of Software Analytics for Organizations

Software analytics has a wide range of applications and can provide many benefits to organizations. One of the key benefits is data-driven insights, which enable businesses to make informed decisions and optimize their operations. By gathering and analyzing data from various sources, software analytics can help businesses identify inefficiencies, forecast future outcomes, and make data-driven decisions that drive growth and profitability. Other benefits of software analytics include improved productivity and efficiency, reduced costs, increased innovation, and enhanced customer satisfaction. With so many benefits to offer, it’s no wonder that software analytics is becoming increasingly important for businesses of all sizes and industries.

The Power of Real-Time Monitoring with Software Analytics

Real-time monitoring is a critical component of software analytics, providing businesses with up-to-the-minute insights into their performance and user behavior. By continuously monitoring their software applications and systems, businesses can identify issues and inefficiencies in real-time and take corrective action before they escalate. This not only improves system reliability and reduces downtime but also enhances user experience and increases customer satisfaction.

Performance analysis can be made possible via real-time monitoring, which enables companies to locate and resolve performance bottlenecks, accelerate system responses, and enhance overall performance. Another effective real time monitoring tool is user behavior analysis, which organizations can use to understand how users interact with their software applications, spot patterns, and trends in user behavior, and make defensible choices that enhance user experience and promote growth.

Businesses can get a competitive edge and improve their performance in today’s fast-paced digital economy with the help of real-time monitoring and software analytics.

Digital Consulting Strategies to Maximize Your Business Performance with Software Analytics

Digital consulting can give businesses powerful strategies to maximize their performance with Logitech software analytics. Performance optimization services can help companies to identify inefficiencies and areas for improvement and develop data-driven strategies to optimize their operations. Business process automation is another critical digital consulting strategy that uses software analytics to automate routine and repetitive tasks, reduce errors, and free up resources for more strategic activities. By leveraging the power of software analytics and digital consulting services, businesses can gain a competitive edge, reduce costs, and drive innovation in the digital marketplace. With the right strategies, companies can unlock the full potential of software analytics and optimize their performance in today’s fast-paced business environment.

How to Choose the Right Software Analytics Platform for Your Organization

Selecting the right software analytics platform is a critical decision for any organization. To make the right choice, businesses should consider several key criteria, including the platform’s data integration capabilities, its ability to scale with changing business needs, and its ease of use. It’s important to evaluate the software analytics platform’s data integration strategy, to ensure that it can seamlessly integrate with existing systems and software applications. The platform should also be able to handle large volumes of data and be flexible enough to adapt to changing business requirements. Ease of use is another important consideration, as the software analytics platform should be accessible and easy to navigate for both technical and non-technical users. By taking the time to evaluate software analytics platforms carefully and choosing the one that best fits their needs, businesses can gain the insights they need to optimize their performance and drive growth in today’s digital landscape.

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With what achievements the global startup industry came in 2021

The most complete and relevant study of the global venture market is usually published in March by the investment fund AVentures Capital. This document, entitled DealBook of all countries, provides basic information on the state of the industry, from the main recipients of investment to the analysis of each round and each stage of funding.

The data of the report for 2021 shows that the past year was more successful for the global startup segment than the previous 2020. For example, only for the Ukrainian market alone, more than $ 571 million was invested in startups in total, which is $ 27 million more than a year earlier. Another record for 2020 was early funding – more than $ 161 million was raised in the seed and A-rounds, more than three times the 2019 figure. At the same time, the number of transactions increased sixfold. The main funds invested in Ukrainian youth projects were AVentures Capital, Genesis Investments, ICU, Dragon Capatal, Horizon Capital.

2 options on how to find an investor for your project

1. Submit request/application for an investment fund or venture 

In almost all countries in the world, there are different types of an investment fund or venture funds divided by the size or interests of investors that you can turn to. The easiest way of course is to turn to venture funds in the country where you live or where at least you know how the business is operating. Among common ventures are:

• Tiger Global Management (USA-based); 
• New Enterprise Associates (USA-based); 
• DST Global (Canada-based); 
• IDG Capital (Belgium-based); 
• Index Ventures (located in the United Kingdom)

Before applying to a specific investment fund you should keep in mind that every investment company invests in a specific type of businesses (or startups) and the decision is always based on different criteria. So you should conduct your own research and choose the investment fund that will most likely accept your application. And this is step one.

When it comes to the step two (in this case your company have been already exepted by venture experts as a legit company to invest in), your focus should switch to presenting business value (in other words – value proposition) of your idea or digital product or startup and; monetisation model; KPIs (for example the number and revenue of the products sold on e-commerce website)  and clear vision how to reach them.

In addition on one hand – focus on raising as much investment funds as possible. On the other hand – more investors means more money means higher KPIs and overall expectations. So you should be careful during this stage as well.

And a general tip: during all seed funding rounds it is important to cover all aspects of the business during presentation: explain technology and trends; be clear when it come to business processes on all levels; distribution channels, marketing and monetization; competition and market demand.

2. Find a so called “Business Angel”

To find a reliable business angel is not that easy – it is easier to say than make it happen. But this is one of the best options if your idea or startup was already declined while applying for an investment fund or venture. 

To find a reliable business angel we’d recommend to use a trusted online platform that offers a database of such type of investors. Among most common are following:

• Angellist
• Hyde Park Angel Network
• Tech Coast Angels
• SeedInvest
• Life Science Angels
• Wefunder

Despite ventures, business angels have personal interest in commercial business success, that is why they are not only investing but helping with business growth on different stages of its life cycle. 

If you have chosen this way to find investments – it is very important to attend special events to be able to build connections with future investors and seek new opportunities. And the presentation skills will remain the same as during the fundraising rounds.

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How to monetize an application?

To monetize an application, several solutions are available to you. The first, often the least used, is to offer a paid application in the stores. This diagram is irrelevant but straightforward since the downloads of a paid application are much lower than those of a free application. Therefore, the best solution is to opt for the in-app purchase, in other words, the purchase in the application after its free download.

Another great idea is to use SDK for desktop software monetization. By monetizing the non-personal data of users, you will easily earn money without risking anything and without any effort. Moreover, SDKs can be combined with other monetization methods, which is pretty convenient. 

Let’s now take a look at some other ways to monetize desktop app.

Free application and in-app purchase: the winning combo?

An in-app purchase is made within an application from a smartphone or tablet. This system allows the publisher of an application to enrich its software by offering new paid features. Even apart from e-commerce or mobile video game applications for which in-app purchases are very frequent, this type of purchase is now found in all kinds of apps.

The principle of in-app purchase is that users can download software for free or not and have access to basic functionality directly. But, to benefit from additional features, they have to pay. You understand the idea, right? Here is a concrete example to illustrate the point.

You can create a photo editing app and make it available to mobile users for free on iOS, PlayStore, or other software libraries. To monetize your app, it will be possible to make certain filters accessible only to premium users who have paid for greater access. Another application may request that you pay something for the removal of ads or for additional services. The possibilities are limitless.

The figures for in-app purchases?

Here are some numbers that should make your mouth water a little more:

• Over 50% of online transactions in Q2 2018 were in-app purchases.
• 7 in 10 millennials made more than one in-app purchase in 2017.

It’s fascinating, isn’t it? We also know that an incredible number of people spend lots of time on their devices, which is usually devoted to applications. However, in order for users to want to pay to get more out of your software, they must be really interested in it. To achieve this goal, do not hesitate to consult a team of professionals who will help you with development (if needed). 

What can be offered?

You can offer the following in your application:

• The subscriptions.
• Consumable purchases.
• Non-consumable purchases.
• The purchase of goods.
• In-app purchase by subscription.

A subscription provides access through payment to the content of an application or a service for a given period. Usually, subscriptions renew automatically unless the user cancels them. In some applications, the possibility of choosing a weekly, monthly, quarterly, or even annual subscription is offered.

For example, the Freeletics app is a virtual sports coach with daily training sessions in the form of a weekly subscription.

Paid apps

If your free application already works well, you can make a copy with something more. For example, you can make a “pro” version without ads, with additional content, preview content, or more regular updates. Make it paid – and users will definitely be interested.

Advertising

Another way to make money with your application is to put advertising on it. With advertising you can add a direct advertising banner to places that do not hinder the use of your app or go to the other extreme and add full-screen advertising videos that your users are forced to watch.

Hopefully, we were helpful, and now you know a little bit more about software monetization. Good luck!

The post Top ways to monetize apps appeared first on Symphony.

By tracking the implementation of KPIs, you can promptly respond to all changes in the project and coordinate further actions to develop the strategy.

What is KPI? 

KPI stands for Key Performance Indicator. Thanks to it, you can understand how successful your business is and its return from promotion. There are situations when the return is practically zero, but in general, the dynamics are positive. Don’t focus on payback; it’s a matter of time. If you do not track the metric, then you can miss this moment and just stop joining the business, which in the future could bring high income from site traffic. 

For the correct tracking of metrics on the site, various site analysis tools are used, among which there is one of the most powerful Google Analytics. At first glance, this tool may seem complicated, and the variety of different reports will simply scare users, but this does not mean that they can not be tracked. In order to understand whether your site is developing in the right direction, it is enough to look at a few key metrics.

Channels and referrals 

Google Analytics has “sources and channels.” Channel means where users’ flow came from, and the source gives a more accurate description and details.

When using the Google Analytics tool, you should pay special attention to the main traffic channels: organic traffic, advertising, direct user transitions to your site, etc.

Conversion by source and device 

By analyzing this indicator, you will be able to determine what needs to be improved and optimized in the work of the site so that it is convenient for users to use the resource from any device. Today, many users surf the web using gadgets, including making purchases and orders. 

If you see that most of the refusals come from mobile devices, then this is a severe signal to think about optimizing the site. It is urgent to analyze the site and identify the problem, which we should fix as soon as possible.

Time spent on the page 

The most important thing is to track how much time a user spends on landing pages. It is from this page that you get the user’s contact information. Landing pages usually contain information about a product or service, and their main task is to turn a visitor into a consumer and motivate him to buy.

If many users visit your landing page and spend a lot of time there, then this may indicate that the product is interesting to the audience. And if the indicators are opposite, then this gives reason to think about the content.

The effectiveness of some pages 

Indicators must be monitored not only based on the work of the resource as a whole. It is essential to look at reports of the work of individual pages. Using the data obtained, you can determine which traffic sources are the most effective and which pages are of interest to your users.

By analyzing the performance reports of individual pages, you can get answers to the following questions: 

• which pages users visit most often; 
• which publications are the most popular; 
• what type of content is most attractive to users; 
• which pages are converting visitors to customers. 

Analyzing the data obtained will help you adjust your strategy or change it radically to improve results. 

Traffic dynamics 

User activity can be affected by the time of day, day of the week, month, season, holidays, and other external factors. Analysis attendance by the time of day will allow you to choose the most suitable time to post new publications on the page or launch targeted advertising. By analyzing the data, you can adjust the work of an online consultant or send letters. 

Seasonality analysis will allow you to create the most effective ad campaigns. It is necessary to competently analyze the indicators of past periods to create a coherent picture. 

Customer acquisition cost 

Customer Acquisition Cost is made up of marketing and sales costs. This metric broadly measures how viable a business model is and helps avoid cost increases as the business expands. 

With the launch of new campaigns or new technologies, this indicator can grow, which is normal. 

Lead acquisition cost 

The number of conversions is an important metric. But to understand whether your business is profitable or not, it is important to know how many conversions you have on your site and how much money you spent on it. It is essential for every businessman to recoup the investment; therefore, by tracking this indicator, you can accurately determine the return on certain channels. 

Conclusion 

The list of KPIs that you need to pay attention to is much longer, but these seven are key, and by analyzing them, you can ensure the life of your resource. By paying attention to them, you will always be aware of what stage your campaign is at.

The post Top site metrics to attract more people appeared first on Symphony.

But because digital data is powerful for making decisions and improving business performance, it will only be beneficial if you know how to properly handle it. This is where modern BI concepts come in.

1. They keep you from drowning in data

The fact is, without business intelligence, you risk a real opportunity to drown in data. Just look at these numbers: According to CloudTweaks, 2.5 quintillion bytes of data were produced daily in 2015. Do you know how much a quintillion is worth? That’s 2.5 followed by 18 zeros. We’ve already entered the era of Zettabyte, also referred to as one of our buzzwords for 2019, and on a 2012 scale, the entire Internet contained only half of one Zettabyte in the data.

2. They give a lot of ideas

By leveraging BI concepts and solutions for your business, you can extract a wealth of insights that can help improve interagency and external communications, problem solving processes, online data analysis, financial performance, goal setting, marketing, and profitability. ,

3. Benchmarking is more accurate

By working with Key Performance Indicators (KPIs) based on business intelligence, you will be able to set realistic goals. In turn, this will accelerate your overall success by helping you formulate strategies more effectively and work more effectively towards achieving key targets. By choosing and configuring the right KPI template for your business, you can measure your goals and progress at a deeper, more accurate level.

4. You can predict the future of your business

Another key concept in business intelligence is the ability to predict future trends. The easy-to-digest patterns and information provided by online business intelligence tools and solutions offer reliable means of predicting future results and developing plans to either prevent disasters from occurring or take advantage of potential trends in front of your competitors.

5. They provide powerful data visualization

If you can visualize your data with online data visualization, making it readable to the human eye, you can tell a story with your views and communicate your discoveries to others more effectively. This will enhance the success of your organization by making it more powerful than ever before. And BI solutions will help you do just that.

The post Why Business Intelligence Concepts Are So Important Today. appeared first on Symphony.

The problem with specialized business intelligence software is that it stands like an airplane – and is only needed when you have a large, large company with the appropriate amount of data at your side. In general, now there are not so many specialists on the market who have tested such systems, have experience working with them and can plainly say what it is, why it is needed and what it will give after implementation.

The first and main application of business intelligence is to be able to build arbitrary reports head-on while heads of departments or members of the board of directors are conferring. One of my favorite examples is from which plant to supply vodka to stores: from a distant one (expensive logistics and 2 weeks on the road), but cheap in terms of production cost, or from the nearest (1 day), but expensive?

It is clear that you can dig deeper and answer in a week. But more often you need faster modeling and not hundreds of disparate reports, but a unified environment where a financial specialist can simply take and receive the necessary data without involving the entire IT department. There are also specific tasks that these and related systems solve.

We are not talking about specific solutions, but about what an enterprise can get from the implementation of Business Intelligence and related systems. It is clear that when data begins to be collected and analyzed, it is logical to use it in many places. The first main question is data collection, the second is the methodology of what to do with this data in general. Let’s start to figure it out.

The first is the preparation of reports. Everything is quite simple here: BI acts as a single data repository for all subsystems and knows how to combine them, process them in dependencies and produce results.

The second task is to process data and cut regular reports for all divisions of the company. From the most unusual thing – we used a BI system in order to receive data from population censuses, toss them, supplement, restore, build hypotheses, check, process and cut thousands of reports for all regions, cities and villages.

The third challenge is to speed up processing. Previously, the report was made once a month, and now in real time (this is a very, very critical difference for many areas of business).

The post Why do we need Business Intelligence systems appeared first on Symphony.

BI technologies offer a current (real-time), historical and predictive view of internally structured data across all departments in an organization, which exponentially improves understanding of operations and improves decision making.

Simply put: Business Intelligence is the process of identifying valuable trends or patterns in your data to make more effective and accurate decisions related to the goals, objectives and strategies of your business.

Since pattern recognition is a critical part of BI, AI in business intelligence plays a key role in this process. When done right, pattern recognition is one of the key features that differentiates BI experts from BI enthusiasts. By helping users find holistic ideas on their own, AI technologies are enormously helpful in pattern recognition, making the process more intuitive, more streamlined, and ultimately more accurate.

Many business intelligence concepts are implemented through intuitive, interactive tools and dashboards – a centralized space that allows you to easily dig into your data. But more on that later.

Next, let’s look at how the concepts of business intelligence relate to the inner workings of the human brain.

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