Definition - What does Sales Analytics mean?
Data from different pipelines and sources such as application transactions, surveys and internal applications are taken and analyzed in order to find relationships and opportunities that may be used by the organization. Relevant data is mined and then analyzed in order to forecast future sales.
Techopedia explains Sales Analytics
Organizations now use not only a sales and marketing group, but also have realized the importance of a group dedicated to data mining and analysis. The data mining group can look for hidden relationships and trends within the data that may be used to assist the sales and marketing department to provide a more accurate forecast of consumer wants and needs as well as to find new opportunities and to have enough information to act on them quickly.
Web analytics and Google analytics are good examples of common sales analytics tools that are specifically designed to track consumer activity on the Internet. In this case, data is collected regarding all website visitors through either log files or cookies, and then the information is later analyzed to determine the number of visitors, the number of pages within the site visited and whether they have made a purchase or not. Even the sources of these visitors may be analyzed in order to find out the best source of visitors and to help determine whether an ad or a social campaign is successful or not.
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