Economic trends and changes the customer would like see
Definition
Business Analytics can be stated as the study of the data with the help of statistical and operational analysis. It is based on the formation of predictive models, application of the different techniques of optimization and the communication of the results arrived at to the different parties like business partners, customers and different college executives. Basically, it can be stated that Business Analytics requires the primary use of Big Data.
Helps In Expansion
Analytics can be used to expand the business. When the organization has relative information about the growing customer base and asset maintenance then they can be used effectively to build a detailed business plan.Analytics can be used effectively in this scenario to help in finding the insights in visualizations and dashboards and then research further to help in understanding the results of such expansion plans.
Formation Of Marketing Campaign
Marketing also forms an essential part of the organization and once the business has attained adequate information about the local competitors and the audience then the different campaigns can be made and designed accordingly as per the data which has been analyzed effectively.
The different business houses in order to embark on their analytical journey need to identify the specific business problems which need to be targeted effectively. It can be the quality of the product or the performance benchmarks which need to be improved. The companies need to see to it that their integrated business processes are contributed toward the improvement of the business operations and to see to it the customers are well served in the organization. Business enterprises need to keep a good target which will then be fulfilled with the help of using business analytics. It goes a long way in contributing insights rather than just information. For example, it is the name of a Tesco to understand the different customers better than anyone in the industry and hence for this purpose, they are required to utilize analytics to predict the trends and understand product demand.
Analytics helps in taking right decisions by finding the different opportunities which are available for the organization and use the approach of analytics in the given case. The strategic plan of the organization concentrates on finding the different opportunities for the growth of the business but analytics helps the business in finding a logical place to look out for the different opportunities which may not be able if the company does not apply analytics. The strategy formulation process requires the application of analytics and helps the company to set definite targets.
Complex decisions with various steps and variables
Simple decisions where consistency is desirable
Can conduct data mining which assists in finding new patterns and relationships
Helps in conducting statistical analysis and quantitative analysis
Therefore, from the given analysis it can be stated that business analytics tends to play a key role in the domain of the business and that it is increasingly important for the domain of business. The article discussed various ways in which business analytics contributed to decision making in an organization and should be implemented for long term success.
References
Laursen, Gert HN, and Jesper Thorlund. Business analytics for managers: Taking business intelligence beyond reporting. John Wiley & Sons, 2016.
Turban, Efraim, et al. Business intelligence: a managerial perspective on analytics. Prentice Hall, New York, 2013.