How To Flourish Your Business Using BUSINESS ANALYTICS
October 13, 2018
Want your business to flourish? Want your business to be profitable?
Business analytics utilizes the data and focuses on developing new and latest business insights to increase business, retain customers and save costs. Business is dynamic in nature and full of surprises, therefore it requires constant updating of new technology, ideas and other aspects.
Business analytics is a method of gathering data on latest trends and statistics in an explanatory and predictive model which shows the current and future trends along with effects in business
Data is gathered on latest business trends, practices, technological updates etc. and applied to make relevant changes in business. With advancement of technology and ever increasing use of computers and internet, there is automated business analytics software available in the market which requires data to be entered and it gives out the results which can be used and deduced accordingly.
Business analytics is precisely a branch of mathematics that uses computer techniques and quantitative techniques to take full advantage of decision making in business. It is used for the purpose of making better decisions at business.
Information has to be treated as an asset and of utmost priority by organizations that perform the task of applying this form of analytics. It is only through this kind of information management that descriptive, predictive and prescriptive analytics can be applied
Today survival of business is more important than its profitability thus business analytics is becoming even more indispensable as it is the need of the hour. With this kind of information management and data utilization, business users are empowered to make more focused and driven decisions that can help their organizations succeed.
Today’s businesses are confronted with huge amounts of data ,it is through this business analytical software that enables business to make most of their collected and analyzed data .
Business analytics has a strong relationship with revenue of business, profitability of business and shareholder return. Business analytics enhances the understanding of data and Is vital for businesses to remain competitive.
Business analytics helps in recognition of problem, defining and structuring of the problem followed by analyzing the problem and then finally interpreting results and making a decision .
Managers interpret the results from the analysis phase and then translates the results to real world
Business analytics is basically interpreting and analyzing huge sets of data and applying skills, technologies and practices to derive insights that can be used for future business planning
It is a field that is now applied across all domains and industries.
With more and more data being generated, the demand for business analysts is increasing
Business analytics is the study of data through statistical and operational analysis, the formation of predictive models and trends ,application of optimization techniques and communication of these results to customers and business partners.
It requires quantitative methods for business modeling and decision making such as use of big data.
It uses statistical analysis to find out and explain why certain results occur. Business analytics provides support for companies in process of making tactical decisions as well as helps in automating decision making to support real time responses.
Business analytics provides a competitive advantage to companies. In this digital era , flow of information is almost equal to all players in the market ,it depends on how this information is being analyzed and utilized by different companies which gives them a competitive edge over other companies.
Business analytics combines available data with various well thought models to improve business decisions.
It helps in converting available data into valuable information that can be presented in any required format
Some examples of using business analytics include finding patterns and relationships between processes and outcomes ,explaining why certain result was achieved and determining if a previous decision was inappropriate or predicting the likelihood of a certain result happening.
Mr. Kishan Soni is the writer of this article and faculty of the Future Wings Media that provides Business Analytics Course In Delhi and many other courses.