The importance of Business Analytics

Author:- Careers of Tomorrow
12/10/2018

In a survey conducted by Bloomberg (a software company,) Business Analytics has been found to be effective 75% of the times for decision making. Among other benefits, there is increased profitability, decreased cost and improvements in critical performance.  Why miss out on so much when a business analytics certification offers you the knowledge to make the right decision.

 

There’s meaning in data

Business Analytics refers to skills, technologies, applications used to examine former business performance to understand and better future performance. It goes further than simply offering data to business. It improves business intelligence. Using business analytical tools, businesses can find meaning in data for improving its business intelligence. A business intelligence certification provides candidates with an in-depth knowledge of such analytical tools. Some examples include statistical and web analysis.

 

Creating meaningful insights

One of the most prominent distinctions between Business Analytics and Business Intelligence is its primary focus. Business Analytics focus on developing new insights and helps understand business performance. Through quantitative analysis, fact-based management, quantitative analysis, it can drive better decision making.

Business Intelligence primarily focuses on using metrics for the measurement of past performance and acts as a guide to business planning. It uses data and statistical methods and looks at queries, reports, alerts and online analytical processing.

Business Analysts ask the questions “why it is happening,” “will the trend continue,” “what is next,” and “what will the outcome be.” Experts in Business Intelligence are more likely to ask questions like “what happened,” “how many times did it occur,” “what is the solution.”

 

Big Data Analytics

Big data is only going to grow, increasing the usage of business analytics and the need to understand data. This brings in a greater need to realize that Business Intelligence has many benefits. The thirst to make sense of the data has risen from 90 to 97% in the past three years. The percentage of beneficiaries profiting from business analytics has risen. Senior leaders and mangers must embrace business analytics to make better decisions.

 

Applications of Business Analytics

Some applications to optimize business are:

•    intense business analysis

•    better customer service

•    increase in up-sells

•    ease in inventory management

•    competitive price data

Critical analysis of products allows business to have minor alterations in the location-specific product. Businesses can avoid repetitive mistakes by keeping track of frequent customer queries which will improve customer satisfaction.  Through Business Analytics, there is an ease in inventory management as the collected data can help predict which products are due to become outdated. Businesses can make their price competitive with competitive price insights by tracking customer trends and spending budget of customers.

Start-up businesses are choosing to purchase data from third-parties, often inaccurate. Some gather data over time. Business Analytics is either time-consuming or expensive. Managers can be overwhelmed by the sorting of data. However, businesses can achieve a reasonably accurate analysis using data deviations.

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