Importance of Business Analytics?

Author : SoniSplashBI
Publish Date : 2021-01-20


Importance of Business Analytics?

Introduction: What is Business Analytics?

This is a more advanced skill set using technology and current practices where a person or person(s) analyze how a company is doing. That way they can move forward with a more streamlined approach, learning from the mistakes of the past.

 

The Three Features:

1) Descriptive: This is an in-depth approach to recognize business patterns and trends.

 

2) Predictive: The data analytics are used to predict what could be a potential future forecast for the business (also called predictive analytics).

 

3) Prescriptive: Which outcome will bring the best results for future business handlings? That is where the testing comes in handy. That way the company can make better business decisions than they did in the past.

Read here - What is Prescriptive Analytics

 

The best method(overall)depends on the company and its goal.

 

What Is the Importance of Business Analytics?

 

1) Companies will develop a better decision-making process. Most companies use something called A/B testing (which can involve more advanced analytics if needed).

 

2) The company will have greater revenue. Sometimes a company's profit and loss statements suffer due to lack of information.

 

According to a study by BARC (read more at https://bi-survey.com/big-data-benefits) has proof that most companies will have a 6-8 percent lead after analyzing the data. That leads to a greater profit and a 30% reduction in the costs you pay.

 

FYI: One thing that could help with projecting future growth is using business analytics software. Software like that can give you graphics and other templates that will help give you a better understanding of where potential growth is and where you need to let go of the dead weight.

 

3) A company's operational costs and structure will improve dramatically. One example is being able to see when the hard times are going to hit. Analytics can help you pinpoint possible issues at least seven days out.

 

4) Analytics helps you to know the value of your company. You cannot know how much your company is worth without knowing the value first. That includes documenting the tangible and intangible returns.

 

Tangible returns include things like the company building, the staff, and the various resources needed to keep your company afloat. Intangible returns include things like your accounts payable and receivable departments. Keeping track of who owes your company what will help you understand your net value and worth.

 

In other words, you cannot claim your company value is at $100 million when you still have clients who owe you payments (payments that will bring your company value to the $100 million marks).

 

5) Where are you going? You cannot know that unless you know where you have been. You have to meet a balanced goal of strategic goals and tactical returns.

"Too much of one thing does not leave room for anything else".

Five Trends to Watch For

 

1)Automation Reporting

 

This sets a future benchmark for companies that advance to the next stage.

 

2)Data Quality Management

 

It is a structure that helps to improve future business outcomes.

 

3)Data Visualization

 

Business associates can understand information when it is presented through imagery and graphics. It helps companies make tough decisions a little bit easier.

Read here - Importance of Data Visualization

4)AA (Augmented Analytics

 

It combines human intelligence with machine capabilities.

 

5)Embedded BI

 

This is about combining the power of analytics and intelligence with technological advancements companies are already using.

 

 



Category :business


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