Meaning, Significance and Opportunities for Business Analytics

The term Business Analytics arrived to the forefront, over the span of the last decade. The evolution and the massive popularity of information technology and the internet has added more relevance to this context. This is the domain that blends information technology, data, statistical analysis, computer-oriented models as well as quantitative methodologies and it aims to extend decision makers the entire scope of probable scenarios for deriving to a wise and considerate business decision. 

Application of Business Analytics

The application of this methodology involves domains like financial management, managing the customer relationship, logistic management, sales & marketing, Human resources, pricing strategies as well as in games and sports, in the forms of game strategies. 

Business Analytics - its importance to the businesses

• It is the tool or methodology to derive at better business decision making. As it influences the organizational work pattern, business analytics can bring improvement in business efficiency and profitability. 
• Facilitate enhances interpretation of the primary and secondary data that affects the efficiency of different departments in the organization. 
• Extends competitive benefits to the organizations. In today’s time, information flow matters equally to the stakeholders. Business Analytics blends the available data sets with various well-conceived models for better business decision making. 
• Transforms the available data into invaluable information that gets presented in a format that facilitates and suits the decision making process. 

How the process evolved?

The concept has been existing for a long span of time and it evolved with the availability of the modern and advanced technologies. The concept holds its root in operational research that was used extensively during the middle of the last century. It was an analytical approach to refer to data for conducting operations. With the passage of time, this methodology started getting applied to all sorts of business. 

In this context, operational research evolved into the aspect of management science and the fundamental for management science retained similarity with data research and models of decision making.  With the development of the world economy, the business domain started turning more competitive and management science manifested to business intelligence and system for decision support and into the application for computers.

Business Analytics - Scope for this approach

This methodology finds an extensive range of usage and applications. You may adopt this methodology descriptive analytics, wherein, the data gets used for comprehending the situation at present and past. This form of analysis gets applied for evaluating the present standing of the organization as well as the impact of the business decision, previously taken.

Data for Analysis

This methodology utilizes data from 3 sources for constructing the business model. It applies  business data in the forms of annual reports, marketing research outcomes, as well as financial ratios. It is likely to utilize databases that include different computerized information and files, originating from analysis of data. 

What are the challenges, embracing the process?

Business Analytics can be performed, only if analyst gets the supply of data in large volume. Sometimes, it turns difficult to produce such massive volume of authentic data.

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