In this modern world making swift decisions has become essential in building a successful enterprise. Business Intelligence (BI) is now evolving to Business Analytics (BA), as it is not just reporting the past data, but giving the organization an insight to its future journey. By embracing an analytical approach, organizations can identify their lucrative clients, accelerate product innovation, enhance supply chains and pricing and identify the real factors of better financial performance.
Analytics is basically a fact-and-data-based approach which helps the companies in understanding the business performance and come up with a decision giving emphasis on production and optimization. It is predictive as well as historical. Through analytics firms can optimize their business practice as effective as possible. Investment in business analytics would provide organizations with the right information at the right time in order to empower fact-based decisions at every level of the enterprise, to achieve key objectives and to gain maximum return from information assets. BA can effectively predict the future business scenario. By looking at the future, organizations can take proactive choices and plan their business for extreme accomplishment.
Business Analytics is getting hotter than ever as firms seek better visibility on the market scenario and increased organizational agility to compete the changing trends. In analytics, generation of insight, as well as execution of decisions based on this insight, are intertwined. The overall success of analytics depends on variety factors like organizational structure, management committee and successful strategic planning.
Key components of BA are:
• Domain Experts
• Data and Text mining
• Statistical Analysis and predictive modeling
• Reporting and Analysis
• Financial Performance and Strategy
• Optimization and Visualization
Now what will your business gain through analytics? Planned solutions to unfamiliar circumstances, ability to adapt to challenges and ability to drive business-wide productivity and profitability improvements
To be more precise, the benefits of Business Analytics are:
• Improving and accelerating the decision making
• Realizing cost-efficiency
• Better alignment of resources with strategy
• Improving competitiveness
• Improved customer service
• Simplified inventory management
• Coordinating financial and operational strategy
• Increase revenue
Companies who seek to be winners and are consistently forge ahead of competitors, inform their decisions with business analytics. It is a well- known fact that business analytics is a key differentiator to competitive advantage and driving better business performance.