Business Analytics- driving better decisions

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.

business analytics

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
• Forecasting
• 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.

Stylusinc specializes in tailoring Business Intelligence for small and medium sized companies right from the start. Click here to know in detail about our experience and expertise.

Less data, more wisdom – the new IT mantra

The recent slide on the Dow Jones that has taken the index below 10,000 for the first time in 3 months is the surest indicator yet that the recession hangover has not fully left us. No doubt the Eurozone troubles have a large part to play in this, but the larger picture is that although recovering, the world economy is still in such a fragile state that any problem anywhere can stop the recovery everywhere.

As business leaders, this puts additional pressure on us. Should I now plan and invest now to take advantage of the growth that I hope to see over the next 12 months, or should I wait just in case the whole recovery stalls and/or slows down? One thing I have found out over the last year is that while IT investment cannot be kept on hold any longer without degrading business capability, it is possible, even in this environment to look at IT as more than just maintenance, as an investment that can improve the business decision making capability.

The development of new platforms and tools in the Business intelligence space ( cloud, mobile and on premise) means that now, more than any other time in the past, it is possible to analyze and make sense of data more quickly and relatively inexpensively. This means that rather than spend on new software that will collect even more data, now may be a good time to build/buy robust analytics software that can better use the existing data locked away in your existing systems, in order to make better decisions. And it needs to do so in an easy to use manner, so that business leaders can do the job themselves and not have to rely on expensive human analysts to download data and slice and dice them on ubiquitious spreadsheets.

Businesses today can neither afford the time not the cost for this spreadsheet mania. Our own research has discovered amazing ways by which companies today can leverage low cost BI solutions to ensure that their software doesn’t just provide data, but track KPIs that are closely linked to the business health of the firm. After all, if the recession has forced our people to rise to the challenge, shouldn’t we expect the same from our existing business software applications as well?