Business users have realized the benefits of business analytics in better decision making at a strategic as well as operational level. Making sense of raw data to arrive at actionable tasks require sophisticated software linked with efficient databases and tools which employs numerous scientific methodologies to analyze data in various business dimensions.These tools have been known to give insightful patterns useful for decision making. The nature of complexity and expertise involved has convinced businesses that business analytics is separate discipline in itself and is a specialized job which requires specialists and cannot be done as easily as a part of day to day operations.
Business users must use the insights from their business operations as well as from the business environment they operate in, to take the right decisions for improving their businesses ahead. With advancements in technology it is now possible to look at various dimensions like behavioral statistics of consumers, trends in competition, demographic and geographic slitting of information across profit, product category, transactions etc. to mine insightful information about internal processes and market trends which makes decision making more result oriented due to factual information available from analytical applications and business intelligence systems.
It is found that the business user who is an expert in his area also needs to have access to meaningful insights both internal and external to his organizationwhich gives visibility of various functions directly affecting his business metrics. Gathering insights require specialists who can analyze data in a scientific manner to find cause-and-effect relationships. Due to time constraints with the business user and complexity involved in data analytics,specialists are needed who have ready access to external and internalknowledge databases and powerful softwares and specialize in methodologies that can be used for pattern analysis,comparative studies and data visualization using proprietary techniques. Specialists can assist in de-risking business actions by evaluating impact of decisions and suggesting specific areas that need focus for minimizing risks and leveraging growth.
Business Analytics helps in both data analytics and deployment of decisions.It helps in revealing:
Sector Level Dynamics