The word analytics has come into the foreground very recently. The growth of the internet and information technology has made analytics very relevant in the today’s age. Analytics is a term that combines data, information technology, statistical analysis, quantitative methods and computer-based models into one. This all are accumulated together to provide decision makers all the possible scenarios to make a well informed and thoughtful decision. The computer-based model ensures that decision makers are able to see performance of decision under various scenarios.
Business analytics has been there since very long time now and has evolved with availability of newer and better technologies and infrastructure. It has its roots in operations. Operations research was an analytical way to look at data to conduct several operations. Over a period of time, this technique was utilized for making business decisions. Here operation’s research evolved into management science. Again, basis for management science remained same as operation research in data, decision making models.
As the economies started developing and organizations became more and more competitive, management science developed into business intelligence and decision support systems.
Business analytics has a huge range of application like customer relationship management, marketing, financial management and supply-chain management, managing sales and retail orders, anticipating demand, human-resource management, pricing and even in sports through team game strategies.
Today’s Digital era calls for analytics to be infused in every role, business process, decision and action.
Business intelligence can be a leading source of competitive advantage with a right source.
To redefine the customer experience and drive digital transformation, organizations have an opportunity to use business analytics. To accomplish this, business analysts must create a focused data driven culture.
Careful application of business analytics tools can result in better performance and profitability:
• Higher quality of products and services
• Enhanced customer experience
• Improved customer relationship management
• Increased productivity
• Better profits
• Making informed business decisions
• Lower cost of operations
• Enhanced flow of information
• Proper retention of intellectual assets
• Get faster answers to your questions
• Identify cross selling and up selling opportunities
• Get key business metrics report
Business analytics is all about decisions that go into running a business which are not quantitative finance or investing in stocks but decisions like hiring ,retention ,attrition or either buying ,selling and marketing .
Business analytics encompasses methodologies from applied mathematics, applied probability, applied statistics and computer science for using data to gain insight into business performance and encourage business planning.
This article is contributed by Mr. Mayank Jain executive of Future Wings Media that provides Business Analytics Course In Delhi.