The Importance of Business Analytics
It should come as no surprise that business intelligence and data analytics is one of the fastest growing markets in the 2019 enterprise software landscape. Today's businesses are growing increasingly digital and are capable of accurately measuring every aspect of their operations, from marketing to human resources analytics, in real-time.
However, data in its raw form is usually useless, and the driving force behind any data-driven organization is insights: conclusions drawn from the data, which can suggest a new course of action. To reach these insights, organizations must use business analytics tools and techniques to connect data from multiple sources, analyze the data, and communicate the results in ways that decision-makers can understand.
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Usage of Business Analytics:
Typically, commerical organizations use business analytics in order to:
- Analyze data from multiple sources
- Use advanced analytics and statistics to find hidden patterns in large datasets
- Deseminate information to relevant stakeholders through interactive dashboards and reports
- Monitor KPIs and react to changing trends in real-time
- Justify and revise decisions based on up-to-date information
If your business is looking to achieve one or more of these goals, business analytics is the way to go. The level of investment in tools, technology and manpower should vary according to your needs - in some cases increasing your proficiency in Excel might suffice, while in others you might want to look at specialized solutions from business intelligence software vendors.
Toolkit: Is Business Analytics Right for your Business?
Use the resources available here to understand whether your business needs business analytics, build a business case for investing in analytics, and determining the complexity level of your data to decide on which method to use.
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