Benefits of Business Analytics
Business
analytics is the quantitative analysis
and broad use
of data for decision-making within organizations.
It encompasses reporting and query
but aspires to greater levels of mathematical sophistication. This process includes analytics but involves strengthening
them so that to meet a defined business
objectives. BA empowers employees in an organization to make rational decisions,
improve in process making and achieved
desired outcomes that will lead to increase in productivity. Thus, it provides the
best of data management, methods for analysis,
and presentation of results in a close loop cycle for
continuous learning and improvement as stated by
(Stubbs 2011).
Morrison-Knudsen
Australia and Ipswich workshops
use business analytics to determine both optimal ticket bracket and
game strategy. Both of these companies
have deployed their employees, technologies, and business process in various ways. They
have Perpetrate to a culture
that is based on factual decision. This helps
them to solve the complex business problem
and anticipate throughout the organization. Thus, an analytical approach has helped these two companies to identify true drivers
of financial performance, profitable customers, accelerate product innovation, and optimize pricing and supply chains.
The
uses of business analytics have helped Morrison-Knudsen
Australia to improve the flexibility and flow
of data. The company integrated the data and structured it in a manner that allows an analyst to discover new insights and
provide information to leaders so that
to adjust the strategy quickly. Business analytics has also helped the company
to get the right
technology in place. Stubbs (2011) demonstrated how this process has also
played a vital role in Ipswich workshops in developing the talent
that they need. They have recruited
analytic thinkers who seek and explore
the right data to make discoveries. Analysts in the company
communicate effectively with the leaders and
links analytics protocol to critical decisions. Since the company demand
fact-based decisions, managers
are encouraged to ask the right questions
of data analysis so that to get maximum
insight. According to Wise $ Dierna (2012), results are deployed is imperative especially
in operation systems such as customer relation management applications to data movies and interactive dashboards. This is done to ensure
decision makers have the information
they need when
they need it.
Morrison-Knudsen
Company uses analytics to keep
their process transparent.
Analytics foster openness, accountability, and communication in the company. Therefore,
the investment in this company is measurable and visible.
The findings of the analysis are clearly
communicated to business to forecast and predict the
market trend. The company has also
developed an analytical center of excellence that promotes the use
of analytics and associated best practices. Since the company has implemented
an analytical center, it addresses all
elements of the organization analytic infrastructure.
Both Morrison-Knudsen Australia and
Ipswich workshops have transformed the culture
by fostering analytical culture. An analytical culture that is strong has executive sponsorship and foster creativity (Wise & Dierna 2012). These companies also
revise their strategies often to avoid duplicating
their analytical initiatives
to their competitors. Therefore,
they stay ahead
by continuously reviewing their strategy
and development of new skills and
capabilities.
These
companies also face problems with analytics approach. For example,
quantitative approaches are insufficiently
linked to making a decision. For instance,
lack of the clear process especially from analysis to decisions making the
result to an emergence of
dysfunctional behavior. These involves:
Creation and gathering of analysis and
data, but are not used; Some errors in the analysis which does not fit the way it has been framed; Restructuring, repetition, and
re-performance of analysis; and
Intuition decisions rather than analysis and
data. Other challenges
that the face
the two companies from using business analytics are as follows:
Customer
and Market volatility.
Tough
economic conditions and increased competition
makes customers today more price
sensitive and fewer brands loyal.
During the past years, a business that is middle class would plan for seasonal
peaks and identify
long-term trends. Nowadays, social media alter
sales projection and market trends.
For example, bad reviews on social
media sites can quickly send consumers to a competitor. Thus, for analysis to be of value, these two companies
must be completed within the useful lifetime of the data.
Rapidly growing
volume and variety
of data
This
challenge is enormous and ever-expanding amount of data
that is supposed to be quickly
and effectively secured by the manager.
Furthermore, it is costly and time-consuming for these two companies.
Today’s environment evaluates market changes
and trends, and more sources
of data are needed to spot and chart accurately.
In today’s
marketplace, critical decisions
are made quickly so that to market
change or a new opportunity that will enable them maximize on profit. Business analytics helps the company to identify
new revenue-generating opportunities.
According to Maisel & Cokins (2014), Managers use business analytics to make the scenario
to go after new business opportunities. The strategies of the company when
using BA is to avoid duplicating their analytical initiatives to their competitors. They stay ahead
by continuously reviewing their strategy
and development of new skills and
capabilities. In addition, business analysis helps to identify
relationship-threatening problems before they become serious.
However, analysis of data for decision-making processes assists in the transformation
of the company. Conclusively,
the process of business analysis inspires companies to use analytical decision
for solving a business problem and
competitive advantage (Maisel
& Cokins 2014).
.
(Wise
& Dierna, 2012).
References
Maisel,
L., & Cokins, G. (2014). Predictive business analytics: Forward looking
capabilities to improve business performance.
Wise,
L., & Dierna, A. (2012). Using open source platforms for business
intelligence: Avoid pitfalls and maximize ROI. Waltham, MA: Morgan
Kaufmann.
Stubbs,
E. (2011). The value of business analytics: Identifying the path to
profitability. Hoboken, N.J: John Wiley.
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