With increasing globalization and liberalization and recent advancement in information technology have transformed every facet of human life and revolutionized the world as never before.
Computer softwares are gradually becoming a decisive force in making important decision. The use of software’s has penetrated in every walk of life be it transportation, Medicare, telecommunication, defense, industrial processing, entertainment, office utilities, space research, environmental predictions and so on.
Business analytics can be precisely defined as the technologies and skills required for continuous investigation and exploration of past business performance.
This process helps in gaining a lot of new insights and ideas. The process of business analytics is very popular for making extensive use of statistical data that includes predictive modeling and explanatory modeling.
There a lot of applications of business analytics:
• Customer relationship management
• Supply chain management
• Financial and marketing activities
• Human resource planning
• Pricing decisions
• Building effective strategies
• Forecasting and inventory management
• Fraud detection
All such applications help in matching various product offerings with that of customer expectations. It helps businesses in concentrating and working on fundamental objectives. Also business analytics improve working of business by making data driven decisions.
Business analytics is the study of data through statistical and operational analysis, the formation of predictive models and trends.
Application of optimization techniques and communication of these results to customers and business partners.
It requires quantitative methods for business modeling and decision making such as use of big data.
It uses statistical analysis to find out and explain why certain results occur. Business analytics provides support for companies in process of making tactical decisions as well as helps in automating decision making to support real time responses.
Business analytics provides a competitive advantage to companies.in this digital era , flow of information is almost equal to all players in the market .it depends on how this information is being analyzed and utilized by different companies which gives them a competitive edge over other companies.
Business analytics combines available data with various well thought models to improve business decisions.
It helps in converting available data into valuable information that can be presented in any required format.
For example, business analytics is used to determine pricing of various products in a departmental store based on past and present set of information.
Business analytics is used to make sound commercial decisions hence it impacts functioning of whole organization
Business analytics has a wide range of applications from financial management, marketing, supply chain management, human resource management, pricing and customer relation management etc. .
Therefore business analytics can help improve profitability of a business, increase market share and revenue and provide better return to a shareholder.
Ankit Yadav is the writer of this article and he mostly write article on Business analytics. Currently he is working in Future Wings Media that provides Business Analytics Course In Delhi.