What are some of the strategic benefits of business analytics?
Just do response each posted # 1 to 3 down below only.
With the use of technology, businesses can make better decisions. According to Rainer & Prince, â€œbusiness analytics is the process of developing actionable decisions or recommendations for actions based upon insights generated from historical dataâ€ (Rainer & Prince, 2018, ch. 12.2). Successful companies put a lot of effort in to making sure that they use applications in a way that benefits the organization. Most businesses have vast amounts of data. It is important to store it in a way that it can be easily accessed and referenced. The data can then be analyzed and compared to see what changes or improvements can be made.
A successful business should always be evolving and looking for ways to work smarter while maximizing profits. Business analytics can help companies to do this in so many ways. Companies can use data to look at previous performance. They can use data to predict future performance and look for areas to improve. Analyzing data can help you to notice trends that you did not realize were there before and help to fill in information gaps. Another benefit is that management can use business analytics as a tool to assist them in doing their jobs better. We are currently using business analytics at my job to identify areas where we can improve. I firmly believe that you should always be evaluating processes and business plans. The world is constantly evolving and to stay relevant as a business you must evolve with it.
In businesses, business analytics are vital to making better-informed decisions that lead to greater success for businesses. The process is what makes businesses not only thrive but also adapt to change and keep a presence in the market. Businesses use business analytics to get through a problem through using data to be involved in the solution making to make the confidence in the solution more concrete.
When businesses ruin into a problem, or â€œpain pointâ€, we use business analytics to come up with solution to the problem. Businesses then have data scientists, analysts, and decision-makers analyze tons of data in the forms of three different types of analytics: descriptive analytics, predictive analytics, and prescriptive analytics. These three analytics can then be communicated to decision makers who use the analytics to make a well-informed solution based on the data. Business analytics can also be used to know how customers view the business. the data can show how a customer values products and services.
Business analytics/ business intelligence tools and processes used to extract insights from raw data to aid in business decision making. There are plenty of strategic benefits for companies that use Business analytics/ business intelligence. Itâ€™s important for companies to stay competitive and in some cases have an advantage over competitors. Business analytics/ business intelligence helps companies by providing reasons why both positive and negative things have happened.
Reporting fast and accurate information to the companies is a strategic benefit to the companies because it helps them identify market trends and help find ways to increase efficiency. It also generates information that companies arenâ€™t aware of and advise them on possible action plans to take.