What is Business Analytics - Stelios is our expert!

21 April 2022Business Analytics
 What is Business Analytics - Stelios is our expert!

What if you could analyze your past business performances and results, and use that information to prepare for the future? Daily vast amount of roughly 2.5 quintillion bytes of data is being generated, but how can a company take advantage of this number and use it to improve itself?

Business analytics entails the analysis of data to create reports, predictive models, as well as the application of optimization techniques, and communicating the results to employees and customers. It utilizes a data-driven methodology to the business environment, and as such relying on statistics and data modeling to create insights for the business.

In today’s business environment, every organization is looking for a way to make their decision making more efficient and business analytics gives them that. What makes business analytics standout is the fact that it can be applied in several areas of a business and in most industries.

Importance of business analytics

  • Organizations employ Business Analysts so they can make data-driven decisions. Business analytics gives business an excellent overview and insight on how companies can become more efficient, and these insights will enable such business to optimize and automate their processes. It is no surprise that data-driven companies that make use of analytics usually outperform their contemporaries. The reason for this is that the insights gained via business analytics enable them to understand why specific results are achieved, explore more effective business processes, and even predict the likelihood of certain results.
  • Business analytics also offers adequate support and coverage for businesses who are looking to make the right proactive decisions. Moreover, allows organizations to automate their entire decision-making process, to deliver real-time responses when needed.
  • One of the apparent importance of business analytics is the fact that it helps to gain essential business insights. It does this by presenting the right data to work it. This goes a long way in turning decision making more efficient and evidence based.
  • Efficiency is one area that business analytics helps any organization to achieve immediately. Since its inception, business analytics have played a key role in helping business improve their efficiency. It also collates a considerable volume of data in a timely manner and in a way that it can easily be analyzed. This allows businesses to make the right decisions faster.
  • Analysts help organizations reduce risks. By helping them make the right decisions based on available data such as customer preferences, trends, and so on, it can help businesses to curtail short and long-term risk.

Since modern problems require modern solutions, the industry is forced to face the inevitability of technological evolution.

By Stelios Zorbas, Business Analyst of our super team!

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