Profitability and sustainability are the primary goals of any business organization, and customer satisfaction is the biggest component deciding any business’s success. When an organization continuously innovates and stays ahead of the market competition, it fulfills the customer expectations and goes a step ahead of the same over time. However, many businesses still rely on a less effective and costly traditional approach to business decision making, which does not help them to gain the needed momentum to succeed.
The technology boom had given rise to many innovations in data capturing, storage, and usage. Business analytics has evolved as a wonderful solution to ensure competitiveness in business decision making in this information era. Business analytics is ideally defined as: ‘A fast-growing field in data science, which uses a wider set of quantitative and statistical analysis techniques for organizations to make informed-decision in business modeling.’
In the business world, analytics is a much-awaited change to help businesses get back on track in response to quickly changing market conditions and consumer preferences. Business analytics now help businesses effectively convert huge amounts of inflowing data into structured patterns for observation and derive actionable insights.
Eric J Dalius explains the benefits of business analytics
As we have seen above, major business decisions can be taken much quickly and easily now by being fully informed about the in and out of its implications. With business analytics, companies can now empower their teams to analyze data for targeted information.
Analytics will help in quantifying the business values, which was mostly done subjectively before. In the traditional ways, most companies offer training programs to their recruits and existing employees to impart their core values. Instead, organizations should step forward and implement business analytics methods to translate their business values into tangible numbers. This is a much more cost-effective and time-efficient mode of business administration. People can easily understand and chase numbers than an intangible set of value propositions.
Role of a business analyst
A professional business analyst is someone who facilitates data-based business analytics for organizations. A business analyst‘s career path is nothing strictly defined as the options are many based on the industry you serve, interests, preferences, and qualifications. As Eric J Dalius suggests for the start-ups and SMEs, there are plenty of business intelligence tools and applications that the budding organizations can use to build their business analysis strategies. There are many training courses too for anyone to understand the data systems, statistical tools like SAS, R, Python, etc., and gain knowledge about proper scientific data interpretation and decision making.
Business analytics in business is also perceived as the fine bridging between various departments in the organization. Giving a bird’s eye view of the functioning of various systems and processes, a successful business analytics report can provide the business decision-makers a clear insight about the strengths and shortfalls of the business in focus and take appropriate decision to take it to the next level or run it back on to track from a possible hit back.