Business Analytics: Bringing new dynamics in Business Operations
Consequent to decades of information technology deployment, organizations today have more information at hand about their business than ever before. The rapid growth in the amount of data correspondingly results in information being unutilized to out-think the peers. Thus, need of the hour for an organization is to draw on Business Analytics to strategize and optimize data for business operations. Analytics find relevance among the millions of variables, explore and investigate past business performance to gain insight and drive business planning.Moreover, analytics provides clear and significant data which delivers accurate and quick decisions.
Organizations today face a number of challenges, such as performance inefficiency, data overload, regulatory compliance and operational risk. It can be daunting, but the answers may be closer than you think. With advanced analytics, you can unlock the real value of your data, discovering hidden insights and innovative solutions to these critical challenges. From pinpointing inefficiencies and enhancing predictive capabilities, to improving decision-making and IT can help maximize growing stores of information.
With the discovery of visual data as one of the trends in analytics, decision makers at different levels welcome data visualization. This enables them to see analytical results converted into multiple visual indicators representing large dataset and immediately facilitates to focus on required area. Moreover, visual data analytics assists to overcome data limitations by furnishing comprehensive analytical atmosphere. This proliferates productivity of business with responsiveness and clarity.
The impelling increase in the data driven business culture has brought challenge to manage big data of the company. As this continues to spiral upward and there is a great opportunity for analytics to grow accompanying demand for easy-to-use analytics tools. The consequential issues faced by the CIOs could be retorted with advanced analytics. Analytics unlocks the value of data as majority of the information lies in the big data. Business intelligence and analytics as services help companies to manage data and convert them into strategic information. Every CIO or CMO or COO would definitely want the data to be analyzed in a structural way, giving optimum output which would further help in achieving goals. Most of the information systems designed by the companies are to deal with dayto-day operations and small decisions. Exemplars of analytics are using new tools to provide real time output extracting useful information from the database thereby accelerating product innovation.
With the changing nature of customers and their procurement trends it is very important for an organization to analyse their data in a fast and efficient manner. Few of the benefits of using data analytics is cost reduction , faster – better decision making , new products / services. In the near future, data analytics will have a significant impact on the organization’s revenues , margins and operational efficiency. However all this depends on the senior leadership team of the organization. In large organizations often it is observed that the senior leadership team is more dedicated towards sales , finance, marketing and some other core areas, however the time has come that data analytics should be considered as one of the core areas and it requires a dedicated senior leader’s focus.
There is a lot to be done to harness the potential of business analytics and amalgamate it with new business operations. Use of data to the maximum level is required and hence it is pertinent to efficaciously respond to new dynamics. Organizations need to embrace analytics and realize the benefits of optimal data usage. An acute role has to be played by MIS and analytical team to take crucial decisions and levitate productivity to a new horizon. Adopting new analytics to provide good amount of crispy data would help augment business experience and drive business value for organizations. The need now is no longer big data but it is actionable data. The need now is to create smarter & leaner organizations thereby preparing the organization for the inevitable future.