{"id":265278,"date":"2024-07-25T08:40:13","date_gmt":"2024-07-25T08:40:13","guid":{"rendered":"https:\/\/imarticus.org\/blog\/?p=265278"},"modified":"2024-07-25T08:40:13","modified_gmt":"2024-07-25T08:40:13","slug":"business-analytics","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/business-analytics\/","title":{"rendered":"Business Analytics: A Strategic Way to Organisational Growth!"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In a changing marketplace, it is crucial to stay relevant for a successful business. Considering this, business analytics can offer valuable insights to a company to beat competitors. When used effectively, it can prove to be a powerful tool for business growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Considering the increasing <\/span><b>demand for business analytics professionals<\/b><span style=\"font-weight: 400;\">, one can pursue this lucrative career option by enrolling in a reputable course like <\/span><b>IIM Calcutta <a href=\"https:\/\/imarticus.org\/senior-management-programme-in-business-analytics-iim-calcutta\/\">Senior Management Programme<\/a><\/b><span style=\"font-weight: 400;\"> in Business Analytics<\/span><span style=\"font-weight: 400;\">. Read ahead to learn more about business analytics and <\/span><b>how data analytics influences business decisions<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Understanding Business Analytics<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Involving a process of collecting, organising, analysing, and interpreting data, business analytics helps gain insights to make informed business decisions. Featuring statistical and quantitative analysis, it can be applied to different aspects of business that include sales, finance, marketing, operations, and customer service. Data analysis of various areas of business can help organisations identify trends, patterns, and correlations to make decisions, optimising their business processes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, business analytics uses data mining, <a href=\"https:\/\/imarticus.org\/blog\/what-are-the-algorithms-in-machine-learning-how-does-it-work\/\"><strong>machine learning algorithms<\/strong><\/a>, data visualisation and predictive analytics to process and analyse large volumes of data. It helps improve the competitiveness and profitability of businesses in today's data-driven environment. For instance, analysing customer data can not only help improve customer retention, but also increase sales.<\/span><\/p>\n<p><b>How data analytics influences business decisions<\/b><span style=\"font-weight: 400;\">? Answering this question, business analytics helps identify opportunities for expansion, make strategic decisions about resource allocation, predict future outcomes and improve overall performance.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Business Analytics Types<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The following are some of the most common types of business analytics that businesses use to gain key insights:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Descriptive analytics: Involves analysing historical data\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Diagnostic analytics: Includes analysing data to learn why something happened in the past<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Prescriptive analytics: Uses data and insights to make decisions about future actions\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Predictive analytics: Involves analysing data to make predictions for future<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Spatial analytics: Includes analysing geographic data\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Text analytics: Involves analysing unstructured data like customer feedback and social media posts<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Business Intelligence vs. Data Science<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Business intelligence (BI) involves the process of collecting, analysing, and presenting data to support decision-making. It focuses on sharing data summary in the form of reports and dashboards.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, data science involves different techniques like statistical analysis, machine learning, and data visualisation to gain insights from data. It typically focuses on analysing large and complex data sets, such as text data, image data, and social media data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, business analytics and data science are related to using data to extract insights for effective decision-making. But, they differ in their focus and techniques. Also, it is to be noted that though related, business analytics and business intelligence are distinct concepts.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Business Analytics Essentials<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The following are some essentials of business analytics:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data collection and management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data analysis<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.ibm.com\/topics\/data-visualization#:~:text=Data%20visualization%20is%20the%20representation,that%20is%20easy%20to%20understand.\"><strong>Data visualisation<\/strong><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Predictive modeling<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business intelligence<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Data-driven decision-making<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Importance of Business Analytics\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are the reasons for adopting business analytics:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Get insights that help make data-driven decisions to effectively achieve goals, improve efficiency and optimise business operations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Gain a competitive advantage by identifying opportunities and risks<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify areas for improvement for enhanced performance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Better understanding of customers to meet their needs and increase satisfaction<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mitigate risk by predicting potential outcomes and reducing the odds of negative consequences<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Benefits of Business Analytics<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The following are the benefits of using business analytics tools:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Eliminate guesswork and reduce potential financial loss<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reveal vulnerabilities in processes and improve security<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Optimise customer outreach<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Spot risk factors and take preventive measures<\/span><\/li>\n<\/ul>\n<h4><span style=\"font-weight: 400;\">Conclusion<\/span><\/h4>\n<p><span style=\"font-weight: 400;\">In today\u2019s day and age, the business landscape has become data-driven. This makes it essential for managers across different business operations to acquire analytics skills. The valuable insights gained as a result of analysing vast amounts of data can not only help tackle different challenges effectively, but also make informed business decisions, enabling growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you want to elevate your senior leadership game, then pursue the <\/span><b>IIM Calcutta Senior Management Programme<\/b><span style=\"font-weight: 400;\"> to scale heights in your career. For further details, please connect with Imarticus Learning.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a changing marketplace, it is crucial to stay relevant for a successful business. 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