Business analytics collects raw data, measures and analyses the data and transforms data into a competitive advantage to help you improve your business. The resulted analysed data supports sales growth and ROI.
Business analytics (BA) not only help the organisation culture and your business, but also the managers to sell the value of analytics better.
It has been found effective in the decision making processes of an organisation. Some of the reasons why business analytics are so important today are as follows:
- Increases profitability of the organisation
- Reduces cost
- Fastens the effective decision making process
- Improves critical performances
A recent study by IBM shows three ways in which successful companies operate when organising BA for their growth. Firstly, they create an environment receptive to innovation and apply new insights. Secondly, they can easily predict the future outcomes which help them in effective and successful decision making and thirdly, allowing employees to use information with confidence to help in the growth of the business.
Business intelligence and analytics uses technologies like the software suite InfoArchitect™ for data quality management and enhancement to solve all data related problems. BA focuses on the understanding of your business through data mining, quantitative analysis and predictive modelling and helps you increase the value of your business.
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