Introduction
Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. It can answer questions like why something is happening, what if these trends continue, what will happen next, and what is the best that can happen.
Business analytics can be used for many purposes. Banks use it to predict and prevent credit fraud (saving millions). Retailers use it to predict the best location for stores and how to stock them. Pharmaceutical firms use it to get drugs to market more quickly. Even sports teams are getting in on the action, using business analytics to determine both game strategy and optimal ticket prices.
To lead your organization in today’s challenging economic climate, you need fact-based answers that you and others can believe in.
Today, organizations commit to deploying their people, technologies and business processes in new ways. They commit to a culture that is based on fact-based decisions – which helps them anticipate and solve complex business problems throughout the organization. By embracing an analytical approach, companies identify their most profitable customers, accelerate product innovation, optimize supply chains and pricing, and identify the true drivers of financial performance.
Analytics is dependent on data. The most important factor to the successful implementation of business analytics practices is sufficient volumes of high quality data. The difficult part is ensuring the quality of the data and deciding how to use it correctly.
In the next blog posts I will talk about the essentials you will need in order to use business analytics to elevate your company.
Ross Marin
President – Marin Media Group
Great information! I’ve been looking for something like this for a while now. Thanks!