Business Analytics Training in Hyderabad

04/24/2020

ILLUSTRATIONS TO EXPLAIN IMPORTANCE OF BUSINESS ANALYTICS

Overview of Business Analytics

Business analytics is defined as the use of various techniques, technological systems, practices, methodologies and applications to analyze critical business data by an enterprise or organization to better understand the business and market and make appropriate steps and decisions. Examples could be data mining, data visualization, online analytical processing etc. The aim is to grow the organization with every decision it's making, based on the factual data the organization has collected. It answers some questions like "what happened", "how often", "where", "what if this trend continues", "what will happen in the future" and "what is the ideal scenario.

Importance

It is important for an organization to make commercially sound decisions because a wrong decision can impact the working of the whole company whereas a correct decision can increase the profitability of a company and increase the market capitalization as well. It could also provide a better return on investment. Analyzing data over and over helps to understand the important risks and hurdles involved in doing business.

Understanding the reputation, goodwill and image of the organization towards the customers can play a vital role in its functioning. An insight into the above-mentioned values can help the organization to take such steps and measures which can improve and maintain the values of the company towards the customer.

Business analytics helps in smooth functioning and increasing efficiency of an organization by researching and studying the available primary and secondary data and understanding the trends, requirement, market etc.

Organizations using BA have an edge over their competitor by involving and implying various ideas and models of marketing and business which could help the organization take a lead over the rivals, thus benefiting the organization. A delay in making decisions or presumption and hearsay rather than factual data may lead to adverse consequences as the above information can be wrong or partially true. In such cases, an organization may have to suffer from loss or a decreased market share.

Illustration: If a company, X, wants to sell a new product, Y, then it should collect all the data regarding the product like similar products in the market, price range, popularity and demand of the similar products, a particular segment (if any) etc. If X launches the product in the market without collecting data, it might not be successful and may lead to loss of revenue and customer base to the company while if it launches and markets the product based on the data, there are higher chances of achieving the sales goals.

The data used in BA turns into valuable information for the company and can be an asset. Constantly adding and collecting data to the database can help the organization to understand the trends and patterns which could be influenced by external factors like political, social geographical etc.

Thus, BA plays an important role in the development and growth of an organization. Timely, simple decisions can help the organization to achieve goals in a shorter time span.

Learn Business Analytics Training in Hyderabad


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Click here for more details Data Analytics Course in Bangalore

Click here for more details Business Analytics Training in Bangalore


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Name: Bharani kumar

Address: 360DigiTMG - Data Science, Data Scientist Course Training in Bangalore

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