Friday, 1 April 2011

Why Business Analytics is important for business more than ever NOW !!


As the global political & physical barriers are collapsing, all the global markets are getting opened for businesses, creating a fierce  competition within companies to market their products, increase their revenues, grab most of the customers. Organization are not just worried about the profitability but also survival in this tsunami of Global reach.

All along till now, Organizations were using business intelligence to get the information from the vast amount of data buried into various internal systems. But this is just information & decision makers had the reactive approach to deal with such situations e.g. North region is not meeting the revenue targets - so create some focused program to cover North region & so on.

This is where Business Analytics play !! Its not reporting of past data or what is happening now, but giving organizations the forward look at the business.

It can answers questions like :
  • how do we get more insights about our customers?
  • what if we change the price or service of the products ?
  • what will be the impact on our customers ?
  • How do we target our most profitable customers?
  • How do we detect frauds ?
  • which of the customers are likely to leave us in future?
Business Analytics is an extremely important area going across all the business domains. If you know in advance, which of the customers are likely to leave you, you can take measures to hit only those customers with right campaigns to retain them. there is no need for machine gun firing but a sniper is required in this case.

By looking at the future, Organizations can take proactive decisions and plan their business for maximum success.

So Business Intelligence can give you "Information" but Business Analytics gives you the "Knowledge" - TO ACT UPON !!!

In the next post I will talk about What is Business Analytics & its various components.







12 comments:

  1. Sandeep - Very nice. Keep it coming!

    ReplyDelete
  2. Wow! great! was this also published in PMI general?
    looking forward for more and more....

    ReplyDelete
  3. Sir as usual great one!!!!!!!!!!
    Looking fwd for more articles

    ReplyDelete
  4. This article really clears the confusion between BI and BA. Thanks :)

    Waiting for more to get more insight into it :)

    ReplyDelete
  5. Excellent, very good artical, it give clarity, keep up the good work.

    Sanjay

    ReplyDelete
  6. Thanks Sandeep for sharing! We will pass on more information from our customers to help you dig more into the SAS analytics used @ Amex
    - Hatim

    ReplyDelete
  7. Nice Article... Looking forward to the next one.

    ReplyDelete
  8. Hello Sandeep Sir,

    Both of the posts on Business Analytics are quiet great. They are making the reader understand in simple way that what actually Business Analytics is all about? Looking ahead to read more of your blogs Sir in the days to come as I also want to be part of this industry out of my keen interest for the same.

    Thanks.

    ReplyDelete
  9. I'm impressed by this article.Its has answered ,y first 2 questions on WHAT & WHY.It would be good if it covers few case studies to answer 'HOW'.I hope they are on the way.

    Thanks

    ReplyDelete
  10. Dear Sandeep, hats off to your idea of sharing your knowledge. I'm thoroughly enjoying all your articles and they are giving me a better insight on analytics. It would be of immense please if you could post few case studies on analytics so that will get the clear picture on HOW part as well.

    Thanks & Regards,
    Subbu

    ReplyDelete
  11. Fantastic blog! I'm so glad to find your page.I really appreciated the concept that you have posted here. Thanks for sharing !

    ReplyDelete
  12. SQIAR (http://www.sqiar.com/solutions/technology/tableau) is a leading global consultancy which provides innovative business intelligence services to small and medium size (SMEs) businesses. Our agile approach provides organizations with breakthrough insights and powerful data visualizations to rapidly analyse multiple aspects of their business in perspectives that matter most.

    ReplyDelete

LinkWithin

Related Posts Plugin for WordPress, Blogger...