• How do you think business analytics can help your current organization with their decision-making processes?
• What challenges do you anticipate in getting your organization to implement and utilize business analytics?
• How would you approach management in regards to getting them to implement business analytics?
• Why should you have an understanding of statistics in order to utilize and implement business analytics?
• What would be some challenges in using business analytics?
Many of the Information Technologies and the business professionals were continuing to define the business analytics in the broad sense. According to the report of the IDC market Analysis, ‘’ the business analytics software market, which comprises of the tools and the applications of the performance management and also the data warehouse platform software. The data ware is used to access, store, analyze, deliver and track information by enabling the fact based decision making and also the extended accountability, which provides all the decision makers with the right information for using the right technology at the right time.
Business Analytics help the current organization with the decision making process:-
By considering the decision making value of using the statics and which will help the current organization with the process of the decision making(Duan & Xiong, 2015). There are many points which can help in the decision making like the predictive and the descriptive are the two analytic methods to use the data and to evaluate the alternatives during the process of the decision making. The predictive analytics encompass the variety of the techniques which analyze the current and the historical facts for the predictions about the events in the future.
Challenges which anticipate in getting the organization to implement and utilize the business analytics:-
There are many challenges faced by the leaders of the finance of the company. From the last too many months we focused on some of the challenges to be faced at the intersection of the finance and the talent(Earley, 2015). Business analytics, which use the models of the integrate external such as the industry or sector with the internal data and the business metrics is clearly the critical frontiers for looking forward of the organizations.
Approach to the management in regard to getting them to implement business analytics:-
The implementation of the business analytics requires to capitalize on the big data for the engagement of the each and every part of the organization(Zhao, Fan & Hu, 2014). The approach to the management must include the
Plan to create the detailed project.
To develop an analytical development environment.
To execute the plan by using the technology.
To embed the analytics capability throughout the organization.
Understanding of statistics in order to utilize and business analytics:-
Companies are required to implement the business analytics because it helps them to increase the revenue and reducing the cost(Liu & Shi, 2015). By implementing the business analytics, the company is clear about the understanding of the business issues. Companies are using the predictive analytics as they seeking the solution of the issues instead of the definition of the issues. The business analytics is generally based on the combination of the business knowledge and mathematics.
Challenges in using the business analytics:-
There are many of the challenges which we see in using the business analytics which are as follows:
The first is the strategic alignment.
The second is the Agility because the analyst were to be organized by the business domains.
The next is the commitment.
And one more challenge is the information maturity.
Duan, L., & Xiong, Y. (2015). Big data analytics and business analytics. Journal Of Management Analytics, 2(1), 1-21.
Earley, C. (2015). Data analytics in auditing: Opportunities and challenges. Business Horizons.
Liu, K., & Shi, J. (2015). A Systematic Approach for Business Data Analytics with a Real Case Study. International Journal Of Business Analytics, 2(4), 23-44.
Zhao, J., Fan, S., & Hu, D. (2014). Business challenges and research directions of management analytics in the big data era. Journal Of Management Analytics, 1(3), 169-174.