Thursday, October 22, 2015

Role of Business Analytics in Today's World

Business Analytics is the study of current & past situations to gather the insight about the data and have ability to make the best decisions for the organization in the future using skills, technology and application practices. Business Analytics is a continuous process, which combines multiple methods to deliver the expected results. Various techniques that are used by the modern day Analysts are Data Mining, Predictive Analytics, Artificial Intelligence, Statistical Analysis and Quantitative Analysis.

There are many free tools like Google Analytics, YouTube Analytics and Facebook Insights which available at social platforms which can be used by individuals even small smart ups. But these are very basic tools, however Business Analytics is a very complex concept comprising of various techniques which helps in decision making.

Business Analytics has been further categorized into sub categories namingly
Web/Digital Analytics
Marketing Analytics
Financial Analytics
There can be other categories as well, but these are considered to be most important for an organization in the modern world.

Web/Digital Analytics

This mostly involves analyzing and working of the digital aspect of the organizations, it lets you find out how you are performing digitally on social media or what are the statistics of your website. Google Analytics is the most common tools used for web analytics.
It lets you find out from all the relevant information about the visitors coming on your website, what is their location, how much time they spend on your website and what do they like the most. So with the help of digital analytics you can have an effective digital strategy for your organization.

Marketing Analytics 

It is the practice of measuring and analyzing the marketing strategies and performance of the organization. Marketing Analytics is one very important aspect for an organization as it is useful for the following.
Product Design
Customer Surveys
Industry Trends
Customer Support

Financial Analytics

Financial analytics is the analysis of all the financial data available with the organization such that the decision makers are able to to answer specific business questions related to the financial sector of the organization and forecast possible future financial scenarios.

One thing that is very essential for analytics is the availability of the data and also for an analyst  it is very important to figure out what is the right data that he requires.

Big Data is the something that is used by all the organizations nowadays in order to run successful business organization. Now more companies than ever, may they be big or small, are using big data and the various analytics techniques in order to work in a better way and serve their customers efficiently.
With the ever increasing information daily  the use of big data is becoming more and more important for the businesses. It is even more vital for the organizations to find a way to analyze the  growing  data coursing through the business environments and give it a useful meaning.

Business Analytics is one important aspect of successful running of the business that has been in existence from the past and will continue to grow to be an indispensable part of  business methods.

New techniques of  Data visualization and Simulations & scenario development are being constantly worked up by the researchers every now and then. With the growing trends of usage of Mobile phones and social media, it is must for the researchers to come up with new techniques to be able to make out of the technology available to them.