Companies with data-driven structures are facing ever greater challenges, as data flow and data volumes are continually on the increase. To make a decision, companies must be able to use all data optimally, in order to gain relevant insights. Business analytics (BA) supports data-based businesses in this area. Business analytics is an iterative, systematic analytic method for company data. The focus is on statistical analyses The methodology of business analytics enables insights to be gained that affect business decisions. At the same time, business processes can be automated and optimised. With business analytics, data can be used optimally as a company resource and effective forward-looking decisions can be made, thus exploiting competitive advantages.
Making better use of data, with business analytics
Businesses working with data bases know the time requirements of big data:
It is also important to draw the right conclusions from the data obtained. For this, selected data must be systematically investigated, for example by analysis tools that provide spreadsheets with statistical functions. Or by using data mining to find patterns and relationships. Business Analytics provides these and other ways to examine data and to draw conclusions from it. Thus, valuable corporate data is used effectively for business goals.
Detailed findings through business analytics
Generally speaking, with business analytics insights are gained and these findings are used to lay the foundations for decisions in the business process. Considered in detail, the use of business analytics is also an increased added value for all corporate processes:
Business analytics as support in operational business
In order to achieve business goals, tactical decisions are necessary, as well as strategic planning. This should be based on real-time data to react appropriately to situations and to assess predictable developments from the moment of the decision. Business analytics not only guarantee the quality of the data but also support the the various aspects of business management.
Companies with business analytics benefit from this in the following ways:
Business analytics provides the company with reliable support for its business decisions. Consistent and analysed data can be used appropriately and in a targeted fashion within different tools. For companies, this is a big advantage in the markets that require ever-faster decisions and measures.
Business Intelligence (BI) or Business Analytics (BA)? Even better, both.
Often the concepts of business intelligence and business analytics are used synonymously. In fact, there are differences between their features and functionality. Here are some examples:
Business Intelligence includes:
- Ad-hoc queries
Business Analytics includes:
- Statistical and quantitative analyses
- Data mining
- Forecast modelling
- Multivariate tests
Business Intelligence provides answers to the following questions: :
- What happened, and when?
- Who caused it?
- What is the scope the event?
Business Analytics provides answers to the following questions:
- Why did it happen?
- Will it happen again?
- What will happen if we change X?
- What can we see, beyond the obvious?