Business analytics is the practice of using data to reveal insights and trends to inform decision making within an organization, ultimately improving profitability, market share and ROI.
How it Works:
Business analysis encompasses all forms of data analysis, from ad-hoc queries to more formal reports, as well as cognitive analytics - an emerging form that uses artificial intelligence (AI) and machine learning technology for its processing power.
Enhancing financial efficiency to increasing customer satisfaction are among the many potential advantages to be gained from conducting market research. Market research can identify gaps in products or services offered, assess product development processes and facilitate strategic decisions with greater return-on-investment (ROI).
How it Benefits Your Organization:
Business analytics offers numerous advantages to any organization, with its first being more accurate decision-making. By quantifying root causes and clearly identifying trends, business analytics allows for smarter analysis when tackling HR budgets, marketing campaigns, manufacturing supply chain needs or sales outreach programs.
Predictive analytics can also be an invaluable way of getting to know your customers better, their preferences and behaviors, making them feel valued more quickly. Furthermore, predictive analytics has proven successful at meeting changing customer needs; for example when Blue Apron realized their customer preferences were shifting over time they used predictive analytics to find ways to boost sales by finding ways to predict customers' behavior patterns in order to find new sales strategies.