Unit -1 Importance of Business Analytics.pptx

IMportance of Business Analytics

1. mportance of Business Analytics

Q Companies are no longer required to rely on speculation or gut
feelings.

Q They now have organized data that contains facts and numbers to
assist them in making business choices.

A Business analytics systems can gather enormous amounts of data.
Decision-makers can then deploy different technologies to utilize
this data in creative ways.

Business analytics does data processing as well as provides a
deeper understanding of the data's significance and the best
ways to use it.

Sales, financing, internal operations, and other business activities all
benefit from business analytics.

2. Benefits of Business Analytics

Business analytics can bring several benefits to an organization, including:
«Improved decision-making:

Business analytics enables organizations to convert data into actionable insights, which can be
used to inform decisions and improve overall performance.

Increased efficiency:

By analyzing data and identifying patterns, businesses can optimize processes and identify
inefficiencies, leading to increased efficiency and cost savings.

Enhanced competitiveness:

Business analytics provides organizations with a deeper understanding of their customers,
competitors, and market trends, which can help them to gain a competitive advantage.
“Better risk/management:

Business Gnalytics can help organizations identify potential risks and evaluate their likelihood an:
impacy, which can aid in effective risk management.

Better/customer insights: Analyzing data on customer behavior, demographics, and purchasing
pattéms can provide organizations with valuable insights into customer needs and preferences.
whiéh can be used to improve customer satisfaction and loyalty.

«Revenue growth:

Business analytics can be used to predict future sales, optimize pricing strategies and identify

w revenue streams.

'eal-time monitoring:

ith real-time data analysis, organizations can track performance metrics, identify trends and
ake quick adjustments as needed.

¡proved forecasting:

iness analytics can help organizations make more accurate predictions about future trends,
h can inform strategic planning and budgeting.