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With the advent of new technologies, businesses are witnessing a stark change in their methods of operation. Earlier, enterprises had to rely on their experience to make crucial decisions, however, with the advent of big data, cloud computing, and data visualization techniques, it is now business analytics that is the driving force behind important decisions for successful companies. The shift can be observed in real-time, as 70% of the leading businesses are increasing their expenditure on business analytics.
e-Commerce websites are at the forefront of this shift. e-Commerce websites either use the B2B or B2C models to operate and sustain in the market. In both scenarios, it becomes quite essential to accommodate the needs of sellers. Seller loyalty is one of the key factors which determines the success of an e-Commerce website. Business analytics becomes a critical tool to provide insights and leverage seller loyalty by helping them increase their profit to sales ratio.
Big Data & Predictive financial analytics can transform business identity by focusing on the cost-efficiency, commercialization capacity, and coverage of the sales initiatives. Predictive Analytics in the business sector also allows organizations to automate multiple market responses in a given customer scenario.
Business analytics also allows for a much more engaging relationship with customers. 44% of eCommerce enterprises are gaining new customers and increasing revenue as a result of adopting data-driven customer analytics. The future of the business industry lingers around analytics as Big data and Business Analytics are likely to witness an annual surge of 22.7%, which will cross the $200 billion mark by the end of the year 2020.
eCommerce websites that employ Data Visualization and Descriptive Analytics have been able to gain insights that are propelling their expansion strategies as well. Business analytics is not supposed to change the very nature of your business but it provides useful insights that help in making necessary decisions. It holds especially true when enterprises are looking to expand in other areas. The decision of expansion can backfire if it is not planned and guided with the utmost attention. This is where the business analytics tool shows its true potential.
Data mining and cloud computing technologies can predict customer behavior and subtle shifts in the market that can give the eCommerce business an upper hand in capturing new markets. Studies show that eCommerce websites that rely on AI and cloud computing driven business analytics have a 78% chance of securing a better market share than their traditional peers.
Even though the benefits of business analytics are quite evident, it is also true that not all businesses can make the best use of it. According to a survey by CRN big data, 57% of sales organizations do not view themselves as efficient users of business analytics. Moreover, a large portion of businesses have not even taken a dip in the data lake. The inefficiency of businesses to adapt to new changes and the lack of competent professionals in the field are the main reasons for this shortcoming.
As a result, it opens a plethora of opportunities for people who are looking for jobs in business analytics. We recommend the Executive program in Business Analytics offered by IIM Calcutta for anyone who is planning to become a competent business analytics professional. The 12 months long program has been designed by a dynamic team of professionals that aims at making students proficient in using all the tools of business analytics ranging from Big Data, Cloud Computing, Data Collection, Data Visualization, and Financial Analytics. You will also be trained to structure, decode, and interpret big data to deliver crucial insights for your business.
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