Numbers do tell a story. The Business analytics market that was pitted at USD 67.92 billion last year (2019) is predicted to reach an evaluation of USD 103.65 billion by 2025 as per a report by Mordor Intelligence. These numbers are indicative of the extent to which enterprises across the industry verticals globally have assimilated business analytics into their day-to-day operations. Interestingly business analytics can be bifurcated into four different types of analytical processes such as the Descriptive Analytics, Diagnostic Analytics, Predictive Analytics and Prescriptive Analytics. Through these distinctive analytical processes, the BIG DATA is analyzed to derive action points for the future.
Lets deep dive to understand how these four analytics processes deliver value out of a seeming data exodus.
From the above discussion, the four-fold functions of business analytics are quite evident. But let's understand how business analytics impacts major processes and operations within an organization and delivers measurable and sustainable impacts. Some of these ways are:
1. Supporting business expansion - Business Analytics greatly support enterprises venture in newer avenues of growth backed by solid data.
2. Identifying the target audience - The social media analytics tools offer great insight into the status of a particular product or a service in the market.
3. Generating business plans - Business analytics offers a pool of tools for accurate forecasting, enabling enterprises to generate power-packed business plans.
4. Optimising the use of resources - Business analytics empowers decision-makers to maximise resource utilization by offering power insights about its customers.
5. Measuring goals and accomplishments - Business analytics enables decision-makers to set clear goals backed by data and then measure the accomplishments against those set goals.
6. Empowering businesses with market insights - Business analytics offers accurate information about market trends, competition, customer and changing dynamics.
Xerox, the company supplied the world with the best of photocopying solutions, struggled to lower the attrition rates in its customer support centres. Leveraging business analytics by partnering with an analytics organization Evolv, Xerox management learnt significant loopholes in the hiring process. The management found out that creative people were able to stay longer compared to those who had high aspirations and inquisitiveness. This allowed the HR department to transform its customer care recruitment process and thereby, significantly reducing the attrition rate by 20%.
From the above case study, it is clear that data analytics is here to stay as the biggest blockbuster tool for transforming businesses worldwide. Hence, there is a great scope for making it big in the analytics market. It is important therefore to enrol in professional courses in the likes of Executive Program in Business Analytics offered by IIM Calcutta to build competencies such as:
Armed with such futuristic tools, one can explore opportunities in the capacity of Data Analyst, Business Intelligence Scientist, BIG Data Specialists and Operational Research Analyst. With the power of Business Analytics, a whole new world of opportunity opens up before anyone.
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