Adopt Analytics And Be One Step Ahead Of Your Competitors
Analytics is all about gather data from different sources in different formats, converting it into usable form and then analyzing it to get insights about the business. Analytics has been around for some time but its full potential hasn’t been realized yet. It has high practical application in the business and can help improve the top line and bottom line of the company.
Business analytics assists organizations to quickly and accurately identify the relationship between the available data and customer behavior. Thus the management can take appropriate decisions to better serve customers. By channelizing company’s efforts in the proper direction companies can enhance their performance. By providing companies with business insights, analytics can help businesses to gain competitive advantage.
According to Gartner, world’s leading information technology research and advisory company, Analytics is likely to take center stage on the back of increased volume of data generated by the smart systems. Analytics can help understand historical data in a better way by using descriptive model; it can improve forecasting abilities by using predictive model and help companies to be better prepared for the upcoming events. In totality, it will kick in operational efficiency and also help improve revenue for the companies.
Analytics can help reduces the risk associated with different activities of the business. Analyzing the past events to predict the future events will a reasonable level of certainty will help organizations to be better prepared for the upcoming situation and thus reduce the risk level. It is important to understand that the true value addition from analytics will be realized when it can provide with actionable inputs.
On the sectoral front, analytics has witnessed increasing application in Healthcare industry. Analytics models can be relied upon to comply with a regulatory requirement, increase R&D productivity and to better understand digitization in the value chain. Regulatory developments in key markets like the USA is encouraging pharm companies to have results-oriented approach and improve healthcare outcome.
Apart from healthcare industry, analytics find wide application in energy, FMCG, automobile, financials services, insurance, retail and telecommunication industry. It finds application in different vertical like marketing, supply chain, credit analysis and risk analysis.
Adapting to changing business requirement
With the advent of technology there is an increase in development and utilization of smart tools and devices. These devices generates huge amount of data on the daily basis. It has become extremely essential to process this data, analyze it in the given time frame and deliver the result to right person in the best possible time. With the expansion of businesses, there will be exponential increase in the amount of data generated and hence the need to analyze it to optimally utilize the available resources.
To put it briefly, analytics can be considered to an application / applications which are built to analyze performance of the business and look out for avenues which can be exploited to the benefit of the company. Utilization of analytics services will assist companies in strategic decision making and to lay down path for future course. However, it is to be noted that each business problem is unique and need to be dealt differently. One size fit all is clearly not the case with business analytics. Realizing the slow moving parts of the business and looking it through the spectacles of analytics will indeed help companies to convert weakness into opportunities.