Tag: business analytics

business analytics

5 Benefits of Business Analytics that Can Help You Drive Positive Business Outcomes


What is Business Analytics?

Business analytics refers to the skills, technologies, and best practices that empower organizations to iteratively explore and investigate past business performance to gain insights that help drive future business outcomes. Companies use business analytics for data-driven and smart decision making. Business analytics helps companies derive the desired outcome for businesses. It also enables companies to optimize and automate business processes and achieve a competitive advantage by offering insights that help them to :

  • Explore data and find new patterns
  • Conduct statistical and qualitative analysis effectively and explain the reasoning to certain results
  • Validate previous decisions using multivariate testing and A/B testing
  • Utilize predictive analytics and predictive modeling techniques to predict future results

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Benefits of Business Analytics

Benefit #1: Encourages smart decision-making

Jetting off in the wrong direction can derail a business process. Fast decision making is easy, but smart decision making is more important for businesses in a short span of time. Business analytics empowers companies to easily access crucial data to make smarter decisions and stay ahead of the curve.

Benefit #2: Offers actionable insights through data visualization

Business analytics uses customized dashboards, charts, and graphs that can make decision-making more interesting. By leveraging analytics solutions businesses can gauge their performance and improve their bottom-line. The visual representations of relevant and extracted data provide detailed information about the target market and enable businesses to offer personalized services to customers.

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Benefit #3: Keep businesses updated

Today customers are digitally empowered and are easily influenced by better offers in the market. By leveraging business analytics companies can gain insights into customer sentiments and responses to any particular product or service. Business analytics can keep companies updated with the latest market trends and can protect against any unpredictable or volatile situation. This can also empower businesses to innovate and pre-empt their products according to customers’ needs and preferences.

Benefit #4: Makes business processes efficient

Since its advent, business analytics has improved the efficiency of businesses significantly. It has the ability to analyze clusters of data at a faster rate and with maximum accuracy. Consequently, this can help companies to achieve their business goals. Also, by leveraging various analytics tools, companies can encourage a culture of cooperative teamwork where employees can contribute to data-driven decision making.  

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Benefit #5: Helps in quantifying company values

Every successful business has a set of core values that determine their success ratio. By leveraging business analytics, companies can gauge how these values are quantified and conveyed in a tangible way to drive maximum profit. Quantified values can help businesses in improving their analytical process by defining a common goal that should be followed by everyone associated with the business.

3 Tips to Implement the Best Change Management Process for Your Organization

Transforming an organization is a difficult and arduous task, no matter how far-reaching vision the leader has. Today, many businesses are focusing only on stability and operational efficiency and this is the reason why they continue to struggle to manage and sustain change. Changing proactively also never happens at will and many organizations’ leaders believe that it takes more than a vision to bring about change throughout the entire organization. To add fuel to the fire, culture also plays an important role in influencing the change management process in any organization. Therefore, to effectively sustain profitability and stay ahead of competitors in the market, it is very important to keep changing how your business functions by keeping the following change management principles in mind.Contact US


Best Practices: Change Management Principles


Fix the direction

Changing the strategic direction is one of the most important change management principles for any company. If you are leading the change, it is very important that you check what is working in terms of processes, people, campaigns, or the different departments. Bringing about change is not easy. Therefore, it is very important that you first identify and acknowledge processes that have been working well for your organization in the past before introducing new initiatives. Acknowledging milestones and successes in the past also brings life into your organization and inspires employees to contribute and participate in any way they can.

Prioritize initiatives for change

An initiative is successful only when you prioDemoritize and outline the change in manageable timelines and phases. Prioritizing initiatives for change ensures that the target initiatives are launched at the right time and has the most positive impact on the organization. However, there are some factors that you must consider while implementing a change management process in any organization. For example, not every company would want to change every aspect of their business; therefore, identifying areas of change based on what your organization finds important becomes one of the crucial change management principles that you must follow. This can impact your return on investment, revenue, the cost to implement, profitability, etc.

Set achievable goals

For the change management process to be successful, it is important to set the benchmarks or goals for success. Each measurement is crucial in identifying not only the success but also the progress of your change initiatives. If the pace of progress cannot be measured, then there is no point at all in assimilating the change. This is one of the first change management principles that must be kept in mind while planning to change your business processes. (more…)

5 Ways Business Analytics Tools Can Take Your Business to The Next Level

Business expansion plans can give many people nightmares. It takes dedication, unmatched foresight, and market understanding to take your business to the next level. Successful business leaders know all about their end customers and can identify their ideal customers easily. This isn’t just a parlor trick but involves understanding the data that drives and incites progressive action. It is in this context that the real importance of business analytics comes to the fore. It helps in data discovery and business decision making with the help of predictive models that are driven by real-time data. The insights gained from the use of business analytics tools can help the management to automate certain processes and gain a competitive advantage. Contact USSuch tools can also help the management to analyze outcomes through statistical analysis and quantitative analysis.

However, due to the rising instances of data thefts, the popularity of business analytics tools has taken a hit among the business leaders since it makes a company more susceptible to privacy invasion and financial exposure in a fast-moving market. To counter such problems, companies can define their objectives and use cases ahead of time, validate data models, and select a methodology that takes into account internal and external factors.  

Top Reasons Behind the Growing Importance of Business Analytics That You Must Know

Today, every organization is trying their best to use business analytics for their decision-making purposes. It basically includes quantitative and statistical analysis, predictive modeling, data mining, and multivariate testing. It breaks down past performances to draw the plan for the future. In fact, it is considered to be extremely important for the economy, especially for those who want to take part in shaping some of the most popular products and businesses. The importance of business analytics lies in the fact that it has several layers of applications. There are several advantages associated with business analytics, but before digging deeper into it, let’s understand Get More Infoit in simple terms first.

What is Business Analytics?


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Top 5 Reasons Behind Growing Importance of Business Analytics in the Digital Age

Business analytics is a blend of business and technology that takes the data-driven approach using data modeling and statistics which helps in developing new business insights. Today the importance of such analytics has manifolded because it provides an opportunity for methodical exploration of data of any organization with its focus on analysis through statistics. As an investor or an entrepreneur, it is very important for you to understand what is lying ahead and where are you driving yourself. There should be enough data available to support your visions and goals for your organization. Importance of business analytics lies in the fact that it helps you make investments when the return of investment seems good and abstain you from inveContact USsting when the market is not favorable.

Here are the five reasons to explain more lucidly the importance of business analytics 

Benefits of business analytics 

Business analytics helps in cost control

Poor financial management and abysmal planning are two crucial factors behind the failure of businesses. Business analytics helps in updating the existing plan for business and devising a proper strategy, planning and strong financial management for the growth of the business. Importance of business analytics is acknowledged when it lay foundations to assess the flow of cash, working capital, borrowing, growth and cash base. All these together helps ultimately in controlling cost.

Quick and wise decision Making

Quick decision making is very important to have a strong foothold in the market. Its ability to interpret and predict the upcoming market challenges communicates the importance of business analytics. Business analytics helps to crack the factors that pull back the business and thus assist to rebuild the strategy.Request Proposal

Analyzing competitor wisely

Competitor analysis is helpful and advisable for all the businesses to succeed. Business analytics helps in gathering more information about the competitors and helps to collect who, where, when and what about them. It involves several steps like identifying competitors, decoding their goals, their strategies, assessing their strengths and weaknesses, identifying their hostility and finally whom to target and whom not to.

Effective market and customer analysis

While reviewing the performance of your business, market positioning and customer database are very important to be reviewed. Such analytics helps to review factors like new and upcoming services, changes in customer needs with time, new technology and many other factors. Customers feedback are of great importance in making improvements wherever needed in the business. The flexibility required by the business to react positively to the competition at short notice is what this analytics provides. 

CTA QZSegmenting strategic review

Business analytics has the potential to help the business in reviewing operational matters, matters of finance, human resource management, management of services and products and so on. This helps in making business more efficient and achieving growth positively.

4 Vital Roles of Business Analytics in Healthcare Industry

Today, healthcare companies have access to more data than ever before and are seeking ways to harness the power of business analytics to improve business operations. Business analytics is widely used in the healthcare industry to reduce healthcare delivery costs, increase process and operational efficiency, and improve quality of care. Data sets in the healthcare industry are complex, and as a result, a clearly defined BI strategy becomesFree demo essential. It is also the reason why business analytics in the healthcare industry is relatively in its infancy stage.

Role of Business Intelligence in the Healthcare Industry

Optimizing Business Operations

Business analytics can be utilized in a number of ways to improve various aspects of healthcare operations. For instance, hospitals can analyze patterns in emergency-room care and consequently refine their staffing strategy to determine how many ER attendants are required during different shifts. Optimizing this number will considerably save hospitals nursing costs, which is avoidable. Business analytics can also be used to improve other hospital operations including optimizing inventory, hospital equipment, and specialized care facilities.

Supplier Analysis

Hospitals and clinics can take a closer look at their suppliers by analyzing inventory data, EMR, and other metrics. Using such business intelligence tools, they can determine when they are overpaying the suppliers, underutilizing devices, or having wastage in their supply chain. By comparing pricing across various suppliers and analyzing their cost base, hospitals can better negotiate prices with their suppliers.

Improve Patient Outcomes

The healthcare industry has access to a huge amount of patient data. They can analyze patient data across patients with similar cases and analyze patterns to implement preventive care measures. They can categorize patients on the basis of the level of risk using predictive modeling to improve the care quality. For instance, IBM has developed a predictive model to accurately identify patients that are at the risk of heart disease by collecting structured and unstructured data from a large pool of patients.

Estimating Insurance Costs

Business analytics can help companies determine insurance costs and also predict and refine other medical expenses. For instance, medical institutions can map insurance provider data to patient data in order to create accurate models and healthcare plans. Since most insurance companies are moving towards outcome models; hospitals are willing to work with insurance providers to promote patient outcomes by recommending efficient treatment programs. Insurance companies are willing to lower premium payments for preventive care, as it decreases the cost of overall claims for them.

For more information on the role of business analytics in the healthcare industry, predictive modeling, patient outcomes, and healthcare operations:
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Business Analytics vs. Business Intelligence: What will Boost Your Business Growth?

Often business intelligence is confused with business analytics, the reason being that both are superficially similar and influence the data strategy adopted by companies. Let us first understand theFree demo fundamental difference between the two, to identify how each influence the growth of a company.

 Business Analytics and Business Intelligence – How are they different?

  • Business analytics is used to analyze historical data to predict the future business trends; whereas, business intelligence solutions help to collect and analyze the current, actionable data that can be used by businesses to get insights for improving their business operations
  • In business intelligence, the data is collected from some sources like questions, reporting, and online analytical processes. However, in business analytics, statistical and quantitative data are used for explanatory and predictive modeling
  • Business intelligence is a broader concept when compared to business analytics since it uses a wide range of tools and methodologies to help companies formulate an effective data strategy.

Making A Choice Between Business Intelligence and Business Analytics

Business intelligence and business analytics serve different purposes for a business. Therefore, it is essential for companies to carefully understand which data strategy best suits their business model and adopt the same accordingly. Let us discuss a few features of business intelligence and business analytics that companies can keep in mind while making a choice:

  • BI is evolvingOver the years business intelligence tools have evolved and become much more user-friendly. Earlier, companies had to depend on data scientists to use BI systems and build dashboards; however, today they are automated, which make the day-to-day use of business intelligence tools easier for companies.
  • Business Analytics and Social Platforms Social media platforms have gained exponential popularity over the years. This has forced most of the companies to mark their presence on different social media platforms. Business analytics helps companies to integrate social networking and decision-making capabilities to identify gaps in customer requirements and formulate the necessary strategies
  • Faster Pace of Business AnalyticsBusiness analytics can process data at a much faster This is highly essential considering the huge volume of data that are available for a company. Today there are various analytical tools that can be used across IT teams, which makes it easier for companies to carry out analytical tasks easily.
  • BI as a Gateway to Business AnalyticsBusiness intelligence uses basic calculations to derive strategies; whereas, business analytics utilizes various mathematical models to help formulate strategies. Though BI tools play a major role in an enterprise, their capabilities are limited when compared to analytics.

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