Business Analytics - Essay Sample

Introduction

Business analytics is the systematic study of data through calculable and functional analysis. It also entails the development of probability models and the use of expansion models. The final step is usually the transmission of information to clients and business partners. Business analytics uses quantitative methods and authentic data in the decision making process. The essay will explore various discussions on the importance of business analytics and their importance to organizations today.

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An analysis of the discussion depicts that business analytics is a vital aspect of the organization as it helps them tailor their activities to suit the customers' needs. It also assists the executives to make better decisions and forecast on the business environment for the coming years. Additionally, business analytics gives the organization a positional advantage when dealing with customers, distributors and employees as the plethora of information available gives them the ability to determine premium rates (Shmueli, Patel & Bruce, 2016).

The second discussion focuses on the importance of business analytics as a key cog in helping company executives put structures in place for the future. It also assists in calculating and regulating risk and analyzing staffing numbers to come up with a concise budget. Moreover, business analytics has proven to be helpful in the adoption of marketing strategies as the internet has made it possible to reach a significant number of people and for viewing of their feedback. Principally, business analytics help an organization in the formulation of short and long term goals (Seddon, Constantinidis, Tamm & Dod, 2017).

The third discussion views business analytics as a tool that is significant in the collection of data for analysis. Marketing campaigns have adopted a new online strategy due to the ease of identification of their target audience. The change in approach has benefited the organizations as it has proven to be more efficient in achieving their goals. Furthermore, an improvement in the research process has been noted as well as in the decision making process and financial forecasting (Duan & Xiong, 2015).

Definitively, business analytics is a critical component that most organizations have adopted in the modern business environment. It has numerous benefits ranging from the improved decision-making process and the ability to project future undertakings to helping the organization to position it strategically for improved results.

References

Duan, L., & Xiong, Y. (2015). Big data analytics and business analytics. Journal of Management Analytics, 2(1), 1-21.

Seddon, P. B., Constantinidis, D., Tamm, T., & Dod, H. (2017). How does business analytics contribute to business value?. Information Systems Journal, 27(3), 237-269.

Shmueli, G., Bruce, P. C., Yahav, I., Patel, N. R., & Lichtendahl Jr, K. C. (2017). Data mining for business analytics: concepts, techniques, and applications in R. John Wiley & Sons.