The real challenge is data volume and size, computational power and skilled professionals.
To understand this case a little more in details let’s take an example of a Real Life Business Analytics Application:
Smart companies are using business analytics to understand the social data to anticipate the customer needs before they change.
In today’s modern era almost every person on the planet is in touch with the latest technology whether it may be social, web or mobile gadgets and which play crucial role in setting the definitive trends.
These technologies are built on social data that are empowered by the consumers. Individuals are armed with search engines, like buttons and friends. Social data, that people choose to share helps in increasing the business as it gives insight into the trends followed by them.
People freely share data every day which helps the company to know and serve them according to their individual interests. And it can help companies develop services that can anticipate customer’s needs before they change instead of after the fact.
But the question comes how do the companies do all this? Answer is through business analytics. Companies collaborate with the internal network, campaigns or acquire social data through tie ups with organizations so that they can target the right customers and build the right promotion and personalised content.
According to a joint study by MIT Sloan Management Review and IBM Institute of Business Value, organizations that excel in analytics often outperform those who are just beginning to adopt analytics by a factor of three to one.
As an example LabelSneak, a UK online retailer of men’s apparel, focused its attention to social media and extracted information from tweets, photo uploads conversation between consumers on social media and mobile gadgets. It helped increase their revenues by 148%.
Hence, we could say that Business Analytics is used for:
• Exploring data to find new patterns and relationships
• Explaining why a certain result occurred
• Experimenting to test previous decisions
• Forecasting future results
In the end, business analytics has become a very important tool in the understanding of customer need and the various trends.EduPristine’s extensive Business Analytics course covers the whole course in details. To know more, quickly write an email to email@example.com