Data Integration& Storage
Data Analysis & Reporting
Presentation & Action
|1. Data Collection from Primary Source||1. Integrating Data from multiple sources
2. Data Warehousing
|1. Ad-hoc Query
2. Statistical Modelling
3. MIS Reporting
4. Structured Reports
5. Customised Dashboards
|1. Predictive Analytics
2. Risk Analytics
3. Sales & Marketing Analytics
|1. Analysing and Interpreting Results
2. Consulting Services to Clients
3. Operational or Tactical Decision Making
Business Analytics is the use of tools and techniques, such as data mining, pattern matching, data visualization and predictive modelling, for the continuous methodological exploration of past business data to develop new insights about the business performance and facilitate business planning. The primary goal of any analytics exercise in a company is to inform the management about the health of the business, at times forewarn of impending problems/opportunities and throw light on what to best expect in the medium-term future. These tools help identify and develop new opportunities, providing companies with competitive market advantage and long-term stability.
Business Analytics tools include scorecards, dashboards, analytics, data mining and reports with drill downs. BA typically combines high-level data from each department in-order to gain an understanding of how the organization is functioning as a whole. It helps in identifying the critical strength and weakness of the business and presents ways to increase efficiency and enhance revenue. It also enables Mid-Sized Companies to estimate how much investment can be put to use and gain control over inventory investment.
Business analytics has become an important requirement for companies that want to be competitive—and stay that way. While certain kinds of advanced analytics have been on the market for decades, adoption is finally increasing for a number of reasons, including the economic climate, the availability of computing power, the growth in the amount and variety of data, and a greater appreciation of the power of analytics. The companies are moving towards more forward-looking analytics in order to increase operational efficiency, reduce fraud and waste, deliver incisive marketing campaigns, improve financial outcomes, and predict business risk
With aspirations of offering greater business value to the customers and to deal with domestic and global competitive challenges, the Mid-Sized Companies in India are turning to true business assessment and performance management solutions.
Forecasting, business analytics and similar tools are vital for them in order to manage the amount of data generated – it grows at an exponential rate with the accumulation of all-types of data – financial & accounting data, sales & marketing data, production data, HR related data, etc.
It is vital not only to possess data; but to be able to analyse it with a view to gain business insight. Unfortunately, this is one task that many Mid-Sized Companies are not equipped do. And this is precisely the reason for the adoption of BA tools by them.
Business analytics tools are a key to transformation success but Mid-Sized Companies struggle with data accuracy and quality. The need of the hour is to empower the sector so that it is able to take its rightful place as the growth engine of the economy. In order to achieve this target, it is necessary to support the Mid-Sized Companies, educate and empower them to make optimum utilization of the resources.
The Mid-Sized Companies need to be educated and informed of the latest developments taking place globally and be helped to acquire skills necessary to keep pace with the global developments.
In order to move up the value chain and increase their penetration, it is fundamental that quality and quantity of relevant data is coming from a structured data source. Most Mid-Sized Companies keep their data in an unstructured format which cannot be used effectively. Database for the large enterprises which can be used for analytics is available at several places in a structured way. For Mid-Sized Companies, this database is not available.
Hence, rated enterprises play a greater role in compiling such granular data which could lead to better analysis of this sector. Rating agencies garner a lot of data while assigning rating to companies and this data is stored in their database, in a structured format and is readily accessible, which can be later used for the benefits of Mid-Sized Companies.
With the help of BA tools, this database created by rating agencies can be integrated with the company specific data to provide these organization users with a complete view of their business performance.
Business Analytics is emerging as a tool in helping Mid-Sized Companies improve their performance and gain real time insight about the business. Mid-Sized Companies can vastly improve the effectiveness and accuracy of business planning without implementing a large and expensive system. Mid-Sized Companies must seriously consider these analytics-based tools which would help improve their sales, optimize inventory, understand customer and product behaviour patterns, etc with a view to build up more efficient, robust, progressive & profitable business.