Rohini College of Engineering and Technology Palkulam

Business Analytics BA4206 Sem-II

Rohini College of Engineering and Technology Palkulam

Business Analytics BA4206 Sem-II

The Scope of Business Analytics

Many different applications have used business analytics. Businesses employ descriptive analytics
extensively to comprehend their position in the market under the current conditions. Predictive and
prescriptive analytics are utilized in the meantime to identify more trustworthy metrics for
organizations to support their progress in a cutthroat environment. Business analytics has been one of
the most popular job choices in the previous ten years.
The Benefits of Business Analytics
Business analytics provides companies with actionable insights, to put it all together. But these are
the principal advantages of business analytics:
1. Boost operational effectiveness with regular actions.
2. Assist companies in better understanding their clients.
3. Business makes predictions about the future via data visualization.
4. These insights support decision-making and long-term planning.
5. Performance is measured and growth is fueled by business analytics.
6. Uncover hidden trends, produce leads, and scale your business appropriately. Rohini College of
Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II
Relationship of BA Process and Organization Decision-Making Process
The BA process can find solutions to issues and spot chances to boost corporate performance.
Organizations may come up with strategies throughout this process to direct operations and aid in
gaining competitive advantages. Organizations typically use decision-making processes to solve
issues and spot strategic possibilities. The latter, finding opportunities, might be seen as a strategy-
choice issue that needs to be resolved. That the BA process outlined in Section losely resembles
traditional organizational decision-making processes shouldn't be a surprise. The steps in normal
organize steps in normal organizational decision-making processes have an inherent Relationship to
the business analytic process, as shown in Figure Rohini College of Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II
Comparison of business analytics and organization decision-making processes
The organization decision-making process (ODMP), created by Elbing (1970) and described in,
focuses on problem-solving decision-making, but it may also be used to identify opportunities in data
and choose the best course of action to take advantage of them. The perception of disequilibrium, or
awareness that a problem exists and requires a decision, is the first phase in the five-step ODMP.
Similar to this, the first step in the BA process is to acknowledge that databases may contain data that
might be used to both address issues and identify possibilities to boost business performance. The
problem is then investigated in Step 2 of the ODMP to ascertain its scope, impact, and other elements
in order to identify it.
The BA process is similar to the decision-making framework that has supported ODMP for many
years. The same reasoning underpins organizational decision-making abilities and processes.
What is Competitive Advantage?
Organizations are now required to use business analytics, especially its subset of predictive business
analytics, in order to gain a competitive advantage.
Businesses are guaranteed success when business analytics efforts are implemented properly. Due to
the shrinking margin for error in decisions, using business analytics is a skill that is becoming more
and more valuable among the general population. Its purpose is to offer knowledge, forecast the
course of the company, and draw conclusions from the gold mine of unprocessed transactional data,
which includes internal and external data that many businesses currently keep (and will Rohini College
of Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II
continue to store) digitally. As a result, companies should prioritize analytics efforts to set
themselves apart from the competition and increase market share through high-potential prospects.
Through the numerous analytics models, business analytics facilitates differentiation. It largely
focuses on using analytical priorities to drive change.
Business analytics creates economies of scale, economies of scope, and quality improvement to drive
competitive advantage. The first step firms take to achieve comparative cost savings and gain
competitive advantage over their competitors is to take advantage of economies of scale.
The second method businesses reduce costs and gain a competitive edge over their rivals is by taking
advantage of economies of scope.
Business analytics increases operational efficiency while giving owners of businesses useful data
about the health of their companies. The efficiencies that develop as a company adopts big data
technology eventually have a knock-on impact that boosts production and lowers operating expenses.
The huge amounts of data that businesses produce nowadays make studying and managing them
nearly impossible. In light of their analytics approach, companies should take advantage of big data
in analytics projects.
One can argue that an organization's proficiency in understanding all varieties of analytics will
increase the major source of achieving a competitive edge. Your company is in danger if your
management team lacks analytics expertise.
Business analytics improves the efficiency of business operations providing business owners with
valuable information about the performance of the business. The efficiencies that accumulate when a
firm embraces big data technology eventually contribute to a ripple effect of increased production
and reduced business costs. In the modern world, the vast quantities of data produced by corporations
make their study and management practically impossible. Therefore, Rohini College of Engineering and
Technology Palkulam
Business Analytics BA4206 Sem-II
they should utilize big data in analytics projects to their advantage based on their analytics strategy.
Undoubtedly, predictive business analytics will be the next big thing in business, giving firms a
competitive edge. This will come about as a result of not just being able to foresee results but also of
aiming higher to make the best use of their assets, partners, and resources. It's possible that
developing an organization's workforce's analytical proficiency over time will be the most effective
sustainable business plan. The effects on organizations are exacerbated by this. Analytics helps
businesses understand the demands and behavior of their customers. Additionally, it enables a
business to monitor the public perception of its brand, keep track of clients Businesses can gain the
clarity they need to create effective plans to improve their place in the market by using business
analytics to understand where they stand in their sector or a specific niche.
A business needs to be up to date on the most recent market trends and best practices if it wants to
compete in today's dynamic marketplace. Business analytics not only gives businesses the knowledge
they need to thrive in today's dynamic business environment, but it also creates opportunities for
development and improvement by offering a thorough examination of the many internal
opportunities and difficulties that businesses encounter on a daily basis. It is crucial to take into
account how the organization incorporates data privacy into the architecture of the modern analytics
effort.
Employee retention is an issue for all businesses, but it is especially crucial in particular sectors.
According to IBM's research, organizations analyze over 5,000 job applications every month but
only hire 200 people. Big data supports data-driven innovation, such as detecting long-term Rohini
College of Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II

job opportunities and generating new goods and services. As a result, companies and small
businesses are redesigning their recruitment processes, resulting in much lower staff turnover.
Companies can devote newly available resources to activities that are more profitable to the
business and raise their levels of service delivery. Retaining an experienced pool of staff may
considerably help a corporation beat its competition by leveraging their long-term experiences.

The Scope of Business Analytics

Many different applications have used business analytics. Businesses employ descriptive analytics
extensively to comprehend their position in the market under the current conditions. Predictive and
prescriptive analytics are utilized in the meantime to identify more trustworthy metrics for
organizations to support their progress in a cutthroat environment. Business analytics has been one of
the most popular job choices in the previous ten years.
The Benefits of Business Analytics
Business analytics provides companies with actionable insights, to put it all together. But these are
the principal advantages of business analytics:
1. Boost operational effectiveness with regular actions.
2. Assist companies in better understanding their clients.
3. Business makes predictions about the future via data visualization.
4. These insights support decision-making and long-term planning.
5. Performance is measured and growth is fueled by business analytics.
6. Uncover hidden trends, produce leads, and scale your business appropriately. Rohini College of
Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II
Relationship of BA Process and Organization Decision-Making Process
The BA process can find solutions to issues and spot chances to boost corporate performance.
Organizations may come up with strategies throughout this process to direct operations and aid in
gaining competitive advantages. Organizations typically use decision-making processes to solve
issues and spot strategic possibilities. The latter, finding opportunities, might be seen as a strategy-
choice issue that needs to be resolved. That the BA process outlined in Section losely resembles
traditional organizational decision-making processes shouldn't be a surprise. The steps in normal
organize steps in normal organizational decision-making processes have an inherent Relationship to
the business analytic process, as shown in Figure Rohini College of Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II
Comparison of business analytics and organization decision-making processes
The organization decision-making process (ODMP), created by Elbing (1970) and described in,
focuses on problem-solving decision-making, but it may also be used to identify opportunities in data
and choose the best course of action to take advantage of them. The perception of disequilibrium, or
awareness that a problem exists and requires a decision, is the first phase in the five-step ODMP.
Similar to this, the first step in the BA process is to acknowledge that databases may contain data that
might be used to both address issues and identify possibilities to boost business performance. The
problem is then investigated in Step 2 of the ODMP to ascertain its scope, impact, and other elements
in order to identify it.
The BA process is similar to the decision-making framework that has supported ODMP for many
years. The same reasoning underpins organizational decision-making abilities and processes.
What is Competitive Advantage?
Organizations are now required to use business analytics, especially its subset of predictive business
analytics, in order to gain a competitive advantage.
Businesses are guaranteed success when business analytics efforts are implemented properly. Due to
the shrinking margin for error in decisions, using business analytics is a skill that is becoming more
and more valuable among the general population. Its purpose is to offer knowledge, forecast the
course of the company, and draw conclusions from the gold mine of unprocessed transactional data,
which includes internal and external data that many businesses currently keep (and will Rohini College
of Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II
continue to store) digitally. As a result, companies should prioritize analytics efforts to set
themselves apart from the competition and increase market share through high-potential prospects.
Through the numerous analytics models, business analytics facilitates differentiation. It largely
focuses on using analytical priorities to drive change.
Business analytics creates economies of scale, economies of scope, and quality improvement to drive
competitive advantage. The first step firms take to achieve comparative cost savings and gain
competitive advantage over their competitors is to take advantage of economies of scale.
The second method businesses reduce costs and gain a competitive edge over their rivals is by taking
advantage of economies of scope.
Business analytics increases operational efficiency while giving owners of businesses useful data
about the health of their companies. The efficiencies that develop as a company adopts big data
technology eventually have a knock-on impact that boosts production and lowers operating expenses.
The huge amounts of data that businesses produce nowadays make studying and managing them
nearly impossible. In light of their analytics approach, companies should take advantage of big data
in analytics projects.
One can argue that an organization's proficiency in understanding all varieties of analytics will
increase the major source of achieving a competitive edge. Your company is in danger if your
management team lacks analytics expertise.
Business analytics improves the efficiency of business operations providing business owners with
valuable information about the performance of the business. The efficiencies that accumulate when a
firm embraces big data technology eventually contribute to a ripple effect of increased production
and reduced business costs. In the modern world, the vast quantities of data produced by corporations
make their study and management practically impossible. Therefore, Rohini College of Engineering and
Technology Palkulam
Business Analytics BA4206 Sem-II
they should utilize big data in analytics projects to their advantage based on their analytics strategy.
Undoubtedly, predictive business analytics will be the next big thing in business, giving firms a
competitive edge. This will come about as a result of not just being able to foresee results but also of
aiming higher to make the best use of their assets, partners, and resources. It's possible that
developing an organization's workforce's analytical proficiency over time will be the most effective
sustainable business plan. The effects on organizations are exacerbated by this. Analytics helps
businesses understand the demands and behavior of their customers. Additionally, it enables a
business to monitor the public perception of its brand, keep track of clients Businesses can gain the
clarity they need to create effective plans to improve their place in the market by using business
analytics to understand where they stand in their sector or a specific niche.
A business needs to be up to date on the most recent market trends and best practices if it wants to
compete in today's dynamic marketplace. Business analytics not only gives businesses the knowledge
they need to thrive in today's dynamic business environment, but it also creates opportunities for
development and improvement by offering a thorough examination of the many internal
opportunities and difficulties that businesses encounter on a daily basis. It is crucial to take into
account how the organization incorporates data privacy into the architecture of the modern analytics
effort.
Employee retention is an issue for all businesses, but it is especially crucial in particular sectors.
According to IBM's research, organizations analyze over 5,000 job applications every month but
only hire 200 people. Big data supports data-driven innovation, such as detecting long-term Rohini
College of Engineering and Technology Palkulam
Business Analytics BA4206 Sem-II

job opportunities and generating new goods and services. As a result, companies and small
businesses are redesigning their recruitment processes, resulting in much lower staff turnover.
Companies can devote newly available resources to activities that are more profitable to the
business and raise their levels of service delivery. Retaining an experienced pool of staff may
considerably help a corporation beat its competition by leveraging their long-term experiences.