Advantages And Disadvantages Of Business Analytics
Running Head: BUSINESS ANALYTICS
Business Analytics
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Institution
Business Analytics
Introduction
Business analytics is one of the revolutionary tools in the corporate world. Used as a decision-making tool, business analytics is used as a basis for making decisions based on the available data. The main idea behind making an evidence based decision is to ensure that the decisions are not only thoroughly informed but also viable. Viability, in this case, relates to the prevailing market conditions and the internal conditions of the organization. Business analytics are also used to improve the effectiveness of decision making. This concept is known as enhancing decision-making effectiveness (DME).
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One of the disadvantages is the breach customers' private details. In using this tool, the entity needs to access consumer data such as their consumer behavior, online activity, and active subscriptions (Lautebach, Johnston, and Adeniran-Ugundipe, 2017). The breach of privacy occurs since the entity has to remotely monitor consumer's online activity in order to determine their consumer behavior. It is this data which is thereafter used processed to derive important data. Weden Inc. should create a customer database to store customer data.
The customer information obtained may get to a malicious third party which may manipulate the data in a manner that harms the customers. Weden Inc. should put in place sensitive authentication and authorization protocols to ensure no unauthorized person has access to customer data. The cost of data analytic tools may be significant. Thus, a corporate entity may be incapable of obtaining a practical tool that meets all its needs and expectations due to the cost constraints. It is important for Weden Inc. to critically evaluate the cost of an ideal tool that is capable of meeting its needs and weigh it against the anticipated benefits to determine whether or not the cost can be
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Weden Inc. should first identify the distinct ventures they prioritize. These should be aligned to the organization's long-term and short-term goals. Once these have been described precisely, the SWOT technique should be used to evaluate the viability of the venture. At the same time, the PESTLE tool should be used to determine the effect of the identified ventures to determine how they impact different aspects of the external environment. Once these two phases have been completed successfully, the entity should then use BPM to visually represent the stages involved in undertaking the venture.
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