The Importance Of Business Analytics

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PREFACE

Business Analytics has made a paradigm shift in the way firms execute their operational, tactical and strategic objectives. Sky is the limit to explore the scope and opportunities in the current context. Business analytics tools are quite useful in usage analysis, product affinity, human resource management, campaign effectiveness and financial intelligence applications. Key issues behind business analytics are to build a performance management and proper business analytics strategy. So the firms should clearly understand the business objectives and metrics. These tools increase firm’s agility, decrease operating costs improve customer loyalty and acquisitions. There is a trend now to gradually replace traditional and licensed software
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To cope up the ever changing needs & demand of the present dynamic world companies are now relying on such sciences. In this modern technology driven world, business firms are loaded with enormous flood of data therefore it becomes a crucial task for them to select the relevant ones out of them otherwise it is practically not possible to work on all the data and gain fruitful results economically and timely as it is often said that time is…show more content…
Thus, this industry group makes it possible for the analytics technology to be truly useful. Most major analytics technology providers like IBM, SAS, Teradata, etc., clearly recognize the opportunity to connect to a specific industry or client and offer analytic consulting services. Companies that have traditionally provided application/data solutions to specific sectors are now developing industry specific analytics offerings. For example. Cerner provides electronic medical records solutions to medical providers and their offerings now include many analytics reports and visualizations. Similarly, IBM offers a fraud detection engine for the health insurance industry, and is working with an insurance company to employ their famous Watson analytics platform in assisting medical providers and insurance companies with diagnosis and disease management. Another example of a vertical application provider is Sabre Technologies, which provides analytical solutions to the travel industry including fare pricing for revenue optimization, dispatch planning, etc. This cluster also includes companies that have developed their own domain specific analytics solutions and market them broadly to a client base. For example. Axiom has
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