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Benefits Of Business Analytics

Question

Compare and contrast the two companies in terms of their use of business analytics to improve their position in the industry.

Provide your rationale as to whether or not the use of data analytics has helped the company accomplish its goals.

Describe the challenges the company may have faced by choosing to utilize business analytics that the other company did not face.

Solution

Title: Benefits Of Business Analytics
Length: 3 pages (850 Words)
Style: APA

Preview

The Benefits of Business Analytics

Introduction

Business Analytics, often used interchangeably with the term Business Intelligence, refers to the practice that puts emphasis on statistical analysis into exploration and optimization of an organizations’ data so as to gain insights that are critical in the decision-making process of a company. Unlike business intelligence, which focuses on monitoring and reporting various occurrences, business analytics aims at explaining the following questions of what causes a particular phenomenon to take place under the various manipulation of variables that affect business transactions.

Information obtained from business analytics is crucial towards the survival of data- driven companies, and is often treated as a corporate asset, which gives them a competitive advantage. It depends on data quality used in data mining, statistical and quantitative analysis, in testing (A/B testing, multivariate, etc.), and in forecasting future results. This paper outlines some of the benefits of applying this system into a business venture as well as comparing and contrasting the performances between companies which use business analytics versus companies that do not.

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