Business Analytics for Effective Decision Making

By Saurabh Shakyawar, 3rd Eye Advisory®
Business Analytics for Effective Decision Making

Business Analytic shelps organizations to improve their performance by providing employees and management the necessary information they need at the right moment. The main advantage of Analytics - besides many other benefits is that the people within an organization are able to make better decisions faster, both at the level of the knowledge worker and at the level of the Board of Directors. In times of high uncertainty and a volatile business climate, people need reliable insights to be able to take better and smarter decisions.

Business Analytics is the continuing process in which an organization collects, store and analyze the data in a specific way in order to apply the resulting information and knowledge in decision making process to improve the performance of the organization.

Analyze what insights are relevant

Key to the business analytics is to understand that which KPIs and information are relevant for your customers. Decision making process can be categorized between two phases: First is to gathering the data and filtering the meaningful information out of raw data, Secondly the analysis and decision making based on this analyzed data.

Business Analytics

Business Analytics has two major concerns: one is based on technicality and other is based on business perspective.The first one is related with systems designing and building a data warehouse and information cubes, selection and usability of right tools, creation of dashboards and meaningful reports generation and visualization of information using Bar, Charts etc.Second factor is all about analyzing the data and using the information and insights to enable management to take the smarter decisions. It is very important to discuss these insights well before taking any decision; this is called collaborative Business Intelligence.

Meaningful data will always be self-explanatory, leads us to the right track and should provide a call to action. As and when Management and employee will have the access to right information, we can say that the better decisions and appropriate action will follow.Better results will be achieved in all areas of an organization, customer satisfaction improves, and profit percentage suddenly goes up. The overall hierarchy of the organization works towards achieving a common goal; this is what we can call as an intelligent organization.

Today's leaders no longer make decisions based primarily on intuition. Instead, making decisions today is a team sport, involving all the relevant people in the organization, and taking advantage of new technologies to collect and analyze all the relevant data. In this all-hands-on-data environment, decision makers expect

  • Data from all relevant sources in one place.
  • Real-time data, not having to wait for an analyst to deliver it or wait for IT to respond.
  • Data that is accessible anytime and anywhere, on any mobile device.
  • Data that represents one version of the truth
  • Self-service data and analysis, reducing the reliance on experts.
  • Data and analytics that help predict what's coming.

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Article by: Saurabh Shakyawar, 3rd Eye Advisory®
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