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Business Analytics

5 ways how business analytics can help your business grow

Online Manipal Editorial Team | July 06, 2022

Key takeaways:

  • The role of business analysts (BAs) bridges the gap between IT and the business by using data analytics to assess processes, determine requirements, and deliver data-driven recommendations and reports to executives and stakeholders
  • BAs work with business leaders and users to understand how data-driven changes to processes, products, services, software, and hardware can boost productivity and add value
  • At the same time, BAs must consider the practicality of their ideas, both technologically and financially as well as functionally
  • Depending on the role, BAs may use data sets to improve products, hardware, tools, software, services, or processes

As a business owner, you may be trying to figure out what your company needs to do to stay competitive and grow. Or maybe you are just wondering if you need any help with your current operations. Whatever the case may be, it is essential to understand what business analytics can do for you as a small business owner—and how it can help you make better decisions about your company’s future.

So what exactly is the role of business analytics? How business analytics helps business? It is the practice of using data and statistics to analyse trends to gain insight into a company or its products/services. Businesses use this information to make decisions on how they want their companies or products/services to run, and they can use these insights to evaluate their success or failure.

Business analytics has become a central part of any organisation today, especially in marketing strategies and product design. If you are interested in learning more about how these tools can impact your bottom line, check out our blog post below!

What is the purpose of business analytics?

Business analytics is the systematic use of data to achieve a competitive advantage. Application of business analytics includes tracking, measuring, and analysing customer behaviours, identifying customer needs and strengths, and predicting future trends. Businesses use analytics to improve their competitive edge.

Business analytics also uses data to make decisions and provide insight into business operations. It is a strategic approach to achieving the goals of the company. Business analysts are responsible for gathering, processing, analysing and reporting on data to find meaningful insights that can be used to make business decisions.

Business analytics aims to provide data and other information on a company’s business operations, which can be used to improve performance and make strategic decisions. Business analysts are responsible for analysing data and making it useful for decision-makers. This can include collecting data from different sources (internal or external) and extracting specific information from it. Business analysts also take the collected data and use it to generate reports, charts, or other visual representations that can be shared with others in the organisation.

Business analytics can also be used to provide insights that help managers make decisions about how to allocate resources towards strategic goals. For example, you might use business analytics to determine whether it makes sense for your company to invest in an accounting software product or instead invest in employee training programmes.

The application of business analytics creates the possibility of acquiring a more in-depth comprehension of the market, the competitors, and the customers. In addition to this, having access to this information is essential for improving business operations and making educated choices regarding products and services. Business analytics enables you to improve decision-making by supplying you with information that can assist you in making better decisions and having more confidence in the outcomes of those decisions.

For more detailed information, contact the expert at Online Manipal Business Analytics course.

How business analytics can help your business grow

How business analytics helps businesses? Well, business analytics is a lot like a game of chess.

5 ways how business analytics can help your business grow

Understanding the basics of how it works is essential, but it can be hard to see the forest for the trees at the beginning of your journey. Many think that business analytics is just about crunching numbers and getting reports showing where you are spending money. But that’s only half the picture! Business analytics is about making decisions based on data. 

Implementing business analytics in your organisation can be seen in many areas – improved customer service, increased profits, better governance, and reduced risk. Let’s take a look at some of them:

Business analytics is used across all industries and can help you increase efficiency, improve decision-making, and better use resources. It can also help you identify trends and opportunities that would otherwise be overlooked.

How business analytics helps in decision making

  • Improved customer service

There are a number of channels, including traditional retail, e-commerce, and social media, through which companies can collect information about their customers. Utilising data analytics to develop comprehensive customer profiles enables businesses to gain a better understanding of the requirements posed by consumers. The quality of the customer experience can be enhanced by applying behavioural analytics models to consumer data. To choose which products to promote at checkout, for instance, a company might run a predictive model on the data gleaned from customers’ online purchases.

  • Aids in the efficient streamlining of operations

Business analytics can also help improve efficiency by assisting companies in reducing costs through improved planning and forecasting techniques. This is another area in which business analytics can be helpful. This will help businesses save money by lowering the overhead costs that are associated with squandered time spent on administrative tasks such as filling out paperwork, making phone calls, or sending emails, when these activities could be completed much more quickly online.

The importance of business analytics can be demonstrated in organisations by enhancing the efficiency of operational processes. Monitoring the supply chain can help identify bottlenecks and delays, as well as potential issues, so it is important to do so. In the event that a demand forecast indicates that a particular supplier will not be able to manage the required volume during the holiday season, an organisation may choose to either supplement or replace that supplier.

There is also the problem of optimising inventory, which is something that a lot of companies struggle with. When estimating appropriate supply levels for a company’s entire product line using data analytics, seasonality, holidays, and long-term trends are all factors that can be taken into consideration.

  • Reduces risk and manages setbacks

In business, there are always potential pitfalls. Concerns about employee safety, such as theft by employees or unpaid invoices, are just two examples of the challenges that need to be tackled. The use of data analytics provides a company with the ability to recognise and mitigate potential risks. 

Running a propensity model, which is a statistical model that predicts future actions or events, can be one way to use this data to determine which stores have a higher risk of being robbed. This information could be utilised by the company in the decision-making process regarding retail security or even site divestitures.

  • Better decision-making

This is another most important benefit of business analytics. It can help you make better decisions by identifying trends and opportunities that would otherwise be overlooked. This will give you more time and resources to focus on areas where they are needed most.

  • Improved efficiency

Business analytics can also help improve efficiency by assisting companies in reducing costs through improved planning and forecasting techniques. This is another area in which business analytics can be helpful. This will help businesses save money by lowering the overhead costs that are associated with squandered time spent on administrative tasks such as filling out paperwork, making phone calls, or sending emails, when these activities could be completed much more quickly online.

  • Increased productivity

When employees are more productive at work because they know what needs to get done instead of having to wait around for someone else’s ability and availability.

Business analytics can help you:

  • Identify risks early on by providing a deep dive into performance data
  • Make informed decisions based on real-time data rather than relying on assumptions (or past performance)
  • Get a clearer picture of your customers’ needs and wants, so you can provide them with the products they need
  • Eliminate unnecessary costs and waste by identifying areas where you are not getting value out of existing processes or systems
  • It helps you to identify business opportunities and challenges
  • Assist in discovering business expansion opportunities
  • You can improve decision-making through data analysis
  • You can reduce risk by knowing how your products or services perform in the market
  • You can increase profits by improving customer engagement and retention strategies

Consider exploring the Online Manipal course for getting more deeper insights.

ALSO READ: Why should you enrol for an M.Sc. in Business Analytics?

How can small businesses benefit from data analytics?

In today’s world, data is everything. Small businesses harnessing the power of data analytics will have a significant competitive advantage.

Data analytics can help small businesses in several ways. 

  • Effectively understand customers: Businesses can learn what their customers want and need by analysing customer data. This can be used to improve the customer experience, leading to more sales.
  • Improve marketing efforts: By understanding which marketing campaigns are most effective, businesses can save money and get better results.
  • Improve operations: By analysing data, businesses can identify inefficiencies and areas for improvement. This can result in reduced costs and improved productivity.
  • Identify new business opportunities: By analysing data, businesses can identify trends and patterns that can be used to develop new products and services.

Data analytics is a powerful tool that can help small businesses in many ways. Those that take advantage of it will be at a significant competitive advantage.

Bottom line

As companies strive to expand and adapt to the changing needs of their clients and customers, business analysts are becoming increasingly popular across a wide range of industries. They are hired by a wide range of businesses to help them solve problems, set new goals, and achieve desired outcomes.

Finding solutions to significant problems is made possible through the utilisation and importance of analytics. Data analytics helps you to acquire knowledge regarding what is happening in your company, how well it is doing, and whether or not you are on the right path to achieving the objectives you have set for yourself.
It is absolutely necessary to make use of business analytics in order to make effective use of the massive amounts of information that are produced by businesses. Data analytics gives a company the ability to accomplish a wide variety of goals, such as adapting a sales pitch to the particular needs of an individual customer and identifying and mitigating risks faced by the company. You can make a career in business analytics if these things excite you.

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