Business Analytics

Business Analytics Nowadays business analytics has established itself as an efficient tool for improving a management performance. A smart approach towards a company’s data interpretation allows to find out the possible drawbacks, predict potential problems, monitor the collective achievements and, most importantly, to perform a more reasonable and grounded decision-making process.Advertising We will write a custom essay sample on Business Analytics specifically for you for only $16.05 $11/page Learn More It is evident today that one has to be capable of processing large amounts of information in order to be a successful competitor. Therefore, companies contribute significantly to the modern technologies and professional personnel that constitute a favorable analytical environment (Pearlson Saunders 2013). The motives for developing analytical competence can be various. Some firms perform a thorough data analysis in order to work out a unique strategy; others try to re new the already existing concept. Despite the fact that the necessity of applying analytical analysis seems to be unquestioned, statistics has shown that one starts developing this competence when the company experiences some difficulties. As a rule, managers employ the analysis of big data in order to determine the cause of the current challenge. One should point out that this kind of approach cannot be called farsighted. The companies with a more rational managing policy contribute to business analytics not to solve the problem but to avoid it (Charles Gherman 2013). Reasonable management suggests using the data analysis in the interest of making the right decision and predicting its outcomes. The intensive business competition can, likewise, prompt one to engage analytical tools in furtherance of improving the company’s analytical performance. Thus, a thorough analysis of the collected data lets one monitor the clients’ satisfaction rate, as well as follow the riva ling companies’ activity. Whereas the analysis of big data is an undoubtedly efficient tool, it is also a relatively new concept. Therefore, companies are likely to face a series of challenges before they learn to perform a successful processing of the collected information. The primary problem one is apt to experience is the shortage of high-qualified specialists. As far as universities do not yet have relevant faculties, identifying a skilled data scientist seems to be rather problematic. Hence, it is up to the managers to work out a proper approach for attracting consistent professionals and evaluating their competence.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Moreover, while the problem of processing high volumes of data is easily solved with the help of modern technologies, its quality analysis seems to be a more challenging task. The company’s principal concern is, thence, to determine the precise aims of the performed analysis. It is an accurate targeting that results in formulating valuable conclusions instead of receiving mere statistics (Charles Gherman 2013). In my organization, the employment of big data analysis would have a significant impact on the company’s progress. First of all, as long as modern technologies allow storing the unlimited volumes of information, a high-quality data analysis would spare the company’s time and effort in carrying out the same procedures. The wise analytical policy would also prevent the firm from taking the wrong measures once they have proved their inefficiency. Finally, sufficient contribution to the development of the analytical competence would turn the organization into a successful competitor perfectly aware of its targeted market and the rival’s performance. In conclusion, one should point out the importance of integrating business analytics into the corporate po licy. It should be realized that the analysis of big data has its specificity and peculiarities that are to be considered. Finally, it is crucial that the managers do not overuse technologies while examining the input. However smart the mechanism is, the accredited analysis still requires human’s strategic vision and criticism (Pearlson Saunders 2013). Reference list Charles, V Gherman, T 2013, ‘Achieving Competitive Advantage Through Big Data.Strategic Implications , Middle-East Journal of Scientific Research, vol. 16, no. 8, pp. 1069-1074. Pearlson, KE Saunders, CS 2013, Strategic Management of Information Systems, John Wiley Sons Incorporated, New Jersey.Advertising We will write a custom essay sample on Business Analytics specifically for you for only $16.05 $11/page Learn More