In: Operations Management
Assume that you have established your own company. It is recognized that business analytics is one of the emerging technologies. Evaluate business analytics and discuss the benefits that this emerging technology can bring to your company
Business Analytics is the study of data through the analysis of statistics and processes, the development of statistical models, the implementation of modeling methods and the dissemination of these findings to clients, corporate associates and college executives. Business analytics needs computational approaches and evidence-based data for market analysis and decision-making; as such Market Analytics needs the use of Big Data.
Companies make data-driven decisions using the Business Analytics (BA). BA's insight allows those firms to automate and optimize their business processes. In reality, data-driven companies using Business Analytics gain a competitive edge as they can use the insights to:
Business Analytics also assists businesses in making strategic operational decisions and BA helps those organizations to simplify decision-taking and enable real-time responses.
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