Question

Please, explain are the benefits of analytical applications easily quantifiable?

Answer 1

Benefits of analytical applications easily quantifiable.

Analytical application is a type of business software used to measure and optimize business operations. Specifically, analytics software is a type of business analysis. Therefore, they use historical business transaction data collection to provide users with information and tools that allow them to improve business functions.

The maturity level of business intelligence is:

Transactional Reports
Analysis Reports
Business Council
Analytical software

It can be expanded for predictive analytics, or predictive analytics can be part of the analytics program - depending on the topic being analyzed and the nature of the analysis needed.

Analytical software is usually described as a subset of performance management. They are particularly relevant to business process analysis (such as sales pipeline analysis, accounting analysis or risk-adjusted profitability analysis) in supporting decision making.

To qualify as an application (and not just a medium), these tools must drive some form of automation. The level of maturity of this automation is as follows:

Read the data from the operating system appointed in the database, optimized for analysis (data automation)
Reports, dashboards, and indicators based on this data structure (automation report)
What - if the analysis and model of the scenario (forecast or automation lead the analysis).

In most cases, these three levels are separate functions that are freely interconnected as a single product and have minimal automation of the completion process.