The Power of Business Analytics
More than a buzzword, business analytics gives you the data to differentiate your unique market space.
We’re pummeled with buzzwords almost every day. Words like business analytics, business intelligence, data science, automation, big data and more. It’s easy to get jaded and think it’s all just a bunch of marketing hype. While there may be some truth to that, there’s also value in diving in and learning what these buzzwords actually represent. Since I’m writing a blog post and not a book, I’ll keep my scope narrow and focus on business analytics from a macro perspective.
What Is Business Analytics?
If you google Business Analytics Definition, you’ll get a multitude of possible results. I like to define it as organizing systems, applications and data sets to gain insights into past and future business performance. Business Analytics is important on a daily basis because as the old adage goes, “You cannot manage what you cannot measure.”
In contrast to general reporting, analytics take measurements to a new level and provide a feedback loop that’s of far greater value than basic reporting.
Done in the proper platform and format, you can have an endless number of contributing data sets from all types of sources collaborating to identify cause and effect, outliers and trends. In other words, analytical services can tell you when you will arrive versus how fast you were going at mile marker 18. More than that, it can model different outcomes based on logical variations to the inputs.
Refined Data Improves Business Decisions
Archway has been delivering an ever increasing base of business analytics, visuals and decision support to our clients for several years. We are in a continuous process to relate data with higher precision and increased frequency, giving our business partners critical information to meet their analytical sales and service needs. In the age of data overload and mass consumption, collaboration and data organization is key to differentiation in your specific market space. As an Archway team member of almost 15 years, creating platforms and analytics for more than 10 of those years, I can say the need and importance for business analytics, its impact to sales and service and its ability to drive data driven decisions will only increase in the years to come.