Business Analytics: Bringing new dynamics in Business Operations

Karan Doshi, Head - IT & Strategy, Nilkamal Limited | Thursday, 03 March 2016, 09:26 IST

Consequent to decades of information technology deployment, organizations today have more information at hand about their business than ever before. The rapid growth in the amount of data correspondingly results in information being unutilized to out-think the peers. Thus, need of the hour for an organization is to draw on Business Analytics to strategize and optimize data for business operations. Analytics find relevance among the millions of variables, explore and investigate past business performance to gain insight and drive business planning. Moreover, analytics provides clear and significant data which delivers accurate and quick decision.

With the discovery of visual data as one of the trends in analytics, decision makers at different levels welcome data visualization. This enables them to see analytical results converted into multiple visual indicators representing large dataset and immediately facilitates to focus on required area. Moreover, visual data analytics assists to overcome data limitations by furnishing comprehensive analytical atmosphere. This proliferates productivity of business with responsiveness and clarity.

The impelling increase in the data driven business culture has brought challenge to manage big data of the company. As this continues to spiral upward, there is a great opportunity for analytics to grow accompanying demand for easy-to-use analytics tools. The consequential issues faced by the CIOs like performance, data over roll, regulatory compliance, operational risks and many more could be retorted with advanced analytics. Analytics unlocks the value of data as majority of the information lies in the big data. Business intelligence and analytics as services help companies to manage data and convert them into strategic information. Every CIO, CMO or COO would definitely want the data to be analyzed in a structural way, giving optimum output which would further help in achieving goals. Most of the information systems designed by the companies are to deal with day-to-day operations and small decisions. Exemplars of analytics are using new tools to provide real time output extracting useful information from the database thereby accelerating product innovation.

There is lot to be done to harness the potential of business analytics and amalgamate it with new business operations. Use of data to the maximum level is required and hence it is pertinent to efficaciously respond to new dynamics. Organizations need to embrace analytics and realize the benefits of optimal data usage. An acute role has to be played by MIS and analytical team to take crucial decisions and levitate productivity to a new horizon. Adopting new analytics to provide good amount of crispy data would help augment business experience and drive business value for organizations.