Business Analytics in business world is a data-driven approach to develop new business insights where it uses statistics and Logical Data Model (LDM). It blends with technology and business. Business organizations use Business analytics for making data-driven decisions to automate and optimize their business process to get the highest value of business outcomes. There are different options or ways with what we can do data analytics which guides to drive business growth by taking crucial decisions at the right point of time.
Business analytics concept is not new rather it is around for years. Most of the organization does realize that Data capturing and using for analytics is very important for business. Even decades before businesses were using basic analytics to discover insights and trends of that particular time and business.Many analytic techniques, such as regression analysis, simulation, and machine learning, have been available for many years.
However, the current scenario has been changed as many business organizations are storing and analyzing huge amount of data. This approach is creating a new data driven generation who are doing data management. Business are recognizing the potential value of this data and investing behind it, putting technologies, developing Human resources and processing the data to capitalize the opportunities. Keeping data in any store doesn’t give any broader value. Rather it needs to analyses and use the results for decision making to generate value for the business.
In addition, the changing are coming through the digitization of the world technology which are making changes in customers’ expectations, buying behavior. Continued increases in the volume and complexity of regulation are placing a heavy cost and change burden on organizations. Many financial and telco services organizations have highly complex technology infrastructure, often containing substantial legacy platforms and applications. These challenges are forcing re-invention by delivering growth with more efficient processes and Less Overhead.
Grow through by knowing the Customer better; enhance cross/up sell with new products; Optimize and personalize offers and pricing; Determine right moment with right channel to interact with customer.
Reduce cost by using analytics to re-engineer and automate processes – reducing complexity, time and costs; Reducing Information Management complexity, data duplication and manual processes; Bringing the right analytical techniques to more granular integrated data.
Improve Business Management with, expense management to meet margins, Enhanced risk and financial management, Respond to competitive threats, Meet Regulatory & Compliance.
How can we do the Best Data
Very first we need to do Data Integration. Data integration is the combination of technical and business processes used to combine data from disparate sources into meaningful and valuable information. A complete data integration solution delivers trusted data from various sources. https://www.ibm.com/analytics/data -integration
Data need to be Integrated but we have some general challenges in most cases which are:
When we shall take all data in a single repository, we shall get uncountable benefits. I am giving some of those here:
Better customer service by identifying customer needs/problems/ opportunities faster and also we can do Cross-Selling to customers.
Better market agility by adjusting to changed market conditions faster than your competitors and also understanding the effect of a change in product/service mix on customers.
Business growth by reducing time to answer business questions and leveraging vendor relationships across Business.
Reduced costs by lowering cost of analytics and reconciling data from different sources.
You can make business value frame work through Data and analytics capabilities driving value across the organisation in (i)Marketing and customer Experience, (ii) Risk Management and Mitigation, (iii) Product Management (iv) Finance and Performance Management (v) Security and Fraud (vi) Legal and Regulatory Complience.
LEADS has 8+ years experience of working in Data Analytics with world renowned company named Teradata (www.teradata.com). We have have worked in local and international financial and Telecom companies for Data Warehouse building and Analytics Solution at Big Data and DW environment. In 2018 LEADS worked to upgrade a DW upgradation program in a renowned Telecom and in 2017 we also worked for developing a Data Management Platform. LEADS also has full authority in Banking, Manufacturing and Retail companies in smaller, medium and large scale of work with its local and international high experienced team.