The companies are investing in Business Analytics tools
Since 2012 we have seen a new hot trend that attracts successful managers – the new analytics tools. This thing is not technology but this is about helping the management to make decisions properly and in time as well as changing the way how the organizations do business. Analytics is about transforming business into a more competitive, resource-saving and goal-oriented organization. Most of companies already understand the advantages of this opportunity but a lot of these companies still struggle to set up and optimize this business process. It is a big question for the management to choose the right Business Intelligence package, set up it and adjust the system for the industry`s needs and define the right people who will have access to the Big Data warehouses and business reports. See this live example to understand how important data analysis really is.
Using analytics tools
Today`s economy is in deep fog and it is difficult to predict the business relying on the traditional marketing and analytic tools. But fortunately there is Big Data opportunity that can give the helpful information about the current and future business situation according to the company`s and customers` data. That is how the management is able to react to unprecedentedly fast to the economic environment.
An example of a company who has gained alot by analyzing their data is Med24 from Løkken. You can find their case here.
Business Analytics provides the management with these capabilities: Business Intelligence to predict the organization`s behavior in next 16 months, risk-management to provide fast alerts to new obstacles, and flexible financial system to make organization react smart and fast to the challenges. Here is the explanation why companies are investing in Business Analytics and Business Intelligence:
– Business Analytics is #1 technology priority for both CIOs and CEOs according to Gartner.
– Organizations get $10.66 of value for every $1 invested in analytics – according to Nucleus Research.
– IDC has increased the forecasts with stronger than expected figures.
– IDC analyst Dan Vesset states that this year business analytics market is already a mainstream that can serve for midmarket companies’ interests.
This is just some of the reasons why analytics in business are a must and more and more companies have started to focus on this.