While Information is now recognised as the power for running the show, the insights that are brought about from it are ruling supreme! And that is where BI Analytics steps in. In digital world, Analytics is the interpretation of company’s bottom line. ‘Do the math’ is the order.
Enterprise data is doubling every 18 months. The computing processor power is doubling every 18 months. The memory and storage cost is halving every 18 months. The increased effort to derive insights out of this scenario is called the interpretation of data. And that is where Analytics step in and play a crucial role.
Over the years, Analytics has become the prime supreme activity from being a support function of BI (Business Intelligence); evolving itself as enterprise’s strategic driver of business success and growth. Enterprises have expanded their use of analytics across multiple functional areas and have broadened analytics adoption in order to move pro active in making crucial decisions.
Not to mention here that Industry’s problems are compounded every day. With information systems also installed everywhere, the science of analytics is being practiced to extract useful properties of information by employing computational functions.
Analytics has become part of decision science. It is combination of Mathematics, Business, Technology and Strategy. What is being analysed today is versatile in nature. Descriptive analysis as ‘what is going on here?’, Inquisitive analytics as ‘why is it so?’ Predictive analytics as ‘what next? ‘. In short enterprise decision management is the broad term that is covered by analytics.
No secret that it depends and has extensive use of data. They may be called as Statistical analysis, Quantitative analysis, descriptive analytics, predictive modelling etc., but if business wants fact based management to drive business decisions, it is simply done by alysing data.
The domains covered by analytics span through all the industry. It is in BFSI (Banking, Finance, Security and Insurance), Retail sales, Telecommunications, Manufacturing, Transportation etc.
A recent study conducted by MIT and Wharton on ‘Business Intelligence Analytics’ proves the point clearly. It says that ‘those who adopt data driven decision making have output and productivity that is 5-6% higher than competition.’ The outputs range from increased share holder value to market leadership position.
Analytics is all about gaining insights from the available information for better decision making. Todays’ business is abuzz with use cases of BI Analytics. They include success stories of gaining insights from strategic, financial and operational point of views.