According to M. Rouse business analytics is the iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis. Business Analytics is used by companies that are committed to making data-driven decisions. Data-driven companies treat their data as a corporate asset and actively look for ways to turn into a competitive advantage. In analyzing business successfully, you can rely on data quality, skilled analysts that can understand dynamics of technologies inline to business, and an organizational commitment on using data on gaining insights that can be used in business decisions.
Business analytics is the study of data statistical and operations analysis. The construction of predictive models, application of optimization techniques, and the communication of these results to customers, business partners and college executives. Business analytics Is very important to every business, because it records and gather all the statistical record of every business transaction to compare the business performance from period to period. This can help on improving the strategies, gathering new ideas, comparing statistical records such as sales etc., and maintaining competition. In other words, analysis of business is important to maintain the progress of business in order to grow not only financially but in general aspects. It also uses to compare performance from previous years to the latest in order to adopt to the changes happening in corporate world. it can also use as the basis of the decision making that you make for the future events or plan that you will conduct and execute for the benefits of the entire business sector. In terms of sales in can be used as the basis on how many quotas you need to accomplish every month this we will know if the business venture is financially progressing or not. We can also base the whole performance of the business, form the production, marketing and sales. Because the performance than the business should apply is based on how good or bad the performance of your company in its prior year. “The statistical records are use in analyzing and the results can be use to do their best in choosing what actions they’re best to do and constantly find ways to imply it."
Any kind of business shows tremendous growth by involving approaches and techniques used in business analytics. This said that business applicable is really applicable to different kinds of business. You can use the concept of business analytic to increase the productivity and progress of the industry that you choose. But for me agricultural industry really needs this kind of concept to progress.
Farmers work hard every day but do they get what they deserve? Maybe in other countries but here in the Philippines, farmers who works on planting harvesting goods didn't get what their handwork deserves. They paid a little but work a lot. All the goods are perishable vegetables, fruits, etc. Needs to transport easily before they get rotten and unuseful with this kind of problems entrepreneur may lost some of their capitals and many farmers effort would be useless. We can use business analytics to improve the mode of transportation. According to K. Mathews (2019) Data analytics can greatly improve the way these products is distributed from farmers to different places in the world. Distributors will be able to see the problem in their supply chains and find solution to help agricultural products get to their destination faster and more cost-effectively. Agricultural business provides us our daily needs. So, we must use a good concept to improve it, in a way that these sectors will attract financial supporters and also entrepreneur. This sector plays a vital role in our life we must find better way to transport, produce, and sell it on its best figure, for us to eat healthy and fresh food every day. With the use of these concept of business analytics we may expect greater changes in the industry structure toward integrated businesses that will be able to manage a diverse set of information and deliver best results for farmers. New entrants or recently born companies may succeed in this market independently or as acquired units of existing large companies, precisely because they have this holistic view of farming and will better integrate information related to farmers’ decision making.
Business Analytics can be applied to every business. I only focus on this sector because for me it really needs some help in our country. Concept of business analytics is good but it is only an idea, you must combine it with hard work and dedication. Always remember that Hard work is Good, but Handworks with plan is Better.
you are right. Business Analytics can be applied to every business. You have choosed the right section