Importance Of Predictive Analysis Of Making Business Agile Essay

Decision making and communication are at the center of business success and efficient business analytics would only be effective through the use of proper information systems and that are up to date with current trends as well as optimizing on the available channels.

The concept of analytics-based decision marking takes into consideration industry knowledge and business analytics which includes four acts (Bartlett, 2013). The four acts help prepare analytics to support an anticipated decision and illustrate a process for analytics-based decision making. As a result, the role of statistical thinking, the interaction, and relationship between industry knowledge and analytics, as well as where things can go wrong in a real business problem can be revealed (Bartlett, 2013). In addition, moving from one act to another seamlessly, jumping back from and forth from one act to another or simply following some other route is easy to do in a real business problem. This annotated bibliography will examine articles that contain resources that support the concepts contained in the four acts.

Forecasting analytics will enable SYSCO to make appropriate upfront decisions and monitor customers as well as the industry. Extraction and data mining are also useful tools that will positively affect SYSCO’s decision-making process. Lastly, consulting support and employees’ training will facilitate the implementation of the new software in the company. For all these reasons, the use of BI at SYSCO can create a competitive advantage of the company in the industry. However, this competitive advantage depends on the competition – do the competitors use a similar software or by chance the same and do they already have a strong position in the market? Outperforming for example “U.S Food Service”, SYSCO’s main competitor, might be arduous if that company relies on a similar software and already has an eminent role in the

These and several more functions will sure be beneficial to our organization. Salmasi,M.K et al, 2016 stated that “Business intelligence is a technology-oriented solution that businesses need to survive in today’s competitive and constantly changing market” and for our company to stay in the market competition, we need to plunge into these trends.

The smarter business intelligence provides market behaviour in new ways of analyzing customer’s behaviour much quicker than ever before.

Business analytics (BA) is a method combining skills, technologies, applications, and processes that is used by the company to gain valuable insight on the processes of the business by collecting statistical data. BA is used by the company to improve the business decisions and can be used to automate and optimize the business processes. A data driven company, such as SMB Computation treats their data as a corporate asset and uses it to gain a competitive advantage. For business analytics to be successful, skilled analysts who recognize the technologies and the companies, organizational guarantee to the data-driven decision-making must collect quality data (Rouse, 2010).

Companies are facing a highly uncertain environment due to financial-crisis, global economy, and dealing with high-competitiveness. The value encompassing the culture of leveraging people, process, data and technology. The shared core-values and priorities of an organization has becoming essential for intelligent enterprise (Stubbs, 2014) . As Evan Stubbs described in his book (Stubbs, 2014), we need skilled employees who are involved in applying business analytics, comfortable leaders with uncertain environments and planning for unknown unknowns. Process must be linked to achieve an outcome and strongly defined, further to create specific steps that can be automated. Not less important – data and measure process for future analysis and decision-making process; convert simple data to valuable information for executives. And the technology enables to produce assets.

Business Intelligence is gaining popularity in many organizations and companies. Business Intelligence solutions are developed to help the organizations understand their customers, activities and performance. BI solutions act as measurements units for a business or an organization. Deficient intelligence leads to weak decision making. BI has

According to Sauter (2010), business intelligence is defined as a goal, information is provided to decision makers in a timely manner to solve organizational problems or to act on opportunities for the organization. The business intelligence system aids decision makers in better understanding problems through data. Business intelligence has become necessary due to globalization and the rate of speed in which business is conducted today, 24/7. Information alone, is not business intelligent. The information must be “intelligent” (p. 56). Intelligent information is information that is important to the organization and aligns with the organization 's goal (Sauter, 2010).

Secondly, predictive analytics not only use statistical algorithms and forecasts on historical data but also anticipate likely situations to plan ahead. The means of these predictive models differs depending on their behaviour and future events but the aim is to go beyond reporting what has happened in providing the best assessment of what will happen. Data mining is an important component that tends to identify trends, patterns and relationship. They largely depend on statistical models and multivariate analysis techniques. Thereby decision making can be streamlined and new insights can be revealed leading to better decision making. Organisations are adapting to predictive analytics for competitive advantage. They are used in identifying trends, understanding customers, enhance business performance, predict behaviour and drive decision making. (SAS and Nyce)

Predictive Analytics are able to help companies make since of their data that have gathered throughout their lifespan. This opens up the door to a lot of potential advantages. Many organizations in the past have based decisions based on what they believe to be true. They have had very little means to actually being able to know for sure if they were making the most logical decision possible. Don’t get me wrong there have been very intelligent people making these decisions that have been able to lead many successful companies. If these executives were already able to lead very successful companies based on theory imagine what they can accomplish after they are able to make since of all of their data.

• Delivers powerful business intelligence to enable strategic analysis of key business trends for better planning decision-making.

Business intelligence (BI) is defined as the set of techniques and tools for the transformation of raw data into meaningful and useful information for business analysis purposes. BI has been around long before computers and access to the internet. For example, an old ship building yard would have to keep track of its various transactions, employees, profit, suppliers, materials, etc. The shipyard owner would then turn this collected raw data into useful information in order to figure out where the company is going wrong and where it can improve. If the suppliers have not shipped on time for weeks the shipyard would know to find more reliable suppliers - this is a very simple example of utilizing business intelligence. In

All great organizations share one thing in common, the use of business intelligence. Business intelligence (BI) provides tools that revolutionize the way organizations manage business and decision-making. It allows them to transform mass amounts of raw data into reliable information necessary to make important business decisions. BI delivers relevant and reliable information to those who seek it with the goal of achieving better decisions faster. An employee is independently able to navigate through a company’s data and find what he or she needs without relying on others. This means an organization no longer needs to dig through compiled webs of linked spreadsheets, analyze the data manually and mash together reports. Instead, employees can use BI systems to request the specific information that is useful for them (Hitachi Solutions Canada, 2014). BI allows managers to reach the most accurate and contemporaneous information an organization’s database cannot retrieve. The software offers applications for both data analysis and presentation of results. Applications such as data mining and decision support systems allow one to contemplate how he or she wants to analyze the data. Data mining refers to the process of searching for valuable business information in a large database, data warehouse, or data mart. Decision support systems combine models and data in an attempt to analyze semi structured and some unstructured problems with

Predictive Analytics. This type of business analytics is to answer the question “What is likely to happen?”. The process of predictive analytics is identifying past patterns and using statistical models and forecast techniques to understand the future. The output of the predictive analytics, for example is, which age range of customers that will apply for credit cards in the next 12 months, which income range of the customers that will use the electronics banking facilities for next 2 years.