New Bits Of Knowledge And Drive Business Planning Essay

Just like in baseball there are large and small businesses. Businesses have to make decisions, decisions that will help the business in the long run. By using analytics business can measure their performance to know where they stand financially and economically. Numbers are very important in a

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.

Business Intelligence: Business intelligence is a program that coordinates the best combinations of data in sales to achieve maximum profits.

Business intelligence (BI) merges architectures, tools, databases, analytical tools, applications, and methodologies. It also is context free like DSS. BI deduces the connections between business entities by evaluating copious volumes of historical data which supports decisions. BI has four major components consisting of a data warehouse, business analytics, business performance management, and a user interface.

The concept of Business analytics is a component of business intelligence, it has evolved in recent years and now in the for front center of business. With the growth of technology and the continuing improvement

Business analytics is done in real time so no wastage of time and results are generated for faster decision making.

Sumangla Rathore, Avinash Panwar, Prakriti Soral (2014). Critical Factors for Successful Implementation of Business Analytics: Exploratory Findings from Select Cases. International Journal of Business Analytics and Intelligence, 2(2), 14-15.

Business analytics would offer efficiency to the firm whereby it would formulate decisions to help achieve its specified goals. Analytics would help TecWiz to gather data at a faster rate for presentation in a visually appealing way. Therefore, analytics would encourage a

Business Analytics and Reporting is one of the key focuses of the Business Advisory department, which I am currently apart of. You could say that from an external perspective with our clients, the Business Advisory department of AC Lordi Consulting has fully embraced the needs for analytics to guide and strengthen the decision making of our clients. When clients are facing challenging financial decisions, the Business Advisory department is able to provide the knowledge and expertise beyond the capabilities of their own organization. AC Lordi Consulting has the ability to provide highly skilled professionals in analytics that will develop the proper framework and methodology to have our clients embrace analytics and reporting. AC Lordi Consulting provide a structured framework to answer all the relevant questions, suggest KPI’s that can be measured in the industry and implement target ranges where KPI’s should fall within.

1. Business Analytics focuses on using mathematical models and technology to improve decision-making in both business world and daily life. Without even realizing, people use analytics in everyday scenarios to take different types of decisions.

Company’s current position and ability to compete on analytics: I had worked for a healthcare delivery organization whose mission is to enhance the quality of life through improved health, prepare future health care professionals and discover new medical knowledge through research. It is the only Academic Medical center in the region and enjoyed a monopoly for quite some time. With the passage of the Affordable Care Act, the payment model changed from Fee for Service to Bundled payments. The organization was challenged to lower the cost of providing healthcare services without compromising quality of care or research. It had to invest heavily on implementing Electronic Medical Records and systems for reporting to regulatory agencies and insurance companies. The table below highlights the differences between Analytics and Business Intelligence. Note that the organization is in the early phase of implementing BI solutions.

The company I am with is beginning to use analytics more and more. We are on step 1 of the five step process, so we still have a lot to learn and set goals on. We have just started using them so that we can compete with the “top dogs” of the bank data processors. I believe that if we didn’t use analytics one of the big competitors would come in and try to buy out the company. We are looking into ways to help use analytics so that we can strengthen our position in the service and show that we can handle any size community bank. We have created a Business Intelligence department to look into ways that we can improve products, forecast what a bank may buy when signing a contract, and to see how to pitch our regulatory compliance products to other companies to help them with their compliance.

Business analytics is different to Business intelligence which also uses statistical methods. Business analytics uses statistical methods and data to arrive at fresh understanding and illumination of a situation, whereas business intelligence uses statical data to serve as querying, reporting or alerts. Business analytics, therefore, is, one may say, the detective side of business using the statistics to develop and progress the business or direct it in new directions rather than revamping it with existent and supportive data. Business intelligence, in other words, uses the data to inform stakeholders and others what is occurring with the business, what the action is, and what steps are being taken.

Today, organizations want more use of their talent and experience. To help them, analytics is used to manage their business performance, processes, strategy and key

Business intelligence and business analytics… aren’t they the same thing?Or are they describing opposite processes?There are a lot of big words that get thrown around in the world of BI, and it’s easy to get lost in a whirlwind of interpretation.The diversity of opinion reflects the fluidity of how we understand the defining language of the field.It also demonstrates that in business intelligence, one term can mean different things to different people, depending on their business focus and their perspective.Though it is commonly called the BI field, the number of Google searches for “business analytics” have risen sharply in the past 10 years vs. a mild decline for “business intelligence”(google).