Business Analytics

Okay, so we’ve all got tons of data. Mountains of data, in fact. What do we do with all of this? How can we make these numbers into something we can actually use?

The answer is probably obvious: analytics is a way to thoroughly systematize these enormous amounts of data. This is why analytics is important. In the world of business and finance, analytics can apply to the understanding of patterns in client activity, the identification of factors that determine success within the company, and even how to measure return on investment.

The key, then, is to delegate to the leaders. After all, analytics means nothing without a person feeding in the data and figuring out what all the numbers mean as a result. According to the experts at IBM, analytics ultimately means that leaders are able to enact better decision-making. Analytics is a means to an end, and the end is solid improvement in the inner workings of your company or business.

Mountains of Data

Of course, not all the data you reap is ultimately going to be useful. Analytics can help you sort through all of it. There are a few different approaches here:

• Descriptive analytics will help you find the data that applies to the decisions you’re searching for. Get rid of the rest.
• Predictive analytics will help you find actionable insights in the data, and then, like with descriptive analytics, you can get rid of the rest of the data that doesn’t apply.
• Finally, prescriptive analytics – probably your most holistic option for business analytics – will help you to find the best decisions to show to the decision maker. As a result, you’ll ideally be able to compute valuable conclusions.

Any other questions on the matter, feel free to give us a call!

Thanks for reading,

Rob Connary, President - COO