Over a period of time, this technique started getting utilized for business. Operations research was an analytical way to look at data to conduct military operations. It has its roots in operations research, which was extensively used during World War II. Evolution of Business Analyticsīusiness analytics has been existence since very long time and has evolved with availability of newer and better technologies. This information can be presented in any required format, comfortable to the decision maker. Converts available data into valuable information.Business analytics combines available data with various well thought models to improve business decisions. It is how this information is utilized makes the company competitive. In this digital age flow of information is almost equal to all the players. Provides a competitive advantage to companies.Facilitates better understanding of available primary and secondary data, which again affect operational efficiency of several departments.Therefore, business analytics can help improve profitability of the business, increase market share and revenue and provide better return to a shareholder. Hence it impacts functioning of the whole organization. Business analytics is a methodology or tool to make a sound commercial decision.Applicationīusiness analytics has a wide range of application from customer relationship management, financial management, and marketing, supply-chain management, human-resource management, pricing and even in sports through team game strategies. The computer-based model ensures that decision makers are able to see performance of decision under various scenarios. This all are combined to provide decision makers all the possible scenarios to make a well thought and researched decision. The proliferation of the internet and information technology has made analytics very relevant in the current age.Īnalytics is a field which combines data, information technology, statistical analysis, quantitative methods and computer-based models into one. The word analytics has come into the foreground in last decade or so.
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