Business Analytics Write For Us
Business analysis is converting data into insights to improve business decisions. Data management, data visualization, predictive modeling, data mining, prediction simulation, and optimization are some tools used to generate insights from data. However, while business analytics relies heavily on statistical, quantitative, and operational analyses, the bottom line is developing data visualizations to present results and shape business decisions. For this reason, balancing your technical expertise with strong communication skills is essential to performing well in this field.
Business Analysis includes a combination of the following:
Identify new patterns and relationships in data mining;
Use quantitative and statistical analysis to design business models;
Perform A/B tests and multivariate tests based on the results;
Forecast future business needs, performance, and industry trends using predictive models; AND
Communicate your findings in easy-to-understand reports to colleagues, managers, and clients.
How Data Analytics Impacts Business Decisions
According to a 2020 NewVantage Partners report, 64.8% of Fortune 1000 companies surveyed have invested at least $50 million in their business analytics efforts, and 91.5% have attempted implementing AI-based technologies. (AI) somehow. While these numbers appear to show progress, the flip side is that only 14.6% of all companies surveyed use these technologies in their operations.
Beyond the technologies and capabilities, making accurate decisions based on facts and past performance remains at the core of business analytics. By contrast, decisions based on intuition (or on limited data until a decade or so ago) lead to costly investments, either specifically in terms of money or hours spent developing new initiatives that lead nowhere.
Within this framework, the insights collected ultimately help improve and streamline business processes, eliminating guesswork and gray areas. Therefore, enterprise-wide improvement may include.
Shaping and evaluating future company decisions based on the performance of past initiatives or market trends.
Examine the performance of individual departments within the organization and the impact on its growth efforts.
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