Business Analytics and its role in the Business Decision making process

Business Analytics and Its Role in the Business Decision Making Process

Business analytics is a combination of data mining, statistical analysis, predictive analysis, and more such fields which together help a company understand its current performance, analyze the data to get insights on it, and find ways to improve it.

All of this is carried out by Business Intelligence (BI) tools that bring together the various analytical technologies on one platform. In the last few years, organizations have started moving towards more intuitive systems that can enhance decision-making.

To understand how exactly they help companies in improving their decision-making and thus their performance, let’s jump right in.

Benefits of Business Analytics in Decision-Making

Decision Minds provides a robust set of tools and technologies such as cloud analytics, data virtualization, Artificial Intelligence, Machine Learning, and numerous other business tools which can help an organization enhance its decision-making process.

Sales Decisions

Tools such as cloud analytics can ensure that all the sales data is processed to help a company answer the questions:

  Which products/services are in demand which are not?
  If the products are seasonal or perennial?
  Which customers show an affinity towards which products?
  How close is the ROI generated to the expected ROI?

Besides these, there are numerous questions that can be answered by analytical tools which help a company understand customer purchase patterns, gaps in sales, and more. All of this can be visualized which will enable a company to decide what kind of products/services should be pushed further or how the existing sales can be improved.

Marketing Decisions

Businesses run numerous advertisement and promotional campaigns, which requires them to invest a lot of money in it. Based on the purpose (like lead generation, awareness, or sales), the data needs to be analyzed to determine the success of the campaign.

Business analytics can be used to understand how people have responded to the campaign by monitoring their attention span, the actions they took, their demographics (such as age, location, gender), and more. Furthermore, BI tools can also help companies segment their customer base into segments and understand what promotional content worked with what segments.

Based on all this knowledge, companies can make more accurate decisions for upcoming marketing campaigns, set more precise budgets, and improve the success rate of their promotions.

IT Infrastructure and Automation

The pandemic of 2020 catalyzed the progress of organizations by several years by forcing them to work towards digital transformation, automation, and having a robust IT infrastructure. However, companies joined the bandwagon without sufficient data and research on how it would help them.

Business analytics can solve this by enabling companies to understand the overall investment to ROI ratio. Companies can set the goals they want to achieve by deploying cloud analytics, Robotic Process Automation (RPA), and other such tools. The BI tools can then help them gauge the gap between their current standing and their goals, how much time, energy, and money will be invested in the infrastructure, and how that will help the company close the gap and accomplish its goals.

A simple example of this is Decisions Minds’ RPA solution. Let’s say a company wants to automate some of its processes to increase employee productivity and generate more business. Decision Minds’ BI tools can provide insights into the resources spent on the said processes, the time invested by employees, the cost of those employees, the business that process generates, and more.

Furthermore, using AI and ML, the tools can predict the result of the change in the numbers after deploying the RPA solution. This way, companies can know how much productivity, business, and profits can be increased if an RPA solution is installed.

Cybersecurity Decisions

Cyber security is becoming increasingly relevant and necessary for any kind of business since all sectors are going digital. Moreover, attacks are evolving with each passing day, so having ever-evolving security standards is a must.

BI tools can help companies understand the cybersecurity risks they face and the financial implications of a successful breach of security. Furthermore, analytics can also help the company understand how much it will invest in the security infrastructure and how much the ROI will be.

Customer Experience and Interaction

This is an integral part of any business, especially if its products/services are targeted at the D2C market. Today, everything a business does needs to have an overall seamless experience for customers to appreciate the company and become loyalists.

BI tools help a company analyze the consumer psychology, the things they prefer, predict the upcoming behavioral trends, and thus pave the way for companies to invest in enhancing customer experience.

The tools also help them set a realistic goal of what can be achieved when those experiences are created. These goals can be related to revenue, customer retention, purchase frequency, sentiment, and more. Based on this, companies can make a more informed decision on the experience and interaction part of the business.

Competitive Analysis

This is one of the major advantages of leveraging business analysis tools such as cloud analytics and ML. The tools can help you perform more accurate research on your competitors and find insights into their prices and strategies.

They can process data to help one understand what their competitors are doing and outperform them by combining the knowledge received from sales and marketing analysis. In addition, the tools will help find gaps between the customer behavior and the competitor’s strategies. The company can then fill these gaps by innovating more precise and accurate strategies catering to the customer base.

Conclusion

Overall, these are a few ways BI tools can help an organization. If you’re heading an organization in today’s era, it is important to understand that tools such as cloud analytics, data virtualization, RPA, and more are the only ways for you to efficiently scale your business. Decision Minds can help you accomplish that, and you can reach out to them for more information and even a demo session, to get a glimpse of how they can help you.