MBA BUSINESS ANALYSIS, portfolio 1 sub Essay Example | Topics and Well Written Essays - 1000 words

MBA BUSINESS ANALYSIS, portfolio 1 sub - Essay Example Business analytics is the key for the company to run its business activities. As Vijayan (2011, p. 1) states, â€Å"predictive analytics approaches are focused on helping companies glean actionable intelligence based on historical data†. For working on the data provided by the clients and checking its operational feasibility through predictive models, the use of business analytics seems essential. Moreover, the company also uses management information system to manage information in a logical manner. The management information system helps the company in storing and processing of information into useful data which can be used for decision making purposes. Let us take a real life example of the use of business analytics in Front Guide investment Solutions. A client goes to the company to know whether he/she should make investment in the telecom sector of any particular country or not. Now, the company will gather data related to the telecom sector of that country which may incl ude annual revenue, growth potential, GDP deflator, and other important data and will perform statistical analysis of the data to know whether investment in that sector will be a feasible option for the client or not. Looking at this example, it is obvious that the company is a data driven organization and has adopted the use of business analytics to a great extent. How is it benefiting from doing so? The company is getting a number of considerable benefits from the use of business analytics. For example, the company is able to provide accurate details about the feasibility of investment to the clients. Clients come to the company to know what the investment will yield for them in future. The company provides the clients with information based on statistical analysis of data which in not only accurate but also very close to reality as the analysis is done using predictive models. As Stubbs (2011, p. 1) states, â€Å"the value of analytics lies in its ability to deliver better outco mes†. The more the employees will be skilled in using business analytics, more accurate and consistent will be the results of analysis. The well organized business analytics system also provides many other benefits for the company. For example, one of the main benefits of using business analytics appears when the company applies re-apply existing competencies to get real life data regarding investment scenarios. The company also applies modeling skills to increase the revenue, improve customer retention, and maintain the business image. Along with improving the business efficiency, business analytics helps the company in avoiding the risk of miscommunication by communicating the value of business analytics clients in such a way that become able to build support and gain traction. Business analytics does not just relate to statistics, it also plays a key role in organizational change processes (Stubbs 2011). Do analytics contribute to business performance and profitability? The business analytics definitely contribute to improved business performance and profitability. It helps the company maintain its competitive advantage that comes from the firm’s ability to capitalize on uniqueness. Front Guide investment Solutions has the potential to make use of that exact uniqueness in a unique and matchless way. The company takes advantage critical data, which is the biggest