How Businesses Are Using Business Analytics

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How Businesses Are Using Business Analytics
Inside Info
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• Bloomberg recently conducted a survey of 930
  businesses across the globe to provide insight
  into the state of business analytics in
  organisations today. The results brought back a
  focus on the basics
• Business analytics is still in the emerging
  stage. While analytics has gone main stream,
  most organisations still rely on traditional
  technology. Spreadsheets are the number-one tool
  used for business analytics.
• Enterprises small, mid, large, mega have been
  collecting tons of data. They are dying to get
  more insights from it because its too much of a
  pain to extract anything from the databases.

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• Organisations are proceeding cautiously in their
  adoption of analytics. Use of business analytics
  within companies has grown over the past year,
  but at a moderate rate. Analytics also tend to be
  used narrowly within departments or business
  units, not integrated across the organisation.
• Intuition based on business experience is still
  the driving factor in decision-making. Analytics
  is used as part of the decision process at
  varying levels, depending on the organisation.
• Companies are looking to analytics to solve big
  issues, with the primary focus on money reducing
  costs, improving the bottom line, and managing
  risks.

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• Data is the number-one challenge in the adoption
  or use of business analytics. Companies continue
  to struggle with data accuracy, consistency, and
  even access.
• Many organisations lack the proper analytical
  talent. Businesses that struggle with making good
  use of analytics often dont know how to apply
  the results.
• Culture plays a critical role in the effective
  use of business analytics. Companies that have
  built an analytics culture are reaping the
  benefits of their analytics investments.
• The real problem is changing the organisation so
  that it more readily challenges the rationale for
  decisions, uses data to back up the discussion,
  and generates explanations.

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Thank You
Inside Info