The Value Of Business Analytics – Identifying The Path To Profitability

It’s a known fact that decision making driven by data rather than relying on manager’s intuition works far more efficiently. There are numerous studies that back this claim that organizations equipped with Business Analytics perform better than their peers. Business analytics is extremely vital for multi-dimensional analysis, data mining, data management, visual discovery, integration, and statistical methods which will in turn help in increasing profitability of an organization.

Let’s find out what exactly is business analytics. Business analytics is a new discipline which has arisen from the combination of two old disciplines, namely, Business Intelligence and Predictive Analytics.

Business analytics uses the functions of Business Intelligence like finding what happened, how it happened and why it happened. This enables the management to become alert and stop moving in the wrong direction. Business Analytics also uses Predictive Analytics for finding data patterns to forecast what will happen in future.

Application of Business Analytics includes the following steps:

  • operational intelligence
  • strategic and competitive analytics
  • customer acquisition and retention
  • risk management
  • fraud detection
  • demand driven forecasting

To become a profitable organization through Business Analytics, the firm needs to have knowledge about customers, regions, market segments and products which are profitable. Also, the organization needs to identify those market segments, customers, competitors and brands which are responsible for losses and take steps to stop the drainage of cash.

According to Thomas Davenport and Jeanne Harris, there are five stages of analytical competition as given below:

  • Analytically Impaired: Absence of analytical skills
  • Localized Analytics: Uncoordinated activities or silos.
  • Analytical Aspirations: Good intentions with slow progress.
  • Analytical Companies: Widely use analytics internally.
  • Analytical Competitors: Use analytics as a competitive advantage.

Business Analytics is a basic discipline which helps an organization to identify the main causes of issues and outcomes. If the firm takes corrective action and satisfies the needs of customers quicker and better than its competitors, then it can become extremely profitable

Earlier, business analytics was expensive and used to be a part of only popular businesses. But now with a wide range of analytical applications to choose from, even small businesses can afford business analytics.

But still businesses are sometimes clueless about how to utilize business analytics for maximum profitability. You can always boost your business by joining Business Analytics course at iACT Global. Through iACT Global, you can study anywhere and at any time. Thus, for a profitable business, join iACT Global now.

Small Project, Big Opportunities

Project-management-image-finalMany project managers tend to look down on small projects. They prefer big projects over small ones. Having a big project under him or her gives the project manager the feeling of being more powerful and important. However small projects offer many such opportunities that cannot be offered by large projects.

 

A small project usually has small number of team members, limited deliverables and budget and is to be delivered usually in a short duration of time. Small projects offer the project managers the opportunities to learn and try new projects. Some small projects are of high importance but most of them are of relatively less importance. This gives more latitude for decision-making to the project manager. The project manager is able to learn about news areas of business.

 

In large projects there is a large project team. It may not be possible for the project manager to cultivate personal relationships with all the team members. The relationship in such a large project team is usually functional. However in a small project the project team is small. This makes it possible for the project manager to nurture personal relationship with team members. The project becomes a canvas for the project manager to try his interpersonal and leadership skills. Project managers who are unable to manage and motivate small project teams will not be able to manage and motivate large project teams. Small projects prove to be a great learning ground for learning leadership skills. Leadership skills make a project manager more effective and successful.

 

Small projects have relatively smaller time schedule. The results of the project can therefore be seen quickly. The link between the deliverables of the project and the business goals of the organization can be perceived clearly. The project manager and team members get a lot of satisfaction in a short time if the project turns out to be a success.Small projects do not want long-term commitment from the project manager. This means that if a project manager doesn’t like the project after accepting it he or she will get relieved of it relatively sooner. Small projects also carry much less responsibility and are therefore less stressful for the project manager.

 

Sometimes a project manager may have to manage many small projects at the same time. This puts to test the multi-tasking abilities of the project manager.A good project manager is one who is not too much concerned by the size or importance of the project. Such a project manager is just concerned with ensuring that every project that comes under him or her is successful in achieving its goals and objectives.