Using business analytics for better decision making- Business Analytics
- 1. USING BUSINESS ANALYTICS FOR BETTER DECISION MAKING By Ronnie Peter MAEco 1937017
- 2. • Business analytics is allowing managers to understand the dynamics of their business, anticipate market shifts and manage risks. • Companies are embracing analytics and systematical statistics to make decisions to improve efficiency, risk management and profits.
- 3. Using data to drive performance • Reporting and analytical dashboards can identify data correlations and provide managers with detailed insights to perform cost valuations. • Business analytics can also improve the way organizations attract, retain and develop talent.
- 4. • Organizations today are exposed to immense risk from structured data- such as databases and unstructured data- such as websites, blogs, and social media channels. • By leveraging risk analytics, companies can find themselves in a better position to quantify, measure and predict risk. • By establishing a standard baseline for measuring and managing risk, companies will be able to incorporate risk considerations into their core strategic decision making process and predict likely scenarios.
- 5. • Banks are leading this analytical space by discovering new ways to exploit transactional and behavioural consumer data. • Advanced data models will make risky business decisions more uniform, enhance the quality of data and provide greater agility to address unconventional data requirements. • By becoming more risk intelligent, managers will be more adept at dealing with uncertainty and strategic at decision making.
- 6. • In this volatile environment of data driven disruption, business managers need to look through two lenses at the same time. Firstly, they have to identify high risk and rewarding opportunities such as entering new markets and changing existing business models. Secondly, they have to maintain their focus on including analytics into their core business decision making process. • By embedding data analytics into their core strategy, business managers can streamline internal business processes, identify unfolding consumer trends, interpret and monitor emerging risks, and build mechanisms for constant feedback and improvement.
- 7. THANK YOU!