Business analytics is the new kid on the block. But what is business analytics????
In my opinion, business analytics is simply ‘statistics applied to business data, deriving insights in a timely manner so that business users can be proactive and make scientific decisions instead of making business decisions on pure gut feel.
With the speed at which information technology is changing, many people have access to data very easily, and in fact, many business users are demanding information and business insights in real time or almost real time. With the result that many hand held technologies that provide business insights in real time are becoming the order of the day.
Businesses are now being challenged to get up to speed in using Business Analytics. Some of the key challenges are:
1. Shortage of business analytics talent
2. Data Quality Issues
3. Centralised Database for all business users
4. Need for mobile devices to keep business users up to date with business insights
5. Identifying and implementing effective information systems that can automate business processes and business analytics insights in real time to users
There are of course many more challenges, so what are organisations doing to get up to speed with the ‘nuts & bolts’ of business analytics? Do organisations know how to approach the whole business of getting on board with Business Analytics?