Information has always been the key to success in the business world. Merchants from the ancient times have always needed to know what consumers want and how to supply the goods in demand. With time, the questions kept getting complicated but the need for precise information kept increasing. In the modern world data is a valuable asset and given the increasing need for digitalization, organizations must harness data or lose relevance. And the best way to harness the power of data is through business analytics!
Businesses use data analytics for greater efficiency and most importantly for improving customer experience. Business leaders today need to take decisions based on data driven insights and business analysts help with that. Business analytics is also important to discover hidden insights that can have huge impacts and also for digging out crucial information out of heaps of useless data.
If you are considering a business analytics certification course then you will definitely love the following examples:
- Business analytics helps leaders take key decisions at Accenture. The company utilizes an analytics tool to predict the win probability of a business deal based on historical data. The tool helps Accenture’s leadership to go to a business deal fully informed so that they always have an advantage. The tool is capable of predicting lost potential with ninety-percent accuracy!
Accenture uses another application developed by business analysts which can track utilization of various devices and real-estate. Leaders at Accenture can see in real-time whether the company’s resources are efficiently used with the help of the application. This helps them to decide on resource allocation very efficiently! - Business analytics is also known as a secret recipe for the success of a startup. For instance, Flywire, a Boston based Fintech company uses business analytics to gain a competitive advantage over established businesses. The firm offers international payment services by partnering with hospitals, schools and other businesses and offers rates below banks and other wired fund transfer services. Financial data also helps the firm to offer exceptional customer experience and efficiency. Flywire thus successfully used business analytics to establish itself!
- Business analytics also helps to manage business operations and workflow efficiency. Quantizig, a company which provides analytics solutions, recently developed a tool for renowned retail banking client. The tool helped the client to efficiently manage the workflow which was instrumental in making all the banking operations smooth. In addition to that the bank was able to increase sales by 10% and gain important insights on marketing performances!
- Understanding a customer’s tastes and priorities and help a business greatly. The recommendation system used by Netflix is able to understand the customers at a personal level and recommends products based on that. This in turn enables a highly enriched customer experience and thereby attracts many more. The recommendation system works based on the insights provided by analytics!
Thus, Business analytics is truly vital for businesses today and as a result there is a huge demand for business analysts. A job oriented business analytics certification course is definitely a good path for any one seeking a lucrative career!