Your company’s success depends on the quality of your business decisions. However, these can only be as good as the underlying basis of information. A few years ago, it was still personal experience and intuition that underpinned many entrepreneurial decisions. Today, that is no longer enough. Using suitable technical analytics solutions, companies can now base their decision making on information derived from a large amount of available data. Unlocking these opportunities provided by analytics tools leads to competitive advantages. In some sectors, data-driven decision making has already become a prerequisite for success. The challenge is to extract precisely those pieces of information from the existing data that determine the decisions to be made. This is made possible by analytics tools using statistical methods: Business Analytics.
Benefits of data-driven decision making with business analytics
Business Intelligence and Data Mining
The prerequisite for the use of Analytics is a business intelligence system. This already offers many possibilities to retrieve historical and current key figures and information about the company. The aim of Business Analytics is to recognise relationships in these data. Certain patterns in historical data allow conclusions to be drawn from regularities. The prerequisite for business analytics to produce usable results is a sufficient amount of data. This exists if you already work with a BI system as the company’s internal data already offers the potential for pattern recognition and new insights. If external data is included in the considerations even more analysis options exist. Data mining can also be used to derive relevant information for your business decisions from very large unstructured data.In this context, the importance of machine learning is also growing. When the results of performed analyses are stored and included in the database, they can serve as initial data for further analysis. Pattern recognition is made easier and the quality of the analysis is increased.
Predictive Analytics: looking into the future
Business Analytics allows patterns and laws to be identified. These findings are particularly valuable when is possible to predict future developments on this basis. This is what is meant by predictive analytics. These forward-looking analyses, coupled with a broad and high-quality database, allow for relatively reliable predictions. Examples of forecasted information are demand and price developments, possibly related to specific market segments, customer groups or products. If future developments are predictable, business decision-makers can respond quickly. If a particular product is likely to sell very well in the next few months, you can plan your capacity in good time. Often, however, even more complex relationships play a role. As rapid developments in society, the economy and technology demand ever-increasing flexibility from companies, the importance of well-founded forecasts increases. Prescriptive Analytics go one step further. Based on forecasts, these methods perform simulations and derive recommendations for action.
Start today – better analytics with bdg
If you already work with a business intelligence system, you can also integrate suitable analysis tools. We advise you on the selection of the tools and support you in the integration into your system. Create standardised analyses on a regular basis to identify trends. Or, if necessary, conduct individual ad hoc analyses whose content and form you can choose yourself. We are always happy to provide training and advise you on all questions and problems. Your business will soon be able to benefit from the extensive benefits of analytics. Our long experience in the field of business intelligence consulting enables us to find a customised solution for each customer. With our help, you will be able to perform better analytics and make better decisions for the success of your business.