Consolidated information does provide a better picture of the company's direction and efficiency. In a study done by MIT Sloan School of Management, the results showed that businesses that make data-driven decisions are likely to have 4% higher productivity and 6% higher profits than the average. Analytics provide impactful insights and are the basis for data-driven decision-making practices.
thank you to all the people who have contributed providing lot of insight
Well Statistics points us to first establishing parameter of a given population, in other words what are looking for and how will it benefit our business whether it be Surveys and what are the reason for them, a measure for projected growth and development( Product or services, culture , other factors). Supply and Demand and is it needed or should you be "Lean".
Analytics IS business. We use analytics to predict business and then analytics to measure and track business. without analytics there is no business.
agriculture is the vast and broad sector so you can help us
You can use analytics in different ways. First is to improve your business decisions, basing them on data rather than on gut feeling. (Predictive) Analytics help you answer questions beyond 'what did happen'. It can help you with 'what could happen' and 'what should happen'. Secondly, analytics can also be directly integrated in your processes for improvement. Think of smart personalised websites that 'act' on the behavior of the visitors or processes that are managed by analytics in general. We support companies implementing both.
Analytics can give a company a view of consumer awareness, usage, satisfaction, attitude. They can also provide a handle on how much each campaign is affecting the market. Then they check the sales and at the end if all data is entered correctly and on time, one can use analytics in order to predict the near future.
Data and Statistical models also help in determining high risk clients and do cross sales. Pareto tables show which clients you need to focus on. The list can go on forever.
Countries in the third world develop Analytics for the West, but hardly use them themselves. It's a shame.
Decisions supported by (the appropriate) information tend to be better than those made on a whim. Businesses have to work out (hence the "analytics") what information is most helpful to making the right decision. In many cases, the right information or analytic processes do not have to be complicated. In a few cases, the information gained from a massive investment in data collection and analysis can create enough of a difference over one's competition that it makes the investment well worth while. The question is not whether a majority of businesses are using BA; the question is whether businesses are leaving so much money on the table that they should be using BA to help scoop it up.
Just like navigational data available before starting the car on a trip to improve the efficiency with which a trip is completed, analytic data can be an effective tool for business improvement. The data lead one to a path to draw better end results.
In a business environment you get 2 kinds of information (a) Qualitative (b) Quantitative. Analytic's refers to the latter- Quantitative information. If you are an engineer you will understand it better if mention probability theory, co-relation and regression analysis etc. Analytic's provides justifies Decision Support Systems ( DSS). i.e tangible evidence to support a hypothesis. However, I must caution that not always tangible evidence is enough to support a hypothesis because many variables such as " Emotions" haven't yet been quantified or are not quantifiable. So user discretion is needed :)