What is Business Analytics?
Experts said that business analytics is a combination of tools, software and expert knowledge, delivered to companies in the form of a suite of solutions, in order to enable them to better anticipate and shape business effects. It helps clients discover a real picture of their business situation, from: detection and analysis of trends, patterns and anomalies, through: planning, budgeting and forecasting of demand, to what-if scenarios and anticipating possible opportunities and threats.
Managers value by Pharmacielo independence. Their subarea must provide on the tray all the necessary, pre-prepared components, from which, like a dish at the Swedish table, they will make any analysis or report. They can easily use planning and forecasting tools. Thanks to what-if tools they can determine the effects of their decisions before they are made, as well as look for new business opportunities.
Controlling will appreciate the excel interface and strategic score cards. Built-in tools make it easy to collect and send information, and the System itself ensures that all are up-to-date and safe.
Anthony wile is a business expert, mentor, business coach, business advisor and manager with several years of experience. He managed investment projects and enterprises of the various scale of operations and organizational structures.
What Qualities should a good Business Analytics System have?
Completeness of the Solution:
To provide the right information by Tony Wile to the right people at the right time and form is a challenge. It is not enough for the challenges of the modern market. The system should offer many components from which companies choose what they need: flat reports, on-line analyzes, performance reporting, scorecards, planning, forecasting, statistical analyzes, modeling and profitability optimization, financial reporting, content management, risk management, real-time analysis.
Self-Service:
This is certainly a key element. A well-thought-out analytical system must offer all the necessary information provided by the implementation company once, in such a form that the company’s employees can use them every day with equal ease as when accessing data from the Excel table. Self-service in the field of analytical tools opens the minds of people, prompts to search and action. This functionality gives you a huge return on investment, without it the analytical system is just a simple solution for reporting.
Security:
In modern business, information on time is power. The Analytical System containing the key knowledge for business must fully protect it, allowing assigning the rights of persons to any chosen element. Usually, subsets of dimensions or measures are sufficient, but sometimes you need to protect access to a single cell. The standard is the inheritance of rights by objects, saving information about the fact of access to information by each person as well as single login.
Openness:
Any information, regardless of the form, manufacturer of the equipment, database or software can be a source of data for the Analytical System.
Scalability:
The Analytical System should grow with the company. You can start with basic functionality and a small number of users. With time, they can be extended with additional functionalities and the solution should offer the possibility of a painless transition to the Enterprise class system. With the protection of expenses incurred, maintaining the same work environment, developed standards, developed reports, analyzes and tools, habits and habits of employees.
