Question

Answer please the Question Below with Adding 4-5 References, i wont accept a work without in Text Citation References and it should be please 500 words without copying from the net. it should be written here. MAKE SURE PLEASE YOU WRITE THE REFERENCES with ( Author's name, Book's name and Year) 4 References and in Text Citation please.

Allocated marks- 5 Marks Write a 500 words report on the importance of Business Analytics why it is essential, explain with an example the concept and how companies are using this Distribution marks • The organisation of report 1 - Mark . Content - 2 Mark . Quality of references (4-5) and proper citation - 2 Mark.

Answer 1

Business analytics helps in analysing the primary and secondary data related to business. Mostly data driven companies use business analytics to analyse the data and present the information in their organisation, in an effective way. It uses statistics to find out pattrens,correlations and so on

Few of the softwares which are used to analyse data are tableau, minitab, SPSS and so on.

Importance of business analytics

1. Provides detailed understanding on efficiency of several departments

2. It acts as a competitive advantage over other companies

3. Flow of information is proper

4. Helps in analysing key performance indicators

5. It manages large volume of data

6. Helps in data driven decisions

7. It reduces analysing time

8. It helps in identifing the business opportunities to maximize its profits and increases the operational efficiency.

9.We can improve the internal processess by analysing the data.

10. Analytics measures whether the mission statement has been acheived or nor by using data

Business anlytics is essential in reproducing the data and what are the gaps that need to be filled in a business.

For example: a business can give a proper justification on the sales volume and amount if the data of sales is managed properly which can be done through business analytics.

Can cover the gaps in increasing the sales volume by analysing trends, seasons and so on