Business analytics comprise of solutions used to build analytical models and simulations to create scenarios, understand current realities and predict the future states of your business.
Business analytics include data mining, predictive analytics, applied analytics and statistics, and are delivered as an IT application suitable for all business users.
These analytical solutions often come with pre-built industry contents that are targeted at an industry’s business processes (for example claims, underwriting or a specific regulatory requirement).
The Importance of Business Analytics
If anyone thinks that business analytics is only important to large companies andr multi-national corporations, think again!
The importance of business analytics is also critical to startups and SMEs, or Small and Medium-size Enterprises, as every business needs to compete on a global scale to some extent. Therefore, to stay competitive, businesses must operate with maximum efficiency and effectiveness, as well as make the smartest business decisions. In order to survive, wringing every single drop of value from business processes and key decisions using business analytics are essential. If not, they will risk being out-compete into oblivion by their more nimble counterparts.
Why Companies Use Business Analytics?
With technological advances, the collection of data, storing them, and then analysing them has made business analytics appealing. But in order to adopt business analytics, the right mindset is also required. That is, large corporations as well as Startups and SMES, must always think of how they can maximize efficiency and effectiveness with the right analytic tools to give them the competitive edge.
The following 4 traits have been found in companies that adopt business analytics:
- Strive to sharpen an already distinctive capability with analytics
- Business leaderships that are fully-convinced of the Return-On-Investment (ROI) from analytics
- A strong commitment to preserve their competitive edge by leveraging on analytics strategically in the long term
- Adoption of business analytics enterprise-wide, and not just one or a couple of outlets, in the case of large corporations
The Barriers to Adoption of Business Analytics By Startups and SMEs
Are Startups and SMEs as similarly driven as large corporations with regards to the adoption of business analytics? What are the barriers?
The following have been found to be the major roadblocks to its adoption:
- Business leaders are not fully familiar or convinced that business analytics can help improve their ROI
- Business leaders are aware of the critical need of business analytics, but they lack the personnel (employees) with the relevant skills to utilize them
- Business leaders are aware of the need to improve ROI, but their company employees (end-users) lack the necessary expertise and knowledge to interpret the data and make recommendations from analytics tools. This resulted in them being unable to translate their findings (data) into critical business decisions.
So, are there any solutions for Startups and SMEs to adopt business analytics, especially if they cannot afford to outsource such a critical function to a third-party vendor? Moreover, some of them are adverse to the potential of their trade secrets being leaked to an outside party. and rightly so.
If you are in such a predicament, Ignito Asia can help you solve your problem with our comprehensive and easy-to-use business solutions. We can provide you with the training and consultations to fully implement our IT applications that will enable your business to scale to the next level.
We can also provide you with the business applications: