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How Businesses Are Using Business Analytics

Bloomberg recently conducted a survey of 930 businesses across the globe to provide insight into the state of business analytics in organisations today.

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How Businesses Are Using Business Analytics

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  1. How Businesses Are Using Business Analytics Inside Info

  2. Bloomberg recently conducted a survey of 930 businesses across the globe to provide insight into the state of business analytics in organisations today. The results brought back a focus on the basics: • Business analyticsisstill in the “emerging stage.” While analytics has gone main stream, most organisations still rely on traditional technology. Spreadsheets are the number-one tool used for business analytics. • Enterprises – small, mid, large, mega — have been collecting tons of data. They are dying to get more insights from it because it’s too much of a pain to extract anything from the databases.

  3. Organisations are proceeding cautiously in their adoption of analytics. Use of business analytics within companies has grown over the past year, but at a moderate rate. Analytics also tend to be used narrowly within departments or business units, not integrated across the organisation. • Intuition based on business experience is still the driving factor in decision-making. Analytics is used as part of the decision process at varying levels, depending on the organisation. • Companies are looking to analytics to solve big issues, with the primary focus on money: reducing costs, improving the bottom line, and managing risks.

  4. Data is the number-one challenge in the adoption or use of business analytics. Companies continue to struggle with data accuracy, consistency, and even access. • Many organisations lack the proper analytical talent. Businesses that struggle with making good use of analytics often don’t know how to apply the results. • Culture plays a critical role in the effective use of business analytics. Companies that have built an “analytics culture” are reaping the benefits of their analytics investments. • The real problem is changing the organisation so that it more readily challenges the rationale for decisions, uses data to back up the discussion, and generates explanations.

  5. Thank You Inside Info

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