Business analytics refer to an iterative process and methodical exploration of a company’s data with a focus on statistical analysis. Many businesses use business analytics to gain insights that act as a guide to the business as it seeks to optimize and automate its business processes. A good number of data-driven organizations treat company data as a major corporate asset and as a source of competitive advantage to the company. For a company to realize success in business analytics, it must have the ability to maintain data quality and make use of skilled analysts who comprehend both the business and the technologies as well as the commitment of the business to data-driven decisions.
Good examples of business analytics include exploration of data to identify new relationships and patterns, forecasting future results, quantitative analysis, and statistical analysis (Jank, 2011). To gain a solid understanding on business analytics, this analysis compares and contrasts two companies (IBM and Quantum Retail Technology) by explaining the benefits and drawbacks of using business analytics.
The analysis includes a discussion of various challenges faced by a company while utilizing business analytics.
Comparison of the two companies
IBM is an American multinational Consulting and Technology Corporation involved in the manufacture of computer software and hardware, and offers a wide range of hosting, infrastructure, and consulting services. IBM is a good example of a company in the technology industry that makes extensive use of business analytics in its business process. IBM has used business analytics in many ways to improve its general position in the industry (IBM, n.d). On the other hand, Quantum Retail Technology is a technological company that offers optimization and inventory management solutions to its retailers in an attempt to help them maximize both their profit and growth. The company has a firm commitment in solving a wide range of…
Cite this Business Analytics
Business Analytics. (2018, Jul 18). Retrieved from https://graduateway.com/business-analytics/