Give two examples of business intelligence applications

Business analysts help the process by pouring through data that characterizes high performing candidates, such as educational background, attrition rate, the average length of employment, etc. Great businesses are composed of a great staff, and itвЂ™s HRвЂ™s job to not only find the ideal candidates but keep them on board. Corporations turn to business analysts to optimize budgeting, banking, financial planning, forecasting, and portfolio management.ДЄlthough HR is often the punchline of many office jokes, its value in keeping a company successful is not to be underestimated. The financial world is a volatile place, and business analytics helps to extract insights that help organizations maneuver their way through tricky terrain. CRM systems analyze important performance indicators such as demographics, buying patterns, socio-economic information, and lifestyle. So, a business analyst identifies a companyвЂ™s weak areas, collects and sifts through data, creates a plan based on those findings, and helps to implement it.ДЄlthough business analytics is being leveraged in most commercial sectors and industries, the following applications are the most common.Д¬redit and debit cards are an everyday part of consumer spending, and they are an ideal way of gathering information about a purchaserвЂ™s spending habits, financial situation, behavior trends, demographics, and lifestyle preferences.Д®xcellent customer relations is critical for any company that wants to retain customer loyalty to stay in business for the long haul. In short, BI tells you whatвЂ™s going on, and business analytics tells you why itвЂ™s happening and when it will occur again. Business intelligence falls within the discipline of business analytics, the process of gathering the needed data from all sources, and preparing it for use by business analysts. Note that thereвЂ™s a difference between business analytics and business intelligence (BI), though they are related.

The ultimate goal is to glean practical and actionable business insights to solve an organizationвЂ™s problems-boosting efficiency, productivity, and revenue.

WhatвЂ™s the definition of business analytics?Д«usiness analytics involves the collating, sorting, processing, and studying of business-related data using statistical models and iterative methodologies. Business Analytics DefinedД«efore launching into the meat of the matter, letвЂ™s take a moment to review. Today, weвЂ™re taking a look at popular business analytics applications, and some of the often-used cases. ThatвЂ™s why business analytics is so essential for todayвЂ™s industries, and business analysts are in such high demand. With all of that information, who can sort out whatвЂ™s useful and whatвЂ™s not? The challenge is to make any sense of all this data.

TodayвЂ™s digital society, through the explosion of Big Data and the Internet of Things (IoT), has produced a ton of information. Companies that have the best information make the fewest mistakes, which in turn helps them to stay ahead of the pack. Businesses today are faced with two very stark realities-the world is hyper-competitive, and data drive it.

Give two examples of business intelligence applications