BUSINESS ANALYTICS: ANALYZING BUSINESS DATA IN AN EFFECTIVE WAY
Keywords:
Analytics, big data analytics, management analytics, business intelligence, marketing analyticsAbstract
Business analytics (BA) is a combination of disciplines and technology for solving business challenges using data analysis, statistical models and other quantitative methods. It involves an iterative, rigorous investigation of an organization's data, with an emphasis on statistical analysis, to drive decision-making. Big data and business analytics have gained prominence in the recent decade, and firms must learn how to use them to create value. Despite the relevance of these concerns, little research has been done from an organization's perspective. An organization must integrate analytics to improve decision-making. Data analysis gives organizations practical insights from daily data. These insights help companies make decisions, solve problems, understand client demands, and identify trends. Business intelligence solutions link data sources, do extensive data analysis, develop interactive dashboards, generate actionable insights, and streamline decision-making. This paper discusses implementing analytics via developing a team and leadership, involving stakeholders, and using Business Intelligence tools.
References
I. Y. Liu, “Big Data and Data Analytics”, Journal of Business Forecasting, Winter 2014-2015, pp. 18-21.
II. S. Kudyba and M. Kwatinetz, “Introduction to the Big Data Era”. Retrieved from https://www.modernanalytics.com/wp- content/uploads/2014/07/Chapter-1.pdf
III. B. H. Wixom, B. Yen, and M. Relich, “Maximizing Value from Business Analytics”. MIS Quarterly Executive, 2013, 12(2), pp. 111-123.
IV. R. Bartlett, A practitioner’s guide to business analytics. New York, NY: McGraw-Hill, 2013.
V. C. Hsinchun, R. L. Chiang, and V. C. Storey, “Business intelligence and analytics: From big data to big impact.” MIS Quarterly, 2013, 36(4), pp. 1165-1188.
VI. M. S. Hopkins, S. LaValle, F. Balboni, N. Kruschwitz and R. Shockley, “10 Insights: A First look at The New Intelligence Enterprise Survey on Winning with Data”, MIT Sloan Management Review, 2010, 52(1), pp. 21–31.
VII. Goewey, B. (2015, August 21). 5 benefits of using business analytics [Web blog post]. Retrieved May 15, 2017, from http://www.datamensional.com/5- benefits-of-using-business-analytics/
VIII. Crossland, K. (2016, February 12). The 4 key benefits of business analytics. Techopedia. Retrieved May 15, 2017, from https://www.techopedia.com/2/30429/it- business/business-intelligence-bi/the-4-key-benefits- of-business-analytics.
IX. Why Business Intelligence is Key for Competitive Advantage. (n.d.) Retrieved from: http://cisonline.bu.edu/news-resources/why-business- intelligence-is-key-for-competitive-advantage/
X. C. L. Jain, “How to Use Big Data and Predictive Analytics to Improve the Success of New Products”. Review Of Business, 2016, 37(1), 48-55.
XI. G. N. Laursen, Business Analytics for Sales and Marketing Managers : How to Compete in the Information Age. Hoboken, New York: Wiley, 2011.
XII. DeZyre, How big data analysis helped increase walmarts sales turnover? Retrieved from https://www.dezyre.com/article/how-big-data-analysis- helped-increase-walmarts-sales-turnover/109
XIII. SAS. (2016). Four ways walmart uses analytics. Retrieved from http://www.sas.com/en_us/ insights/articles/ analytics/four-ways-walmart-uses- analytics.html
XIV. Cairns, R. (2003). Kmart selects business objects as its business intelligence platform. Retrieved from http://www.businesswire.com/news/home/200306100 05293/en/Kmart-Selects-Business-Objects-Business-Intelligence-Platform
XV. Vicki, L. P. (2002, Mar 30). Some customers in raleigh, N.C., area say kmarts fail to have merchandise. Knight Ridder Tribune Business News Retrieved from https://csuglobal.idm.oclc.org/login?url=http://search. proquest.com.csuglobal.idm.oclc.org/docview/461833 071?accountid=38569
XVI. Leinwand, P., & Mainardi, C. (2010). Why can’t kmart be successful while target and Walmart thrive? Retrieved from http://247wallst.com/special- report/2012/10/17/the-worst-business- decisions-of- all-time/3/
XVII. McIntyre, D., Allen, A., Weigley, S., & Sauter, M. (2012). The worst business decisions of all time. Retrieved from http://247wallst.com/special- report/2012/10/17/the-worst-business-decisions-of-all- time/3/
XVIII. Egan, M. (2015). Kmart’s sales have fallen off a gigantic cliff. Money.cnn.com. Retrieved from http://money.cnn.com/2015/06/08/investing/kmart sales-decline-sears-eddie-lampert/
XIX. Google. (2015). Google Analytics Case Study: American Cancer Society. Retrieved from https://static.googleusercontent.com/media/www.goog le.com/en//analytics/customers/pdfs/americancancerso ciety.pdf
XX. The Guardian. (2013, Sep 17). Abandoned NHS IT system has cost €10bn so far. Retrieved from https://www.theguardian.com/society/2013/sep/18/nhs -records-system-10bn
XXI. Hefford, R. (2011, Dec 2). Why NHS National Programme for IT didn’t work. CIO. Retrieved from http://www.cio.co.uk/it-strategy/why-nhs-national- programme-for-it-didnt-work-3431723/
XXII. Marr, B. (2015, Mar 17). Where big data projects fail. Forbes. Retrieved from https://www.forbes.com/sites/bernardmarr/2015/03/17
/where-big-data-projects-fail/#331ba245239f
XXIII. Rathore, S., Panwar, A., & Soral, P. (2014). Critical factors for successful implementation of business analytics: Exploratory findings from select cases. International Journal of Business Analytics and Intelligence, 2(2), 12-22.
XXIV. Waxer, C. (2013). 6 tactics for building and sustaining a data analytics team. Retrieved from: http://data- informed.com/6-tactics-building-sustaining-data- analytics-team/
XXV. Marr, B. (2016). How to build a big data and analytics team. Retrieved from: http://data-informed.com/how- to-build-a-big-data-and-analytics-team/
XXVI. Elango, R. (2016). How to build a successful data analytics career. Retrieved from: https://www.simplilearn.com/how-to-build-successful- data-analyst-career-article
XXVII. Ransbotham, S., Kiron, D., & Prentice, P. K. (2016). Beyond the hype: The hard work behind analytics success. MIT Sloan Management Review, 1-16.
XXVIII. Rogers, S. (2016). How and why to build an analytics driven culture. Retrieved from: https://upside.tdwi.org/Articles/2016/06/24/Building- Analytics-Driven-Culture.aspx?Page=2
XXIX. Liu, Y., Han, H., & DeBello, J. (2018). The challenges of business analytics: successes and failures.
Additional Files
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 International Education and Research Journal (IERJ)
This work is licensed under a Creative Commons Attribution 4.0 International License.
