Business analytics makes companies more competitive, research by MIT shows. According to a report conducted by MIT Sloan Management Review, 67 percent of the more than 2,500 business executives surveyed said their companies have gotten a competitive edge through the use of business analytics. The trend is on the rise, too – these results mark a 15 percent increase from the previous year’s study, and an 80 percent increase from two years ago. There are countless benefits to using business analytics, as the process can improve company practices and help increase revenues. Keep reading to find out a few of the ways business analytics can impact an organization: Shed light on company practices Companies that use business analytics have found that the process offers valuable insight into company behavior. Business analytics software is an increasingly popular tool – rather than outsourcing the analytics process to expensive IT companies, software allows executives to conduct analysis in-house. The software provides up-to-date data on everything from individual sales numbers to branch performance and industry trends, and compiles countless lines of raw data into graphs and charts that are easy to understand. A company executive can use analytics to gain a deeper understanding of how a company behaves and shows clear paths to improvement. Smart decision-making With such an abundance of information at hand from the analytics process, VPs of sales and other company leaders can make smart choices for their business. The results of the analysis can be illuminating – a manager can see where budget cuts should be made or how a product is performing, and make responsible and well-informed decisions that will greatly impact a company. Business analytics software is designed to offer accurate, quality data, so individuals can make smart choices regarding budget, sales tactics, how to motivate employees and much more.
