Business Analytics: Key Tools In Managing Complexity

2007-03-08 10:33:40

( Business )



You must be familiar with the complex operating environments facing today's business organizations. If you are about to incorporate a business, you'll have to anticipate this in your business plan. If you're already a business executive, you'll have to harness your business services units to help you manage this complexity.

The challenge in managing complexity is both to understand the complexity and to orchestrate the appropriate business response. You'll need business analytics to give you the in-depth understanding of your external environment and its influences on your business. In addressing that complexity, you will gain a focus that is grounded in reality and that can sustain your business objectives through the turbulence of changes in technology, human relations, and global commerce. Business analytics of the interactions that influence your business help develop that insight.

Business analytics, also known as business intelligence and executive information systems, is now a key tool of management. You can observe the use of business analytics in many areas, including sales and marketing (through customer relationship management systems) and supply chain optimization (through supply chain management software).

While business analytics systems have improved over the years, you may still face some difficulty because while you are expert in your area, it is not likely that you're also expert in statistical analysis of data. In order for you to make decisions based on the data your company collects, you must find business analytics applications that perform data mining techniques and, in addition, generate recommendations to you on how best you can analyze the data and present the information extracted.

While you may be keen on business analytics, you know these serve only as a means toward value creation. You'll want to understand how to gather and use business analytics. However, business analytics are worth more when you can translate them into purposeful action.


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