Innovation and Analytics



Innovation and Analytics

Business Analytics

Business Analytics is a computational process in which a company explores data with the help of statistical analysis. It is helpful for those companies who make decisions based on the data availability. Data is considered as a valuable asset to data oriented companies and these companies are always in a quest to create competitive advantage in the market. Success of data analytics depends on the quality of data, skillful analysts who are capable of understanding the structure and technology inclusive of business visions and goals (Laursen. G. & Thorlund. J., 2010).

Use of Analytics by Companies

The role that analytics play in today's business affects company's decisions from mergers to acquisitions, marketing to customer care. For instance, according to the survey in 2010 of United States, 1 out 5 committed relationships is a result of match.com or online relationships. This concept has caused 50% increase in revenues from the past 2 years. The reason of this huge success was implementation of data analytics or innovation. The company has data scientists who implement and design matching algorithm that connects people and develop a competitive advantage.

Benefits of Data Analytics

Innovation has brought ease to the companies in accessing, capturing and storing data. Companies can have a vast database of Information and only half of it is mostly by the companies to take significant actions. It helps companies to have a competitive advantage over its competitors in some way or other. It is researched that analytics has improved companies operations mostly in marketing, operations and finance. According to a survey David Kiron, Pamela Kirok, and Boucher Ferguson, use of analytics has resulted in access of useful data, confidence in data, accuracy of internal and external data among companies. Therefore, we can say that there is a strong relationship between use of ...