Posted by on Oct 22, 2016 in Business | 0 questions

Business analytics refer to a set of skills, practices, and technologies that enable businesses to explore and investigate their past performance. The process largely depends on statistical analysis to draw conclusions. Before the concept of business analytics was introduced, businesses relied on inaccurate and time-consuming methods of analyzing their performance. In most cases, businesses gathered information after incurring losses or making mistakes.

Today, it is impossible to achieve a sustainable competitive advantage without a systematic and consistent analysis of past performance. The good news is that business owners and managers can pursue an online master of science in analytics and get all the required skills. The major benefits of analytics when running a business are discussed below.

Business Analytics Enable Businesses to Make Smarter Decisions

The speed and quality of decision-making processes influences a company’s performance significantly. Analytics help businesses make data-driven decisions instead of relying on past decisions. For instance, businesses can make accurate decisions on new product innovation and development based on the performance of existing products in the marketplace.

Analyzing customers’ preferences and satisfaction level enables businesses to make smart decisions on their customer services and product quality. Analytics enable businesses to stay ahead of their competitors. Accurate market analysis helps businesses identify their competitors’ strategies and project future customer needs, and only someone who has completed the MSA program online can properly digest and implement the data for the furthering of the company’s goal. Consequently, business owners can adjust their current operations in preparation for future market trends.

Analytics Provide Important Insights and Updates

Customer tastes and preferences are dynamic. Customers shift from one brand to another in search of better offers and quality. They easily shift to a new brand that promises more benefits. An online MSA degree from Villanova University enables a business owner to understand how customers think and make decisions.

Business owners who pursue an MSA degree online gain the necessary skills and knowledge to analyze their target market accurately. The analysis, in this case, includes new businesses and market campaigns that may sway a company’s clients to its customers. Current trends in business analytics enable business owners and managers to gain insights about their market at a glance. Data presented in form of charts, tables, and graphs is easy to understand and interpret.

Analytics Helps a Company Measure its Performance

Every business has a mission statement that outlines the set values it intends to deliver to its customers. A good mission statement is measurable. Most businesses place emphasis on the mission statement when training their employees, but ignore the need to measure their performance in fulfilling the statement. Analytics provide an accurate and consistent method of determining if a business is making decisions in line with its mission statement.

Analytics are important to employees because they keep them focused on business goals and help them understand what is expected of them to achieve those goals. This is only possible if a mission statement has quantifiable values and the managerial team is committed to analyzing the company’s performance in delivering those values.

Businesses reap various benefits from analytics including smarter decision-making processes and important market insights. Businesses can track changes in their target markets and analyze their performance in delivering values to their customers. Business owners and managers can pursue a master of science in analytics online to gain the required skills in business analytics.