- Business Analytics (BA)
Business Analytics (BA) is a set of disciplines and technologies for solving business problems using data analysis, statistical models and other quantitative methods. It involves an iterative, methodical exploration of an organization’s data, with an emphasis on statistical analysis, to drive decisionmaking. Data-driven companies treat their data as a business asset and actively look for ways to turn it into a competitive advantage. Success with business analytics depends on data quality, skilled analysts who understand the technologies and the business, and a commitment to using data to gain insights that inform business decisions
Importance of Business Analytics (BA)
Business analytics plays an essential role in providing the tools to make the right decisions and strategies needed to survive in a competitive market and grow profitably. In a world of Big Data, analytics has become a strategic necessity in virtually all areas of business, and to make the best decisions, businesses need to master both business and analytics. Analytics now permeates business sectors from marketing to accounting, sales to logistics, and HR to operations. No industry or market is unaffected by Big Data, so the need for business analytics is universal.
Necessity of Business Analytics
Business Analytics brings actionable insights for businesses, as follows…
- Improve operational efficiency through their daily activities.
- Assist businesses to understand their customers more precisely.
- Business uses data visualization to offer projections for future outcomes.
- These insights help in decision making and planning for the future.
- Business analytics measures performance and drives growth.
- Discover hidden trends, generate leads, and scale business in the right direction
Functions of Business Analytics:
Extract Requirements Understanding the details of a project is very crucial for business analysts. It is a fundamental responsibility of a business analyst to work in accordance with relevant project managers and stakeholders to understand their requirements and translate them into details so the developers can comprehend them. v Analyze Information the analysis phase is the stage during which a business analyst reviews the necessary elements in detail, assisting clearly and unambiguously the needs of the business in order to help the organization achieve its objective. During this stage, the business analysts are also required to interact with the development team and the technical staff, to design the layout and define accurately what the solution will look like. v Communicate and Document the Findings It is of paramount importance for businesses to create as well as deliver quality presentations on topics like the requirements of the business, the application designs and the project status. At this point, the business analyst has to ensure that the implementation team has gathered all the comprehensive details they require for creating and implementing the process.
2.What is HR Analytics?
Human resource analytics (HR analytics) is an area in the field of analytics that refers to applying analytic processes to the human resource department of an organization in the hope of improving employee performance and therefore getting a better return on investment.
HR analytics does not just deal with gathering data on employee efficiency. Instead, it aims to provide insight into each process by gathering data and then using it to make relevant decisions about how to improve these processes.
ABOUT OF HUMAN RESOURCES ANALYTICS
HR analytics needs accurate and comprehensive internal and external data to be effective. Internal data refers to information from the HR department, such as records and metrics connected to employee compensation and performance appraisals. External data consists of information from other departments or outside the organization, such as financial data, economic trends, or job-market research. There are many different HR analytics software’s and tools. Different HR software tools offer different benefits, so it’s important to consider how it will fuse with your current solutions and enable data-driven decisions on how to improve
and satisfaction, reduce attrition, and improve your cost per hire, workforce diversity, and close pay gaps.
NECESSITY OF HR ANALYTICS
- Practicing evidence-based HR
- Improving recruitment and talent acquisition
- Managing employee performance and productivity
- Helping build equitable compensation and benefits packages
- Enabling effective workforce planning
- Easily conducting skills gap analyses
- Boosting learning and development, upskilling and reskilling
- Preventing turnover
- Improving candidate and employee experience
- Identifying inefficiencies
FUNCTIONS OF HR ANALYTICS
- Recruitment and Hiring
- Training and Development
- Employer-Employee Relations
- Maintain Company Culture
- Manage Employee Benefits
- Create a Safe Work Environment
- Handle Disciplinary Actions
What is Sales Analytics?
Sales analytics is used in identifying, modelling, understanding and predicting sales trends and outcomes while aiding sales management in understanding where salespeople can improve.
Specifically, sales analytic systems provide functionality that supports discovery, diagnostic and predictive exercises that enable the manipulation of parameters, measures, dimensions or figures as part of an analytic or planning exercise.
Sales analytics refers to the technology and processes used to gather sales data and gauge sales performance. Sales leaders use these metrics to set goals, improve internal processes, and forecast future sales and revenue more accurately.
The goal of sales analytics is always to simplify the information available to you. It should help you clearly understand your team’s performance, sales trends, and opportunities
Importance of Sales Analytics
Sales analysis is an important aspect of running a successful business. · Through sales analytics, you can decide which products to focus on, where to sell and how best to reach customers. · Many sales analysis tools exist to help small businesses improve and grow their businesses. · This article is for small business owners who want to learn how to glean information from their sales data.
NECESSITY OF SALES ANALYTICS: v Start with data v Follow an incremental approach v Prioritize v Invest with an ROI focus v Manage the change FUNCTIONS OF SALES ANALYTICS: v Collect data from sales reports for analysis v Develop methods and strategies for assessing large amounts of data v Study past sales data to determine trends in productivity v Examine company budget v Conduct research into competitive companies and the surrounding market v Study shopping and purchase trends of consumer base and target demographic v Use sales prediction software to determine future trends v Create sales evaluation reports based on collected data