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The State of Business Analytics

Author: Pete Langlois/Wednesday, June 22, 2016/Categories: SNI Companies, SNI Financial, For Employers, Industry Trends, SNI Certes, For Employers, Industry Trends, SNI Technology, Accounting Now, Staffing Now

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Business analytics study data through statistical and operations analysis, the formation of predictive models, and the application of optimization techniques. Business analytics also involve the communication of insights and data to customers and colleagues. Most technology and business leaders agree that data driven decision-making is optimal, but few organizations have automated and embraced business analytics technology.

A Bloomberg Businessweek Research Services study, conducted among 930 businesses across the globe in various industries, provides six insights into the state of business analytics:

1)Business analytics is still in the “emerging stage” with most businesses utilizing Excel spreadsheets vs. analytics software.

2)Organizations are proceeding cautiously in their adoption of analytics. Use of business analytics has only grown at a moderate rate and their use is narrow within different aspects of an organization.

3)Intuition based on business experience is still the driving factor in decision-making. Analytics are used as part of the decision process at varying levels, depending on the organization.

4)Companies are looking to analytics to solve big issues: with the primary focus on money, reducing costs, improving the bottom line, and managing risks.

5)Data is the number-one challenge in the adoption or use of business analytics. Companies continue to struggle with data accuracy, consistency, and access.

6)Many organizations lack the proper analytical talent. Businesses that struggle with making good use of analytics often don’t know how to apply the results.

Despite these barriers, organizations with investments in quantitative methods and evidence-based data in business modeling and decision-making have seen dramatic and positive results. If your organization is not embracing business analytics, now may be the time to investigate how to minimize barriers to adapting a more data driven approach.

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Pete Langlois
Pete Langlois

Pete Langlois

Pete Langlois is the Chief Sales Officer at GEE Group. His blog leverages his decades of experience in hiring, training and retaining top talent and covers trends and issues of interest to employers and job candidates alike.

Other posts by Pete Langlois
Contact author Full biography

Full biography

Pete Langlois is the Chief Sales Officer at GEE Group. His blog leverages his decades of experience in hiring, training and retaining top talent and covers trends and issues of interest to employers and job candidates alike.

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