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The Importance of Business Analytics: A Look Ahead to 2014

By  Paragon Solutions Paragon Solutions  on 2013-10-10 09:38:00  |  Featured in  Communications , Advisory Services
Paragon Solutions
Posted By Paragon Solutions
in Communications in Advisory Services
on 2013-10-10 09:38:00

The Importance of Business AnalyticsBusiness analytics, or BA, is an important component of most successful modern businesses. However, the definition of this term can be rather ambiguous, and is constantly changing. In a nutshell, BA can be defined as a set of applications, practices, skills, and technologies designed for investigating and analyzing business performance in order to achieve more strategic decision-making and structuring in the future. Business process analytics is not a universal approach, though.

There are many different ways to investigate and analyze business performance in order to restructure processes for more profitable results. And the fact of the matter is that the ways and means of achieving this essential investigation and analysis are not set in stone. So where will BA be in the future, and how will people and organizations use it? Keep reading to gain some insight into these pressing questions.

Forecasts from the Experts

Many of the top data analytics consulting experts are forecasting big changes in the world of business intelligence and analytics in the coming year. Some experts are predicting a shift from relying strictly on information technology reports to the development of tools that drive more informed and successful decisions overall for the business people relying on these reports. Many of these predictions focus on four categories: faster processing capabilities, mobile applications, more social decision-making models, and more spending on solutions providers.

Faster Processing Capabilities

One thing that lots of business intelligence experts are talking about is the need for faster processing to handle all the projective analytics that businesses of all sizes and types are using these days. Business intelligence and analytics have definitely gone mainstream, and even small business users are seeing the need for complex analysis, modeling, and predictions based on comprehensive sets of data.

This is why many analytics software applications are going to be released with more mainstream functions that appeal to mass-market users, all requiring faster processing times and more intuitively designed databases for users of varying IT skill levels.

Mobile Applications

The experts are also predicting more specialized mobile applications in 2014, as well as a greater audience for all business intelligence and analytics applications in general. This is a no-brainer, as so many business people and consumers are on the go these days, and constantly relying on their mobile devices to stay informed and in the loop.

Analytics consulting firms will be seeing more demand for mobile business intelligence functions, and software designers will be expected to create applications that function separately from the desktop application, with all the necessary tools to perform vital tasks and communicate with vendors and customers.

More Social Decision-Making Models

There is expected to be a shift toward more social decision-making models as well, which will require more collaborative business analytics software. The new model for business intelligence and analytics will integrate social networking capabilities into the decision-making environment. Integrating collaboration and social networking into existing business intelligence and analytical tools may be difficult, but with the right leadership and communication, it may be very beneficial for the organization overall.

More Spending on Business Analytics Consulting

With so many highly useful, yet highly complex, applications on the market to help businesses with their predictive analytics capabilities, experts are also predicting an increase in spending on consultants and other service providers. Business analytics consulting firms can help organizations integrate their BA solutions to achieve the desired results faster, more efficiently, and more effectively in the long run.

Simply having a technology solution can only take a business so far if people don’t know how to use it effectively, or even know what the point is, which is why it is becoming more and more important to hire experts to create a strategic plan. By working with end users, consultants can help structure and implement an ideal solution, and provide adequate training and support to get everyone onboard.

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