Business Analytics Implementation Plan Paper

Just like in baseball there are large and small businesses. Businesses have to make decisions, decisions that will help the business in the long run. By using analytics business can measure their performance to know where they stand financially and economically. Numbers are very important in a

Decision making and communication are at the center of business success and efficient business analytics would only be effective through the use of proper information systems and that are up to date with current trends as well as optimizing on the available channels.

In order to be an effective analytical competitor, Davenport and Harris (2007) assert that firms must meet certain prerequisites. Those prerequisites are at least a moderate amount of quality data about the type of business that analytics will support, hardware and software, the commitment of managers to develop analytics, and executive sponsorship (Davenport and Harris, 2007, p.16). Analytics is about extrapolating new information and

Brown, B., Chiu, M., Manyika, J. (2011), Are you ready for the era of big data? Retrieved

In today’s companies, the analytics software plays the important role and guides the future activities to a great extent.

Sumangla Rathore, Avinash Panwar, Prakriti Soral (2014). Critical Factors for Successful Implementation of Business Analytics: Exploratory Findings from Select Cases. International Journal of Business Analytics and Intelligence, 2(2), 14-15.

Business analytics would offer efficiency to the firm whereby it would formulate decisions to help achieve its specified goals. Analytics would help TecWiz to gather data at a faster rate for presentation in a visually appealing way. Therefore, analytics would encourage a

Stage 5, Analytical Competitors – Analytics have been applied at an enterprise-wide level and have had time to produce big results and a sustainable advantage over intuitively-driven competitors

Businesses today have access to significantly more data than any other time in history; however, most businesses are not capturing or using the data effectively. A report by the Aberdeen Group, “The Executive’s Guide to Effective Analytics,” indicates that “44 percent of executives are dissatisfied with the analytic capabilities available to them today, and that they often make critical decisions based on inaccurate or inadequate data” (Forbes, 2014). Luckily, CEO’s are beginning to recognize the need for analytics and more and more businesses are making a shift towards a data-driven business culture.

In the New Science of Winning book, (Davenport & Harris, 2007, p.7) analytics is defined as “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.” [1]. To be successful in today’s competition, my current employer, DLL Financial Solutions Partner (DLL), is competing on analytics and fully aligned its core strategies to be supported by extensive statistical and computer based decisions. DLL is a global financial services company with operation in 36 countries, and its main focus is in the commercial equipment finance sector. In the following paragraph, I will explain DLL’s position in the industry and its ability to successfully compete on analytics with regards to its core business functions.

This project is written to explain the processes involved in implementing a business intelligence system. It continues to describe the technologies involved in a business intelligence system, as well as the purpose of the system and how it can help companies become a leader in the industry. Lastly, the report contains facts about industries that have implemented a business intelligence solution, how they use it, and the benefits they reap from the implementation. The report covers multiple industries, but focuses on Chevron oil company and analyzes its business intelligence solution.

Today, the world’s trend in operating business focuses on data availability to enact the best suitable decision to improve, develop, and increase business revenues. Moreover, the availability of data helps to monitor and control the quality of provided products or services. However, the availability of data without proper analytics operations would have no meaning (1). Data analytics provide an important aid to an organization to figure out their position in the market in comparison with their competitors. Also, data analytics helps to identify what is the organization’s competitive ability in the market, what they should bet on, and what they should strive for. With that being said, many of today’s most successful organizations utilize

The sections below go into greater detail about how organizations can use analytics as a competitive weapon to introduce new goods and services and support existing ones.

It is through these three types of analytics, that business analytics can be distinguished from just being the plain process of analytics. These three types of analytics help make this process useful in the business environment. It requires “a clear relevancy to business, a resulting insight that will be implementable, and performance and value measurement to ensure a successful result.” Business analytics includes a combination of all three types to generate new information used for business organization decision-making. Descriptive analytics basically gives you a general idea of the data you are looking at. Predictive analytics takes the next step and predicts what is likely to happen next. Finally, prescriptive analytics figures out what is the best course of action. All three of these types of analytics can be very useful when used in combination with one another. Business analytics can be instrumental to a business’ success when implemented properly. (Schniederjans et al., 2014).

Business analytics is different to Business intelligence which also uses statistical methods. Business analytics uses statistical methods and data to arrive at fresh understanding and illumination of a situation, whereas business intelligence uses statical data to serve as querying, reporting or alerts. Business analytics, therefore, is, one may say, the detective side of business using the statistics to develop and progress the business or direct it in new directions rather than revamping it with existent and supportive data. Business intelligence, in other words, uses the data to inform stakeholders and others what is occurring with the business, what the action is, and what steps are being taken.