Services Provided by Business Analytic Companies
Business Analytics is a methodical exploration of an organization’s data with emphasis in statistical analysis. It is an important tool for analysis of data driven companies. This will enable the organization to take smarter decisions, faster activity and faster outcomes.
Ever increasing volume of data and faster speed of generation of data are posing a challenge in business world. This is known as “Big data”. Business companies are devising new technologies to manage and process the data that not only provide them the information regarding the market but also analyze their own performance in the market. According to a recent survey, in 2012 only 90% of the companies with revenue more than $100 millions used help of business analytics. This value has risen up to 97% this year. Every organization is trying to grasp its big data and the data it has access to. In such arena, analytic software is in great demand to analyze and process the data. But sometimes this analytic software is not just enough for processing the data. It requires more than that. It requires well-planned data analysis and people who has skills and experience to leverage the big data and to analyze the “Big data”.
The basic tools include basic inquiry and reporting tools, to data mining tools to spatial and textual analysis. Different business analytic packages differ in the combination of varying degree of tools. Business analytic companies have, therefore, become one of the most demanded organizations in Business world. According to a survey, Business analysis is still in its emerging stage where some companies are still using traditional technology for analyzing the big data using spreadsheets. Also, intuition based on business experience is still a key factor in decision-making rather than interpretation of the data. But adoption of a new technology takes time. It is an example of one such technology.
Some of the useful services:
Business analytic and optimization companies provide following services:
- To analyze big data: Business analytic companies ensure providing trusted information in an organization that supports prevalent disposition of analytics with improved IT economics.
- To know the customer: Customer analytics helps the companies and organization increase the value of the services they provide to their customers, shareholders and partners. IT helps the organization to take real-time actions to integrate and manage value processes.
- Risk management: Risks across the organization including unexpected cost variations during various operations,financial loss due to some other reason like fraud and many others can be managed.
- Fraud reduction: It enable organizations to use advanced technology to check the claims that are at risk. They also assist these organizations with cost recovery.
- Operation boosting:Business analytic companies provide you insights of the business world thus help the organizations to manage the changes and responding to the same in a better way. This will help the companies to adjust themselves with current scenarios so that they can take enough advantage of the upcoming opportunities.