How Data Analytics Influences Business Decisions

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64.8% of Fortune 1000 companies surveyed have invested at least $50 million into their business analytics efforts, and 91.5% attempted to implement artificial intelligence (AI)-based technologies in some form. While these figures appear to illustrate progress, the other side of the coin is only 14.6% of all responding businesses used these technologies across their operations.

Beyond the technologies and capabilities themselves, making accurate decisions based on facts and past performance remains at the core of business analytics. As the counterpart to this, decisions relying on gut instinct (or, until roughly a decade ago, limited data) result in costly investments, be it strictly in terms of money or the hours put into developing new initiatives that go nowhere.

Within this general framework, the insights gleaned ultimately help optimize and streamline business processes, eliminating any estimates and grey areas in the process. Thus, organization-wide optimization may encompass:

shaping and evaluating future company decisions based on the performance of past initiatives or market trends;
examining individual departments’ performance within an organization and influencing their growth efforts;
monitoring employees’ performance and productivity;
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