{"id":53,"date":"2019-09-02T16:05:51","date_gmt":"2019-09-02T16:05:51","guid":{"rendered":"http:\/\/www.kadokowaza.com\/blog\/?p=53"},"modified":"2019-09-02T16:28:50","modified_gmt":"2019-09-02T16:28:50","slug":"business-analytics","status":"publish","type":"post","link":"http:\/\/www.kadokowaza.com\/blog\/business-analytics\/","title":{"rendered":"The importance of Business Analytics in decision making"},"content":{"rendered":"\n
\"Business

Photo by rawpixel.com <\/a><\/strong><\/figcaption><\/figure>\n\n\n\n

The importance of Business Analytics in decision making <\/strong><\/p>\n\n\n\n

We are now living in a fast-passed era, where decisions need\nto be made quickly to solve a personal\/Business problem while mitigating the\nrisk of making a bad decision. <\/p>\n\n\n\n

In most cases we make decisions based on our past experience, however, we have situations which require critical thinking before a decision is made. This means you need to look at the situation properly and decide how you are going to make a decision. Questions such as Who, what, where, when and why need to be asked. <\/p>\n\n\n\n

A few examples I have put below:<\/strong><\/p>\n\n\n\n

  1. What<\/strong>: What is the problem? What are the alternative solutions? What are the Strengths, Weaknesses, Opportunities, and Threats?<\/li>
  2. Who<\/strong>: Who is affected by this? <\/li>
  3. Where<\/strong>: Where will this decision take us? <\/li>
  4. When<\/strong>: When does this decision need to be made and implemented? <\/li>
  5. Why<\/strong>: Why does this decision need to be made?<\/li><\/ol>\n\n\n\n


    \nBased on your situation the questions may differ and the time frame to have a\ndecision made; this is why business analytics is crucial for any company because\nclarity can be made simpler if you have the data to make an informed decision. Business\nanalytics is important and, in some cases, critical for a company\u2019s growth.
    \n
    \n<\/p>\n\n\n\n

    So, what is Data Analysis?<\/strong><\/p>\n\n\n\n

    In short, data analysis can be said it\u2019s the process of\ntaking data and turning it into information which can be used for decision\nmaking. This process involves collecting the data, analyzing it, scrutinizing,\nand converting it into an understandable format. <\/p>\n\n\n\n

    Why does a business need data analytics?<\/strong><\/p>\n\n\n\n

    Well, in our current time believe it or not analytics is determining\nour everyday life in some way. I have added a few questions most marketing\/sales\nteams would ask themselves:<\/p>\n\n\n\n