Benefits of Working with Business Analytics Tools

Posted by Vidhi Yadav on November 28th, 2022

Forecasting what is going to happen in the future is a superhuman power that every human wishes to lay hands on! Isn’t it? Then imagine what a business owner would feel when he or she realizes the losses that could have been salvaged had they known there exists a group of people who can forecast profit and loss-making decisions. These professionals are called business analysts. They are certified in business forecasting and predictive intelligence by top-ranking or best business analytics courses. What is the advantage of working with these professionals?

The one and only advantage are that these professionals are thoroughly experienced in data analytics and how to use insights for better decision-making using business intelligence tools. So, invariably, you could be one of them who is passing out from the best business analytics courses and working with top-tier organizations that wants to utilize business intelligence tools.

In this article, we have highlighted the advantages of working with these tools in real-life scenarios. 

Maturity of business processes and definitions

Business intelligence or BI tools are a specific family of software as service products that collect, analyze and report different types of data collected from diverse sources to deliver actionable business insights in the form of dashboards, or charts. Overall, it is an extension of business information reporting that takes care of the complex processes involved in working with large quantities of data. There has been a massive uptick in the BI tools investments due to the maturity of AI and big data capabilities. Today, you are likely to see an organization investing 10x more on BI tools and teams than what they were doing 5 to 6 years ago.

So, let’s understand what are the benefits of these tools.

Getting hold of the market scenario

To grab a strong hold on the market, organizations hire a bunch of certified professionals trained in business analytics. They also invest in top-tier business intelligence tools. Business intelligence tools enable the analyst to conduct one of the most complex activities in a simplified manner. It’s called competitor analysis. 

What is competitor analysis?

Competitor analysis or competitive analysis is the scientific approach to finding out the strengths and weaknesses of your brand as it compares to the competitors in the market. It allows you to judge these traits from a position of threat or opportunity. 

Most commonly, these tools are used to build a SWOT analysis. 

But, in sophisticated markets that are inundated with many players and diversified products, doing a SWOT analysis may not be possible. To overcome such challenges, business owners rely on top professionals in business analytics teams who find out what business processes can be controlled and transformed. These challenges could be both short-term and long-term. Irrespective of the nature of these market forces, having a business analyst solve the problems using BI tools are often found to be productive.

Making more sense of the distinct granular data

A business could be impacted by different types of data collected from various sources. For example, a marketing team relies on customer data to personalize marketing campaigns. Now, this data could be collected from web page analytics teams who use forms and landing pages to collect data; or, from social media sites, job sites, tele calling, contact centers, SMS, chats, and so on. There is so much variety in marketing data, that it is impossible to arrive at a single truth of definition for a customer profile. So, what marketing team does? They use a business analytics tool to derive a definition from an ERP, CRM, CDP, or email database. This highly granular data makes it possible for the marketing team to get accurate information on the behavior of each customer based on touchpoint data collected from all the sources we have mentioned above.

Unlock value with automation and artificial intelligence

If you are in the sales and marketing team but have no access to an AI tool, you are in the wrong organization. It simply jeopardizes your career with eventual fallout from the trends that are blazing the job markets. BI tools that come with AI capabilities solve so many perennial problems for the users that it is pertinent for the BI team to lay guidelines on how to build a scientific approach that unlocks data value in a transparent and contextual manner. A great example in this field is hiring and recruitment forecasting used for hospitals and healthcare centers. Using BI tools, analysts can accurately tell the number of new hires and promotions required to manage patient care and healthcare systems. 

Additional benefits include a reduction of employee attrition and optimization of work hours to meet productivity at an organizational level if you are certified by the best business analytics courses.