Why Should Companies Invest In Business Analytics Consulting

Posted by SR Analytics on December 8th, 2020

If you're new in the market, you would possibly be wondering what's all this ado about business analytics consulting, and why do I would like to invest in it? to make a decision whether you would like to take a position your money in business analytics consultancy or not, let’s understand the info world’s dynamics and the way it’s booming every second.

According to the World Economic Forum’s report published in April 2019, digital space is predicted to succeed in 44 zettabytes by 2020, i.e., 40 times more bytes than the stars in our observable cosmos. 2.5 quintillion bytes of data is being generated daily — by not utilizing this data, you'll not only hamper your business growth but will eventually be thrown out of the market. Thus, business analytics and consulting isn't a fad but a necessity. consistent with Forbes, an organization’s ability to leverage data insights and business analytics consulting can make or break it.

What is analytics?

Analytics is that the process of combining information technology, data, quantitative methods, and computer-based models to assist decision-makers make well-researched decisions. And because of computer-based models, the business analytics service providers can now make the knowledge available under different scenarios and in accessible formats.
Over the last decade, the web and IT boom has made business analytics and consulting very relevant for the present age.

Benefits of business analytics consulting.

According to the newest research of MicroStrategy: 2020 Global State of Enterprise Analytics Report, organizations that have embraced business analytics and consulting, has enjoyed a typical set of advantages that continues to encourage their investments, including improved efficiency and productivity (64%), faster and simpler deciding (56%), and better financial performance (51%). the other benefits that a company enjoys through business analytics consulting are identification and creation of latest product and service revenue (46%), improved customer acquisition and retention (46%), improved customer experiences (44%), and competitive advantage (43%).

1. Improved efficiency and productivity

KPMG report on emerging trends in infrastructure states that a lot of organizations have started using predictive analytics to forecast maintenance and operational issues before they become difficult to regulate. as an example, a KPI report helps leaders recognize their best and worst performers and make amendments promptly.

2. Effective decision making

By making all the information available on a one-pager, analysts help decision-makers make effective, real-time, and prompt decisions. Organizations using business analytics consultancy make decisions based on facts; thus, they're more accurate.

3. Better financial performance

Data insights help leaders to spot cost-avoidance factors and reduce the probabilities of wasteful spending. Simultaneously, it also helps to acknowledge profit-generating opportunities.

Future of business analytics consulting firms
In the same MicroStrategy’s report, it's been seen that 65% of the organizations decide to enhance their investments in analytics within the coming years. Though the massive organizations with quite 1000 employees have shown more interest than the smaller ones (75% vs. 59%), it clearly shows that the long term of business analytics consulting firms is pretty promising.

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