With rapid advancements in technology, businesses today are producing and collecting an enormous amount of data every day. However, interpreting this data to solve real-world problems is easier said than done. In this article, we will discuss how the effective use of business analytics can help organisations gain valuable insights and make informed decisions to tackle complex challenges in the real world. We’ll also see how a course from IIM Ahmedabad can help you teach the right problem-solving skills using advanced business analytics.
5 Challenges Faced by Businesses
Businesses face many challenges when it comes to analytics. Here are five of the most common problems:
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Innovation in Solving Problems
In the business world, analytics is often used to gain insights that help solve problems or make better decisions. However, what many people don’t realise is that analytics can also be used to find new and innovative ways to solve problems. This will increase the efficiency of solving complex problems. It is also something most businesses struggle with.
However, there are many ways to use analytics to find new ways to solve problems. For example, one can use data analytics to make accurate customer demand forecasts, which can completely outshine previous approaches to the problem. The bottom line is, analytics can be a powerful tool for innovation and problem-solving.
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Creation of New Services
Advanced business analytics can help you understand what services your customers want and how to create those services. You can also use business analytics to understand which new services would be most profitable for your company.
Creating new services is a complex process, but business analytics can help you simplify the process and make better decisions. First, you need to identify the needs of your customers. What do they want that you don’t currently offer? You can use customer surveys, interviews, and focus groups to gather this information.
Once you know what customers want, you need to determine if there is a market for the service. Is there enough demand to justify the cost of creating the service? You can use market research to answer this question.
If there is a market for the service, you need to develop a business model for the service. How will you generate revenue? What are the costs of providing the service? What are the risks and uncertainties associated with the service? A business model canvas can help you structure your thoughts and answer these questions.
With the aid of business analytics, you can successfully generate new services and carve a niche as an organisation.
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Improving Current Operations
Advanced business analytics can be used to improve a number of different aspects of an organisation. One way can be to optimise marketing campaigns. By analysing customer data, organisations can better target their marketing efforts and ensure that they are reaching the right people.
Additionally, business analytics can be used to improve product development processes. By understanding customer needs and wants, organisations can develop products that better meet those needs.
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Better Decision Making
By understanding the data, you can see how different factors affect outcomes. This can help you make decisions that are based on evidence, rather than intuition or guesswork.
When you have a clear understanding of the problem, you can start to look for solutions. You can use analytics to test different solutions and see which ones are most effective. This trial-and-error approach is often more successful than simply guessing what will work.
It’s important to keep in mind that business analytics is not perfect. It can’t tell you what will happen in the future, but it can give you insights into what has happened in the past and what is happening now. This information can be extremely valuable when making decisions about where to take your business next.
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Increasing Revenue/Cutting Production Costs
Organisations are under constant pressure to do more with less. Business analytics can help them achieve both objectives by providing insights into customer behaviour and identifying areas of inefficiency.
By understanding what customers want and need, businesses can make better decisions about what products or services to offer. They can also use analytics to identify which channels are most effective for marketing their products or services.
Additionally, businesses can use analytics to understand which touchpoints in the customer journey are most important and how to optimise them.
Moreover, business analytics can help organisations identify areas of waste in their operations. For instance, they may be able to pinpoint exactly where in the production process bottlenecks may occur. Or they may be able to see that a particular supplier is consistently late with deliveries. By understanding these problems, businesses can take steps to fix them and improve their overall efficiency.
Master Business Analytics With ePGD-ABA from IIM Ahmedabad
ePGD-ABA from IIM Ahmedabad is a one-of-a-kind postgraduate diploma programme in business analytics. The program is designed to provide students with the skills and knowledge necessary to solve real-world problems with advanced business analytics.Â
Concepts like Business Analytics in the Real World, Problems and Data, Probability and Statistics using R and Python, Data Visualization using Tableau, Big Data Management, and more are integral parts of this advanced business analytics course. This is a hybrid program, that is, some topics will be taught in the classroom, while others will be covered online.
Conclusion
Advanced business analytics is an invaluable tool for understanding real-world problems. It can be used to identify patterns or trends, optimise processes and predict outcomes that help businesses make informed decisions. With the right data and analytics tools, organisations can gain valuable insights into their customers’ behaviours and preferences, as well as into career growth opportunities.Â
