Business Analytics and the Data Driven Organisation
Essay Preview: Business Analytics and the Data Driven Organisation
Report this essay
Business Analytics and the Data Driven OrganisationINFS 51172017Assignment 1(Internal)Technology Review for Improving Predictive Analysis of Market Trends[Your Name][Date]ContentsExecutive Summary 3How organisations predict market trends 3About [your chosen technology] 3Benefits of Using [your chosen technology] to Improve Predictive Analysis of Market Trends (Large Organisations) 3Benefits of Using [your chosen technology] to Improve Predictive Analysis of Market Trends (Small Organisations) 3References 4Executive SummaryBusiness intelligence and analytics (BI&A) and the related field of big data analytics have become increasingly important in both the academic and the business communities over the past two decades. Industry studies have highlighted this significant development. For example, based on a survey of over 4,000 information technology (IT) professionals from 93 countries and 25 industries, the IBM Tech Trends Report (2011) identified business analytics as one of the four major technology trends in the 2010s. In a survey of the state of business analytics by Bloomberg Businessweek (2011), 97 percent of companies with revenues exceeding $100 million were found to use some form of business analytics. A report by the McKinsey Global Institute (Manyika et al. 2011) predicted that by 2018, the United States alone will face a shortage of 140,000 to 190,000 people with deep analytical skills, as well as a shortfall of 1.5 million data-savvy managers with the know-how to analyze big data to make effective decisions.The opportunities associated with data and analysis in different organizations have helped generate significant interest in BI&A, which is often referred to as the techniques, technologies, systems, practices, methodologies, and applications that analyze critical business data to help an enterprise better understand its business and market and make timely business decisions. In addition to the underlying data processing and analytical technologies, BI&A includes business-centric practices and methodologies that can be applied to various high-impact applications such as e-commerce, market intelligence, e-government, healthcare, and securityHow organisations predict market trends Business’s market trends predicting is essential for the survival for companies of all sizes because trend forecasting is going to analyse the prior data such as review the past sales, market growth or demand of customers to determine the possible market trends and using those information to predict what might happen in future market . For example, many companies are able to determine potential future sales growth, improve the management of customers relationship and marketing activities through analyse the data and making a predict market trends. Generally, there are two strategies(descriptive analytics and predictive analytics) that company have to use so as to making the prediction.
Descriptive analytics is a common and well-understood type of analytics, which aims to describe what happened in the past and current business performance through analysing the past data(