Business Strategy

Application of Business Analytics in Corporate Enterprises: An Exploratory Study

Article Details

Pub. Date	: Sep' 2021
Product Name	: The IUP Journal of Business Strategy
Product Type	: Article
Product Code	: IJBS20921
Author Name	: Nitu Saxena, Swati John and Pallavi Deshpande
Availability	: YES
Subject/Domain	: Strategic Journals
Download Format	: PDF Format
No. of Pages	: 14

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Abstract

Big data and data analytics have been the most sought-after techniques of the 21st century. While some companies like Google and Facebook were born with data capabilities and harnessing data for company growth and competitiveness, others have integrated data systems in their daily operations. Business analytics offers insights into the form of exploring and identifying new segments, better customer experience and efficient working. Business analytics has changed the way companies use promotions. It has helped develop newer channels and appropriate pricing and for developing new and improved products. Business analytics utilizes mathematical and statistical models along with machine learning algorithms. Some systems do require hardware infrastructure as well. Business analytics will continue to play a defining role in companies' growth and the sooner the corporations learn to integrate and use business analytics, the better it is for them. This paper explores the usage of business analytics in 10 big companies, including Google, Facebook and Amazon. It throws light on how the companies have been able to develop robust systems based on business intelligence.

Introduction

Business analytics has emerged as an effective tool for designing business strategies and making an organization safe from various types of risks. Business analytics, if used properly, can be rewarding and may open up a plethora of opportunities for businesses. The importance of business analytics can be traced back to the amount of data circulating in the business world. Big Data and Blockchain are known terminologies and are amongst the emerging technologies which will entirely change the landscape of business. The scenario is so futuristic and presents an optimistic picture of the way businesses can use analytics to make the future, ready and risk-proof. Business analytics is useful as it brings about: