What is the Scope of Business Analytics? Part 1
Many support functions can now be outsourced in today's climate. Many Malaysian businesses outsource the process of finding qualified employees. Once the organization has established routines, routine duties such as paying salaries, establishing training programmes, and implementing them in external courses could be outsourced. We're left with what we refer to as the company's core strengths. These are the skills and abilities that the company excels at and that can ensure its long-term existence if it can continue to improve them to meet market demands.
Knowing how to handle internal operations and understanding what customers want now and in the future are two of a company's essential capabilities. To put it another way, having the correct knowledge in the company is crucial. More particular, the organisation requires that the appropriate personnel have access to the appropriate data and information at the appropriate time. So, it can be said that an important function of a Business Analytic is to deliver the right decision support to the right people at the right time.
BA provides the business user, with data, information, or knowledge on which he/she can act or not act. Regardless of whether predictive models or projections are used, historical data can provide firms with a status update on their current state. Although the company's analysts and scenario models may give various options, it is ultimately up to the decision makers to decide which business processes they wish to change or start based on decision support. BA, is about enhancing a company's decision-making and operational processes, as well as obtaining the competitiveness that can be achieved when a company has relevant data and understands how to use it. Unfortunately, we frequently encountered BA as essentially an IT discipline, driven solely by the organization's technical environment, resulting in BA projects that drift aimlessly.
This article is to suggest that a successful BA initiatives are always tightly tied to the organization's strategy (mission, vision, and goals) and are implemented to improve business processes' ability to move in the proper direction toward business objectives.
BA must be redefined. Why? Simple its “Big data”, a term used to describe a significant development. This word was coined to explain the phenomenon of growing data volumes and variability, which includes image, video, and audio files. The foregoing statement, however, does not account for the fact that the volume, variety, and velocity of available data have increased. So, what makes a new definition of BA necessary? It's the increased use of analytical models to intelligently control operational processes.
We might say that artificial intelligence is beginning to make decisions in the digital area.