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We have discussed the concept and importance of using data analytics to make decisions, but it is important to be able to see how analytics have been used in a business context. This discussion includes the review of how analytics has been effectively used in industry.
A business’s management uniquely defines that company’s business strategies. Strategies can be externally focused, such as how to increase market share; or internally focused, such as how IT or accounting, for example, can strategically support the operations of the organization. Business strategies should start with the organization’s mission, vision, and objectives and produce a guide that shows stakeholders how the business intends to better meet the mission, vision, and objectives in the future. The use of business analytics can be a powerful tool in helping organizations sustain profitability and meet objectives, if integrated strategically.
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