We hope that these BI examples have inspired you to improve your organization’s processes and for further reading, explore these 10 essential data visualization techniques. Boosting Productivity. Here are just 10 of many business questions that can be answered more effectively with predictive analytics: Can we service our customer? Business intelligence steps up into this process by creating a comprehensive perspective of data, enabling teams to generate actionable insights on their own. on existing data. They meet the continued need to segregate and contextualize data so it can be transformed into information and used by organizations to inform more intelligent decision-making. With the introduction of online BI, companies today have the chance to create additional value, and, ultimately, profit. Those who enjoy problem-solving, statistical analysis, and using data in different ways may find a master of business analytics degree program aligns well with their professional goals. For example, a retailer may attempt to … This is one of our business insights examples that shows us how healthcare companies can perform on a much higher level. The manager decided to take advantage of HR analytics software and utilize business intelligence for their department. Among some frequently used terms, what people call as advanced analytics or business intelligence is basically usage of descriptive statistics (arithmetic operations, mean, median, max, percentage, etc.) A US-based e-commerce company suffered from low conversion rates, despite the fact their campaigns were monitored on a daily, weekly, and monthly basis with the help of traditional spreadsheets. A plethora of data is managed in the manufacturing industry, and when you add the increased use of robotics and artificial intelligence, this industry is one of the pioneers when it comes to utilizing business intelligence. Today’s businesses are finding they have more structured and unstructured data than they know what to do with. In the third of our business intelligence examples, a hotel rating company based in Berlin turned to business intelligence analytics software as its data was fragmented, diluting its impact across the company, impairing its productivity and service levels as a result. In number 12 of our business analytics examples, a clothing retailer in the early stages of its rising success was struggling to scale its business further. Check out what BI trends will be on everyone’s lips and keyboards in 2021. Located in Athens, Ohio, the school serves more than 35,000 students on the 1,850-acre campus, and online. The IT department could also resort to the database reporting tool since business intelligence provides beginner and advanced features for business users across industries and departments. Today, predictive analytics helps retailers, for instance, decide which marketing campaigns will be most effective based on their consumers’ demographics. Predictive analytics is the practice of sorting and analyzing data in ways that … Oracle, What Is Data Management If you are a professional who strives to align with one of the best, you need look no further than the esteemed on-campus and online programs offered at Ohio University. The thirteenth and final of our operational business intelligence examples, or business analytics examples, is centered on stock or inventory optimization. PAT Research, What Is Predictive Analytics That said, the fifth of our business analytics examples focuses on evolving a company’s business intelligence to identify potential cash flow issues and improve financial efficiency. SAS, Data Management, Manage Your Data As a Valuable Resource After looking at the data on interactive visualizations that gathered historical and present information of the whole department, the manager could clearly conclude that the department was understaffed, chronically tired, and the company needs new hires or the sick days will increase exponentially, thus creating substantial business issues in the long run. Professionals who are interested in improving their business analytics career opportunities may find a master’s degree can help them toward that goal. Their challenges arose when they needed to combine sales and marketing data in real-time, optimize their promotional activities to deliver the best possible results, and create a comprehensive overview of the customer lifecycle. From customers’ buying patterns and how they make purchasing decisions, to mechanical data sets that may indicate when machines are likely to break down, big data is everywhere. By rolling out a SaaS-based analytics solution that requires minimal IT intervention and making it accessible across the organization, the travel company was able to consolidate its key data in one accessible space. Ohio University is regionally accredited by the North Central Association of Colleges and Schools. SAS, Data Visualization, What It Is and Why It Matters The company quickly saw an improvement of their reporting and analytical processes, not only via automated standard reports but also in ad hoc analysis, where they only needed to utilize a drag-and-drop interface to generate immediately actionable insights. And once a judiciously selected AI application evaluated by a company’s financial analyst is up and running, performing simple repetitive tasks with precision, its presence will free up valuable time for business analysts to engage in critical thinking and deep subjective analysis no machine can perform and every company prizes. Without a doubt, your financial department is one of the beating hearts of your organization because, without steady cash flow and the capital to invest back into the business, the entire operation would grind to halt. The use of a real-time dashboard has empowered the budding online food giant to monitor all significant business operations through customized KPIs. These examples of business analytics prove that BI is no longer a process used solely by specific industries, but its implementation is welcomed and successfully employed by managers, employees, average business users, and IT specialists who want to work with a seamless SQL report builder and build their analysis with this popular language. To tackle this potentially devastating issue, the company implemented an intuitive financial reporting system that allowed them to drill down into a wealth of relevant account-based metrics but also utilizing a wealth of financial graphs that helped them see data in a visual and straightforward way. Ohio University Blog, “Online Master of Business Analytics Program Overview” Businesses today have access to an unprecedented amount of data, which means finding ways to collect, keep, sort, and store it is more important than ever. Managing an organization’s digital data involves a wide range of policies, procedures and tasks, because if structured or unstructured data isn’t managed properly, analytics projects are unlikely to be successful. 4 Business Analytics Examples of Techniques Professionals Use, about The Role of Transportation Data in Supply Chain Management, about Health Data Management: How Analytics Can Help Keep the Public Healthy and Informed, Master of Financial Economics (blend of online & in person), Online Master of Recreation and Sport Sciences – Soccer Track, Professional Master of Sports Administration, Online Master of Arts in Organizational Communication, Online Master of Curriculum and Instruction, Online Master’s in Early Childhood and Early Childhood Special Education, Principal Preparation Program (blend of online & in person), Russ College of Engineering and Technology, Online Master of Information and Telecommunication Systems, Master of Science in Nursing (blend of online & in person), Executive Master of Public Administration, need for professionals who understand how to sort and analyze data, master of business analytics degree program, Online Master of Business Analytics curriculum, Business Analytics program at Ohio University, Ohio University Blog, “Online Master of Business Analytics Program Overview”, Ohio University Blog, “How to Empower Decision Making with Predictive Analytics”, Ohio University Blog, “Video: Student Support Team”, Bureau of Labor Statistics, Mathematicians and Statisticians Job Outlook, Bureau of Labor Statistics “Working with Big Data”, CIO, “What Is Predictive Analytics? This exhaustive and incredibly smart analysis of historical data in addition to stock-taking metrics for warehouse product not only helped the business to keep track of its various items, but it also prevented damages and ensured all of its popular products remained stocked at all times. Predictive analytics is the practice of sorting and analyzing data in ways that enable an organization to predict future events that may impact its business strategy. Ohio University Blog, “How to Empower Decision Making with Predictive Analytics” The unrivaled power and potential of executive dashboards, metrics and reporting explained. They used an HR dashboard similar to this example below: This enabled them to advance their employee productivity and the overall performance since the analytics process empowered the manager to make a better-informed decision and create regular HR reports that provide accurate data. One of the most important business analytics examples being used today involves data visualization. The Bureau of Labor Statistics (BLS) classifies people who work with big data or data sets that can be used to determine patterns or trends, as data scientists, computer programmers, or statisticians. Founded in 1804, Ohio University is the ninth oldest public university in the United States. MathWorks, What Is Machine Learning? Read More about How to Become a Data Engineer, View all blog posts under Infographics | View all blog posts under Online Master of Business Analytics, Health data management has the potential to reduce costs, improve care delivery, and solve many comp Read More about Health Data Management: How Analytics Can Help Keep the Public Healthy and Informed. Describing required changes in enough detail to implement and test them. 3 Things You Need to Know As a direct result of this decision, not only is the company’s data now decentralized and digestible, improving the decision-making process across the board, but it has also saved 40 valuable hours per week on report preparation. Complete the form to download your program brochure. A forward-thinking online food ordering business wanted to gain a better insight into the life cycles of its customers while gaining the ability to optimize sales reports and marketing campaigns in a time-efficient, cost-saving, and autonomous way. World Economic Forum, “The Value of Data”, View all blog posts under Articles | View all blog posts under Online Master of Business Analytics, Article exploring The Role of Transportation Data in Supply Chain Management. 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