Analytics for Business
Business Analytics (BA) provides a medium for the business users to perform data exploration. Analytics has a goal to provide a starting point for the business user. The business users can then ask and answer their own questions to meet requirements. Some common methods of analytics include root-cause analysis, historical context, quadrant analysis, and grouping analysis.
With 1KEY BI software business users have the ability to look at a starting point and are able to ask the ‘how’ and the ‘why’ of the data. For instance a user should be able to drill down, drill up, and drill across the data. BI Software like 1KEY facilitate user with data exploration. The importance of monitoring and measurement of the performance of organization, knowing the customers behavior and complying with regulatory demands insights would be the key deliverables of Business Analytics.
The growth of BA across and specifically in Indian market reflects a demand from customers who, after spending years creating systems to record data and transactions, want to get more mileage out of that information. Businesses want information that is more timely and useful, particularly if it can feed directly into growth and profitability. BA has emerged as core tool guiding decisions and strategies for areas as diverse as marketing, credit, R&D, customer care and inventory management. According to Forrester Research, the BI market is much less affected by the current economic crises than most other software markets and will continue to grow to $14 billion by 2014, up from about $9.4 billion this year. The market research firm predicts that new categories of advanced analytics will fuel the growth and merge into the core BI market, including business performance solutions, text analytics, predictive analytics, and complex event processing.