Importance of Analytics in today’s world
Key idea is to collect data about the organization and use them to improve operations. Analytic is the interpretation of the data collected. Raw form of data is not of any use. If you are trying to bring any significant improvement in your business, then analytics is your best bet to bring about an informed transformation. Without business analytics, it is the same as trying to run a marathon with eyes closed.
When you run a business, you create a network of many different people and entities. It is likely that this network can play a bigger role that part of the business and used to your advantage. This network, which connects customers, the organization, supply chain, and distribution chain is called a value network.
For example, Walmart provides detailed analytics about their products to suppliers, which let them improve products. This analytics act as value added advantage for supplier for working with Walmart. The same idea can be used across many businesses where you can not only use intelligence but pass over intelligence to other parties.