The benefits of business analytics are undeniably plenty. Businesses can make better decisions based on data, do better risk management and avoid making unnecessary mistakes. All of these advantages are the best ones to have in today’s competitive market. So, why don’t businesses use analytics more as part of their everyday processes?
The main reason why business analytics is not commonly used by smaller businesses yet is due to the shortage of analytics experts working in the industry. This is a problem that top universities such as Ohio University are trying to solve. There are MBA online programs and business analytics courses designed specifically to transfer analytics skills as well as relevant knowledge that will support the businesses of tomorrow.
Another reason is cost, but this is also an issue that’s being handled as we enter 2017. New analytics instruments and tools, cheaper data storage and processing options as well as other advancements in analytics technologies are more widely available than ever.
You can learn more about the importance of business analytics from the complete infographic by onlinemasters.ohio.edu.