Analytics are used by businesses and organizations to make more informed decisions now and to forecast more accurately in the future. This thorough analysis helps decipher trends, patterns, and relationships within data to explain, predict and react to a market phenomenon. It helps answer the following questions:
- What has happened?
- Why did it happen?
- What will happen?
- What is the best strategy to address it?
To get a complete analytical picture, one must collect large amounts of data about a myriad of business functions from internal and external sources. This type of commitment to analytics can help a business or organization to improve their internal processes, increase profits, and gain new opportunities to grow.