BUSINESS ANALYTICS - IMPORTANCE

To start with let's first get to know what exactly do we mean by "Business Analytics"?

Let's understand the individual meaning of Business and Analytics. Obviously you all must be familiar with what business is?
To talk about "Analytics", it's the meaningful discovery and communication of data patterns. It uses statistics, various computer programming and operations research to quantify performance. It communicates the insights of a particular task through data visualization.

Therefore, in simple words, business analytics is the study and meaningful interpretation of various business data, drawing conclusions out of them and reaching a decision.

IMPORTANCE

Business Analytics plays a very important role in a successful running of a business because change is the only constant thing that needs to be constantly dealt with. 
Changes keep on happening whether its your business, your target market or the industry as a whole. In short, changes can be micro or macro and in order to successfully run your business or a company, it's of high importance that proper business analysis takes place at the right time and at right intervals.

Business Analytics helps a business in the following ways :-

1. DECISION MAKING

It helps to take better decisions as the data is well analysed and is factual based. The decisions taken do not rely on approximate data/values. Therefore, correct and accurate decisions can be made with the help of Business Analytics and various related tools.

2. FUTURE FORECAST

Taking information gathered from different sources and analyzing the information helps to forecast the future trends that can be made in a business. This would help in formulating ways to improve business strategies, business operations and making smart business decisions to progress the company's bottom line.

3. INFORMATION

Business Analytics helps the managers to circulate precise information to the team members which helps the team to understand the business plan effectively, to efficiently work together in an organized manner and come up with a plan that will bring higher chances of success for the company.

4. CHECK ON FINANCE
Business Analytics includes financial analysis which consists of budget analysis, cash flows, inventory costs, profit and loss statements, balance sheets etc. With an effective financial analysis, a business can have the capacity to identify spending waste and streamline operations which will make a more profitable business.

Therefore, to sum up, the significance of business analysis is that it ensures that the decisions that are made are beneficial for the business and diminish incidents of unrealistic expectations which could later on result in disappointments and even loss of revenue. 

Our 2-Minute Hunger! Our 2-Minute Food!

“Nestlé’s Goal 2020 Packed with Health” Well that’s the headline read in a
newspaper article I recently read. ‘’Nestle India has committed to providing
nutritionally sound products designed for children; reducing salt, sugars, saturated
fats and removing trans-fats from its product.’’

The firm also said it would “encourage consumption of whole grains and vegetables,
deliver nutrition information and advice on all our labels, provide portion guidance
for consumers, promote healthy diets and lifestyles, including physical activity and
ensure responsible marketing communication to children“.

If I’m not wrong, don’t you think that’s what MAGGI always said in all its prior
advertisements?
“Taste bhi, Health bhi” is one of the most famous tag lines of Maggi noodles
endorsed by the famous actress Madhuri Dixit.

Don’t the new Maggi Oat noodles say the same, but then, why did it come into the
market without getting passed by the Food Safety & Standards Authority of India
(FFSAI). That’s a question to worry about.

Maggi is all in the news for its high LEAD component and MSG (monosodium
glutamate) presence contrarily to what it states on its labeling of the pack with the
line `No added MSG'.

But, has Maggi just violated the food laws and business ethics? Or more than that?
Hasn’t it played with our values – A crucial part of its business – Us, the
CONSUMERS? Till recently, it enjoyed the unequivocal trust and faith of mothers,
children and people alike across all strata. Discovering that it has harmful contents
is certainly a breach of trust.

Maggi noodles became an integral part of the Indian diet after being launched in
the country in the early 1980s. Nestlé’s troubles began when excessive levels of
lead were found in samples tested by the Uttar Pradesh regulator.

Well, although it hasn’t been proven yet if the lead content is really high and unsafe
for us or not as many states and countries including Singapore (with the most
stringent food safety policies) have announced Maggi to be safe for human
consumption but whatever the resolution, somebody will come out of this not
looking too good. If Maggi is problematic, then one of the most iconic of brands,
distinctively Indian in spite of being owned by a multinational, will have been
severely dented.

Also, if it gets through the trouble and proves itself safe, would it be able to get
that trust back?
Would it succeed in retaining that faith of mothers who gave nutritious 2 min Maggi
as a substitute for lunch to their children?
Would they look at Maggi with the same belief?

That are some of the important questions revolving around our heads and I doubt it
would have the same place in our hearts as it did before.