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.