Business Analytics and Decision-Making Process
Business analytics can be used within the organization to make some relevant and informed decisions across different technical and operational levels. As much as the company may derive information and perspectives that drive the decision-making process, the concept may be used to design a decision criterion (Kohavi, Rothleder, & Simoudis, 2002). It assists in determining the reasons for the prevalence of existing business trends while predicting the future. In this case, the organization can design mitigation strategies to counter any challenges.
Challenges in Implementing Business Analytics
The organization is likely to experience an array of problems in the implementation stages. A major issue is the lack of relevant technology and skilled workers within the business (Kohavi, Rothleder, & Simoudis, 2002). Managers may also affect usage by failing to choose the contribution volumes and foundations that will be included in the initial and successive steps because of complexity issues. It poses a challenge when trying to convince staff members of the importance of business analytics.
Management and Business Analytics
Management plays a significant role in actualizing the objectives of the business. To implement business analytics, a unique approach to determining the management team and allocating tasks. Each integration step requires skilled managers to ensure resources are augmented to contribute to the success of the analytics procedures (Sharma, Mithas, & Kankanhalli, 2014). Therefore, the managers will be accountable for any activities carried out to meet analytical objectives.
Statistics and Business Analytics
To implement business analytics, managers, and business employees will need to possess analytical skills that will enable careful and efficient data management, integration, and manipulation. As much as the firm analytics system may be implemented in the short run, blending the system with the particular statistical skills that will ensure feasibility in the assimilation of any analytical software (Kohavi, Rothleder, & Simoudis, 2002).
Challenges in Using Business Analytics
The challenges of using business analytics include determining the amalgamation of the business objectives with the technological and analytic functions. Maintaining a professional approach while blending the analytics software and organizational goals prove to be a challenge while considering the social business nature (Sharma, Mithas, & Kankanhalli, 2014). Similarly, the return on investment takes a significantly longer time that may be perceived differently if not understood therefore affecting its application.