INTRODUCTION
In order to start a business successfully, one must have complete background knowledge about the operations related to that business. All the risks, opportunities, threats and profits related to that business must be assessed. Business analytics include a systematic structure and statistical methodologies to cater all of the information and data related to such business and summarizes it efficiently in such a manner that it enhances understanding of the operations of the business.
Business analytics also help in analyzing past performance of the business as well as it is very helpful in making key future business decisions. It guides the owner of the business to avail every opportunity in the market as well as it enables the owner to predict the intensity of the future threats related to his business.
Business analytics are very important in making important business strategies as it gives the complete insight about the performance of the business. If business analytics are done in an efficient manner it can also provide information about the competitors of the business as well as it also indicates the methods in which business operations could be made cost effective.
IMPORTANCE OF BUSINESS ANALYTICS IN RETAIL INDUSTRY.
In a retail market, which are competitive, business analytics are very important because it continuously assists the business to perform well and compete strongly in the market.
Key issues. A wide-spread retail business is not only concerned about selling its commodities, but also it is very concerned about managing its employees, inventory, suppliers, customers, etc.in an effective manner to perform efficiently.
Introduction of online retailing has brought many complexities within the retail industry as well as it has also increased the competition in retail industries. Most popular retail sites are, Apple.com,, Walmart.com, Staples.com, Amazon.com and Alibaba.com. This increasing competition has led retail businesses not only to focus more on their day to day business operations but also to focus on the trends of the market and to explore opportunities in the market.Business Analytics Case Solution
Action plan: The retailers should hire a team of professionals who provide all the data related to the needs of customers, cost effective suppliers, new opportunities in the market, details of the performance of the business, efficient and cost effective methods of storing inventories as well as the business trends of their competitors.These reports must be considered by the top management of the business in making key business decisions.
The results: These reports will enable the top management of the business to make accurate business decisions, as this analysis will not only help the management to emphasize on what's to be done, but also, this will also help the management in identifying the mistakes they have done in the past, so that management would be more cautious while making business decisions..................
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