Evolution of business analytics
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Imagine what measuring business analytics used to be like before online dashboards or even Excel spreadsheets.
No, we’re not talking about the Dark Ages, but a mere few decades ago. With cross-departmental data collated on handwritten ledgers -- with heaps of room for human error and missteps -- the evolution of business analytics have had quite a (not so) technological journey until the last twenty years or so.
Business analytics and technology have improved at exponential rates and will likely continue to do so as we look to the future. It’s important to see how far this technology has come to place just how meaningful it has been on business growth throughout time. There are clear and direct correlations between the evolution of business analytics platforms and the booming success of industry expansion.
Business Analytics Defined
Wikipedia borrows authors Michael J. Beller and Alan Barnett’s definition of business analytics from their book, Next Generation Business Analytics...
“Business analytics refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning.”
Covering all areas of business transactions, industry, and verticals, business analytics measure daily insights in the areas of...
Finance
Sales
Marketing
Social media
Search engine optimization (SEO)
Consumer data
Target audience data
eCommerce
Human resources
and much, much more...
When viewing and interpreting analytics on a powerful online dashboard, businesses may track the success (or failure) of particular campaigns or overall performance with regard to total revenue. By studying data over segmented time frames business managers are able to extract key performance indicators to leverage smarter decision-making for forward growth.
Of course business leaders didn’t always have heaps of data directly at their fingertips. The evolution of business analytics has humble beginnings perhaps as early as before any kind of official economy existed.
No, we’re not talking about the Dark Ages, but a mere few decades ago. With cross-departmental data collated on handwritten ledgers -- with heaps of room for human error and missteps -- the evolution of business analytics have had quite a (not so) technological journey until the last twenty years or so.
Business analytics and technology have improved at exponential rates and will likely continue to do so as we look to the future. It’s important to see how far this technology has come to place just how meaningful it has been on business growth throughout time. There are clear and direct correlations between the evolution of business analytics platforms and the booming success of industry expansion.
Business Analytics Defined
Wikipedia borrows authors Michael J. Beller and Alan Barnett’s definition of business analytics from their book, Next Generation Business Analytics...
“Business analytics refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning.”
Covering all areas of business transactions, industry, and verticals, business analytics measure daily insights in the areas of...
Finance
Sales
Marketing
Social media
Search engine optimization (SEO)
Consumer data
Target audience data
eCommerce
Human resources
and much, much more...
When viewing and interpreting analytics on a powerful online dashboard, businesses may track the success (or failure) of particular campaigns or overall performance with regard to total revenue. By studying data over segmented time frames business managers are able to extract key performance indicators to leverage smarter decision-making for forward growth.
Of course business leaders didn’t always have heaps of data directly at their fingertips. The evolution of business analytics has humble beginnings perhaps as early as before any kind of official economy existed.
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