Management is the foundation on which the future of every enterprise lays. With the changes in technology, the operational methodologies of management have also changed over the years. While earlier, most of the tasks used to depend on paper documentations; today, every single piece of data is preferably kept in cloud space. Similarly, the way the managers worked has also undergone a sea-change.
One of the key tasks that every manager needs to do today is to analyze the available data to infer the growth patterns and the areas that need improvement. Through this summative process, the entire business runs, making sure that every aspect related to business operation and its growth gets taken care of. Business analytics is thus one of the critical tools that bring out the skeleton of the business operation, making it more comprehensible for the management to work and improve on. In this article today, we, at the Indore Institute, will be shedding light on some of the factors that make business analytics an indispensable tool for the managers of the modern-day.
Aids in Taking Flawless Commercial Decisions
The growth of any business house primarily depends on the financial viability of its projects and plans. Most of the time, the project managers are entrusted with the task of calculating the associated risks of any project to make sure that the financial prospect of the project remains strong enough. A decision taken without a sound analysis might turn out to be fatal for the fortune of the company at any given point in time. However, business analytics can always offer a clearer insight into the financial verticals of a project, making a manager’s decision a profitable one for the future of the company as well as his/her own.
Helps in Finding the Loopholes in the System
Apart from finding the potential hidden in any business plan, business analytics tools also offer an in-depth analysis of the areas that require mending. Every system, good or bad, always keeps some of the laterals covered that eat up the bandwidth of the operation invisibly. Business analytics tools can be an excellent way to unearth those hidden menaces and fix those to make sure that the profit margins get optimized. Admittedly, this will add a feather to the crown of the achievements of any manager, earning him/her substantial applauds from the senior management.
Enables Better Risk Management
Whenever a project plan is devised, the first factor that is calculated is the risk factor. Every business plan comes with a certain amount of risk in it. Now, it is the amount of the risk associated that either makes the plan a viable or ambitious one or a vain one. With the best business analytics tools, modern-day managers can easily find out the exact amount of risks associated with any business plan taking into account all the speculative laterals of the market as well.
Performance Data for Productivity Analysis
Another aspect that keeps the managers always engaged in relentless assessment is the performance parameter of the team members. If the team members of a manager are efficient and productive, the growth of the enterprise remains guaranteed. Through the business analytics tools, a manager can assess the productivity levels of the team members working under his/her supervision. If any employee turns out to be performing under the standards, he/she might be sent for training to improve, and if someone is excelling in the jobs assigned, he/she can be praised and awarded as a token of appreciation.
We, at Indore Institute of Management & Research (IIMR), positioned among the leading management colleges in MP, understand the value that the booming technology of Business Analytics holds for the modern-world managers, and have thus integrated Business Analytics training as a part of MBA studies at our institute. Through our experiential learning module, we introduce our management students to the real corporate ambiance to let them know how the business operations run through the enterprises daily. At IIMR, we lay special focus on propping up our students with various skill training programs so that they remain up to date with the knowledge and skills required in the modern industrial landscape. No wonder, our alumni are shining bright with their brilliance and sharp skills in the professional world, and we are hopeful for the same for our upcoming batches as well.