The main reason that some people take opportunities when they arise, and others do not, is that some people are ready.
They have their business plan ready and all they need to do is take advantage of the opportunities.
Where can you find the right business plan?
If your business is based in the United States - click here
If your business is based in the U.K. - click here
Ideas To Action.
Part 58 - Analytics.
Business analytics is the practice of iterative, methodical exploration of a businesses data with emphasis on statistical analysis. Business analytics is used by businesses committed to data-driven decision making.
Business analytics is the processes, technologies and tools needed to turn data into information, information into knowledge, and knowledge into plans that drive profitable actions in a business. It is an architecture and a collection of integrated operational as well as decision-support applications and databases that provides the business owner easy access to business data.
Business intelligence is the ability of a business to reason, plan, predict, solve problems, think abstractly, comprehend, innovate and learn in ways that increase organizational knowledge, inform decision processes, enable effective actions, and help to establish and achieve goals for the business.
Processes, technologies, tools, applications, data, databases, dashboards, scorecards and OLAP all have roles to enable the abilities that define business intelligence, but they are only the means to BI – not the intelligence itself.
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The intelligent business, then, is one that has the capabilities itemized in the definition. Consider what it means for the culture, efficiency, effectiveness, sustainability and profitability of a business that is capable of:
- Reasoning – the ability to perform or the act of performing three activities – identifying root causes, understanding cause and effect, and logically developing conclusions based on understanding of root causes.
- Planning – determining a course of action based upon understanding and reasoning.
- Prediction – envisioning the future with a sound basis of reasoning and with a high degree of probability that the actual future will be much like the envisioned future.
- Problem solving – getting beyond symptoms to address fundamental causes of undesirable patterns and behaviors that are found in root cause analysis.
- Abstraction – removing details and specifics from a situation to see general concepts, patterns, ideas and impacts.
- Comprehend and understand – the ability to perceive, discern and distinguish – in particular, to perceive situations and conditions, and to distinguish problems from symptoms.
- Innovate – the ability to create something new through study and experimentation. Innovation often occurs by combining or connecting existing things in different ways.
- Learn – a cognitive process of acquiring skill and knowledge; learning is the ultimate feedback loop.
Business analytics is not really about linear regression, although it is a useful technique in analysis. Nor is it about time-series analysis, though many of your analytic studies are likely to involve time series. But the heart and soul of analytics is about making a difference; providing the insight and understanding to support informed decisions and confident actions, and providing the feedback that is needed to create a successful business. To satisfy these goals, analytics must meet three criteria:
- Purposeful: Business analytics are purposeful when we know why we create the information and perform the analytic activities. The understanding derived from analysis aligns with business functions (finance, marketing, sales, etc.) and with the issues and objectives of management (performance, compliance, risk, etc.).
- Insightful: Business analytics are insightful when they help us to discover new facts or information, to become aware of things previously hidden. Cause-and-effect insight is often the most valuable in decision making.
- Actionable: Actionable information is an often used but rarely defined term. The popular definition is "information that makes action possible" – a circular but not very informative definition.
Ideas To Action - next
A Great Business did not just happen - It was planned that way.