Case Study: Delivering Business Analytics Excerpt
Indeed the three elements of business relevancy, actionable insight, and measure of performance and value outlined by Evan Stubs set the difference between Business Analytics and Intelligence. Each of the three factors affect business differently and effectively. Of more interest, however, is the aspect of business relevancy. The approach defines the central purpose of a business and how it connects with its stakeholders both internal and external. Relevancy, in this case, refers to how information influences the decision-making process within a business chain. Crucial information impacts the decision-making process of a business more than less relevant information.
Businesses that are highly relevant within their industry are characterized by smooth movement of information from one point of the market to the consumers within the shortest time possible. Delivering information in a late manner makes such data invaluable and cannot, therefore, influence the choices of either buyers or suppliers to business. Business relevancy reflects on companies that have data that comprises of the past, present and can be used to forecast the future. Such entities enjoy a competitive edge in planning for the future regarding expanding and capturing a larger market. Additionally, highly relevant businesses have mechanisms that collect information from the market and deliver timely feedback to consumers. In so doing such businesses can create loyal customers who support the business through its dynamics. Overall, highly-relevant companies want to communicate with their consumers in real-time whereby they collect data and use the same to make improved decisions. When businesses fail to connect with their stakeholders often lose their relevance in the market and risk becoming obsolete.