The basic equation of a business is very simple. You need to sell goods or services in a greater price than the cost required to sell it. But if you only rely on this simple equation and set foot to run one, you'll be dazzled. How would you know what price customers are willing to pay in different seasons? When to stack up your inventory to meet the increasing demand of your goods? Who are the people, that are coming back to back to purchase your products? A seasoned businessman may answer some of these questions from experience, but when you would want to expand your empire, mere experience won't always save you.
The problem with todays business is their dynamic nature. The simple equation of sold goods vs production cost doesn't remain the only equation. You have to keep an eye on the ongoing trends, consumer behavior, recurring customers, promotions, sales drive and a lot. And with the dazzling amount of data todays businesses are generating, its near impossible to do them manually. Fortunately new technologies are also developing to process these data in a speed we never could think before. And it's become easier to answer critical business questions in real time. A Business Analytics is just that, a software that can analyze your data to answer the most critical questions about your business. And it was never more needed than this era of globalization and internet.
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