1. SMEU
  2. All Volumes and Issues
  3. Volume 6, Number 2, 2024
  4. The Impact of Business Analytics on Corporate Management: Opportunities and Challenges

The Impact of Business Analytics on Corporate Management: Opportunities and Challenges

SMEU.
2024;
Volume 6, Number 2
: pp. 39 - 47
Authors:
  1. Z.P. Dvulit
1
Lviv Polytechnic National University, Department of Foreign Trade and Customs

This article explores the advantages and challenges of implementing business analytics in corporate management. The study examines the current state and future prospects of the business analytics market, analyzing various types of analytics: descriptive, diagnostic, predictive, and prescriptive. The research highlights the key benefits of using analytical tools in business, such as improved forecasting accuracy, effective risk management, and business process optimization.

The paper discusses the growing importance of business analytics in the context of digital transformation and the increasing role of data in decision-making. It emphasizes that companies implementing advanced analytical tools can not only optimize their operational processes but also develop data-driven growth strategies.

The study reveals that 68% of companies reported improved business processes after implementing business analytics tools, demonstrating its significant impact on operational efficiency.

The article also addresses the main challenges and drawbacks of implementing business analytics in companies. These include issues with data infrastructure, high implementation costs, and the need for skilled professionals. The research highlights the importance of data quality and the potential risks associated with incomplete or inaccurate data analysis, which can lead to misguided decisions. The study examines the business analytics market, projecting its growth from $28.2 billion in 2023 to $56.2 billion by 2033, with a compound annual growth rate (CAGR) of 7.1%. This growth is attributed to the increasing digitalization and the need for enterprises to manage large volumes of data effectively.

The paper concludes that business analytics is becoming an essential component of modern management, capable of influencing the strategic development of enterprises. It recommends that companies invest in innovative analytical processes and actively implement new technologies to remain competitive in a rapidly changing market environment. The research also suggests areas for further investigation, including the impact of new technologies such as artificial intelligence and machine learning on business analytics, the adaptation of analytics to specific industries, and ethical considerations in data usage. Overall, this study provides a comprehensive overview of the current state and future prospects of business analytics in corporate management, offering valuable insights for both practitioners and researchers in the field.

business analytics
descriptive analytics
diagnostic analytics
Predictive analytics
prescriptive analytics
management
data
decision-making
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