INTRODUCTION
For any business of any genre and size, the need of a robust organizational architecture and a clearly defined strategy cannot be overemphasized. From the very onset, every business requires a product or service to sell and for this, it requires a framework of human and material resources put in the right direction to ensure that the quality of the product or service is as high as possible, while keeping the costs as low as possible. This is where the learning and analytic tools enter the scenario. A learning and analytic tool assesses the data regarding the previous business experiences and analyses them to produce conclusions upon which the future strategy of the business can be laid upon.
THE NEED FOR LEARNING AND ANALYSIS
Everything plans its future actions in the light of its past experiences, and businesses are no exception to this. To develop a business strategy aimed in the right direction, three things are essential:
a) forming correct deductions from previous experiences b) a thorough understanding of the tendencies and statistics of the relevant market c) complete knowledge of the organization’s structure and potential Given that the future business strategy of every business organization depends on the correct undertaking of the fore mentioned tasks, these tasks have a core importance in every business plan.
An error in processing of previous experiences results in repeating the same errors again and ignoring the practices which proved profitable in the past. As destructive as it appears for the profit generation of the business, it also stunts the evolution of the organization, making it increasingly harder to compete with the rivals. A lapse in the understanding of the market trends and statistics ends up in putting the organization’s business strategy on an erratic path; to obtain goals which do not exist in the first place and investing time and resources on providing a feature which is no longer required. An erroneous assessment of the organization’s potential and structure leads to overburdening the organization and exhausting its material resources before the service/product is delivered. Or conversely, it could under employ the resources and keep it from delivering full output.
ASPECTS OF LEARNING AND ANALYSIS
Understanding that business analysis is a comprehensive field, there are several branches of it, some of which are:
Enterprise Analysis
This focuses on the business as a whole, directed towards minimizing the risks, identifying the opportunities and creating/managing a long-term business structure. You need to measure everything in your business, from you’re your website analytic in order to better understand your traffic to your website to maximize usage of your website to your business. Even you want to keep track of your wireless spending and mobile usage. There are took out there that enable you to measure your wireless spending and usage using their wireless analytic tool. There are a series of companies like that offer such services some of the companies are listed below:
Google Analytic: An analytic software for your website traffic. This too is available both in free and paid version.
Mobilsense: A company that provides wireless and mobile analytic, a wireless and mobile analytic software to help you keep tracking of your wireless pending and consumption.
Hitwise: It’s a complete intelligence solutions that keeps track of everything online at ISP level.
There are many other tools available for your business to take advantage in order to optimize your internal processes.
Requirements Management
Requirements Management, as the name states, aims at developing a thorough understanding of the business dependencies and their importance relative to one another.
Solution Assessment
It includes the analysis of the proposed business solutions for any problem, the risks involved in it and the method used to implement it. This is mostly required for large business involving many variables and complex organizational structure.
Market Potential and Tendencies Analysis
As the name says, this field of business analysis is focused on understanding the sales potential for a business’ product/service and the priorities of the customers in that field. This is a vital task to do before initiating a business, and is later required at an interval, depending on the business size and the rate of change in market tendencies.