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by Anonymous
What are business analytic tools?
Give a live example of an organization which uses business analytic tools?
Answer: Business analytic tools can be any methodology that helps you understand business problems better and/or provide solutions.
When I worked for a utility company, we used something called Quality Work Groups. I as an analyst would meet with business office and service personnel on a monthly basis. We would discuss problems that each of the departments were having with doing their jobs and between departments. As an analyst I would listen for opportunities to make a difference.
When an opportunity for improving an operation and/or saving the company money, I as an analyst would take it on as a project and begin an analysis from my analytic toolkit. I would use economic analysis(a form of capital budgeting), time and motion studies( measuring how efficient a work method is), data mining (to discover what the past revealed about costs, service demands and labor availability), etc. If the analysis met with certain economic criteria, a report would be issued to management suggesting implementation.
There are many different tools that are used by analysts. Every analyst's toolkit will contain some different tools. The economic tools are probably the most important, if you want to have your project approved by management.
