Decision making is finally in the hand of decision makers. Traditionally IT has helped decision makers with tools like business analytics to explore the past and indicate what possibly might help him in the future. It is essential to have a structured tool to analyze data because the volume typically is huge, data correlation is often beyond immediate comprehension and you really may not have all the time in the world to do just this. While modern business analytics can help you analyze the data and indicate possible actions, the more challenging part often is execution.
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Business challenges are often in the form of defining the right KPIs, understanding the correlation of various parameters that influences the KPIs (more so in retail) and executing appropriate and synchronized action plan. Technical challenges in terms of system performance (due to high volume of data), data flow amongst various systems (internal and external, OLAP and OLTP) – might ease out over the next few years due to advancement in technology. But newer challenges will come with increase in business complexity. Another challenge which is more organizational and can be named as techno-business challenge, defined as the collaboration between business and IT.