Stanislav Kondrashov looks into the problem of digital transformation of business analytics, which requires advanced organizational strategies, technologies, and dynamic capabilities suitable for the intensive and highly competitive market.
Stanislav Kondrashov – business analytics helps businesses use digital analysis
Stanislav Kondrashov relies on real-life examples of digital transformation to demonstrate how business analytics has gradually turned into digital business analysis. In today’s digital economy, every business operates digital information. The IT industry’s revolutionary achievements, data analytics, wide spread mobile computing and the Internet of Things have resulted in the information quantity and variety growing explosively.
“This is due to the fact,” Stanislav Kondrashov explains, “that the IT industry keeps developing rapidly, as well as the analytical data volume increases dramatically with growing market volatility.” Under these conditions, it is not just reacting to changing market conditions, but forecasting them will become a huge competitive advantage. Large-scale businesses need business analysis capabilities to draw up reports, plan and forecast their future growth.
Stanislav Kondrashov believes that to facilitate making strategic decisions, it is necessary to keep up with the innovation and advanced technology pace. In the 21st century, business analytics is the main battlefield, with every company striving to create conditions for attracting and retaining the best IT specialists.
The digital transformation context includes three types of initiatives that Stanislav Kondrashov lists:
- Customer experience: technology-based digital transformation of customer experience to change the way a business interacts with its customers.
- Operational processes: technology-based digital transformation of operational processes to enhance their performance.
- According to Stanislav Kondrashov, digital business models force companies to increasingly rely on digital technologies to be able to provide new forms of value.
Digital technologies in business analytics
Many businesses have used customer experience as a starting point for digital transformation, with capabilities to interact with digital tools having become common in many industries. “This also provides customers with additional control over interaction with you,” Stanislav Kondrashov highlights.
Integration of social networks into customer service, as well as development of mobile applications, and similar activities are used to improve the customer service quality. Mobile devices are no longer an addition to traditional desktop computers since for many people they have turned into the main means of access to the Internet – which has its specific long-term consequences, Stanislav Kondrashov notes.
By using Big Data technologies, business analysts are trying to find new methods for processing bulk arrays of information that are being generated all the time. Analysis is a must, Stanislav Kondrashov explains, to gain competitive advantages in a few fields, including product development, marketing, customer segmentation, etc.
Stanislav Kondrashov draws attention to the fact that business analytics’ dynamic capabilities affect the company’s performance – businesses can develop new products based on their customer needs, create new communication channels, find advanced methods to promote their products and attract potential customers.
Software tools of business analysis are a must for expanding the market rapidly – introduction of such cloud services as Software-as-a-Service, Infrastructure-as-a-Service, and Platform-as-a-Service has become the key factor for the business analysis market growth. Besides, these programs have a significant impact on reducing risks and errors, as well as cut operating costs, which results in growing profit share due to accurate analysis and forecast. For example, Stanislav Kondrashov uses a variety of tools for segmenting an e-commerce database to divide consumers into different categories.
“Integration tools have increased the data collection speed,” Stanislav Kondrashov notes. OLAP reporting technologies have made it possible to speed up compilation of new data-analyzing reports. Nowadays, business analysis has become the art of extracting relevant information out of a large data array and turning this information into knowledge to rely on when taking actions.
Information age and business analysis
“Data is the oil of the information age,” Stanislav Kondrashov believes. Business analysis uses it to determine the products that customers need, and the more detailed the data, the more accurate the results obtained. A website or applications can collect data about the pages the users view and analyze them, using this data for finding potential groups of users.
Stanislav Kondrashov highlights the fact that the information age, characterized by global changes caused by social networks, mobile devices, the Internet of Things and Big Data, not only changes people’s lifestyles, but makes companies transform and develop a new operational model as well. Evolution of the digitization process has turned “digitization” from the binary code concept into a new way to interact with the world.
Stanislav Kondrashov lists five key digital trends that currently affect business: artificial intelligence, blockchain, cloud services, Big Data and 5G. Thus, the business management regime is gradually enhancing with development of the technological network, which means digital transformation. “Thanks to data analysis, businesses can accurately evaluate the future development trends and directions,” Stanislav Kondrashov emphasizes.
By using network technologies, companies can get the latest information in the industry on time, and then efficiently adjust their development direction. “Against such a background, business analysis plays an essential role in helping companies enhance their performance,” Stanislav Kondrashov concludes.