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Abstract
Business analytics (BA) is revolutionizing how businesses use data to gain a competitive advantage. It offers opportunities for deeper customer insights, targeted marketing campaigns, improved customer satisfaction, new product and service opportunities, and optimized business processes. However, challenges like data quality, talent acquisition, and ethical considerations exist. This study reviews BA literature and discusses the challenges faced by organizations in implementing business analytics, including data availability, quality, skills and training, and technology infrastructure considerations. We conducted a study on 133 analytics professionals in Lahore, Pakistan. Data availability and quality, skills and training, and technology infrastructure all had a positive and significant impact on business analytics challenges and opportunities. The findings aim to contribute to a better understanding of business analytics, implementation challenges, and opportunities.
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This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
Mazher, M. A., & Tramankuti, Y. N. (2024). Leveraging Business Analytics for Enhanced Decision-Making Navigating Challenges and Exploiting Opportunities. International Journal of Multidisciplinary: Applied Business and Education Research, 5(10), 4062-4071. https://doi.org/10.11594/ijmaber.05.10.21
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Feki, M., Boughzala, I., & Fosso Wamba, S. (2016). Big Data Analytics-enabled Sup-ply Chain Transformation: A Literature Review.
Grover, V., Chiang, R., Liang, T.-P., & Zhang, D. (2018). Creating Strategic Business Value from Big Data Analytics: A Research Framework. Journal of Management In-formation Systems, 35, 388–423. https://doi.org/10.1080/07421222.2018.1451951
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Kumar, A., & Krishnamoorthy, B. (2020). Busi-ness Analytics Adoption in Firms: A Quali-tative Study Elaborating TOE Framework in India. International Journal of Global Business and Competitiveness, 15. https://doi.org/10.1007/s42943-020-00013-5
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Lennerholt, C., Van Laere, J., & Söderström, E. (2018). Implementation Challenges of Self Service Business Intelligence: A Literature Review. Hawaii International Conference on System Sciences. https://doi.org/10.24251/HICSS.2018.631
Liu, Yi., Han, H., & DeBello, J. (2018). The Chal-lenges of Business Analytics: Successes and Failures. Hawaii International Conference on System Sciences. https://doi.org/10.24251/HICSS.2018.105
Manyika, J. (2017). AI, AUTOMATION, EM-PLOYMENT, AND PRODUCTIVITY.
Marshall, A., Mueck, S., & Shockley, R. (2015). How leading organizations use big data and analytics to innovate. Strategy & Leadership, 43, 32–39. https://doi.org/10.1108/SL-06-2015-0054
McAfee, A., & Brynjolfsson, E. (2012). Big Da-ta: The Management Revolution. https://tarjomefa.com/wp-content/uploads/2017/04/6539-English-TarjomeFa-1.pdf
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Power, D. J., Heavin, C., McDermott, J., & Daly, M. (2018). Defining business analytics: An empirical approach. Journal of Business Analytics, 1(1), 40–53. https://doi.org/10.1080/2573234X.2018.1507605
Ramanathan, R., Philpott, E., Duan, Y., & Cao, G. (2017). Adoption of business analytics and impact on performance: A qualitative study in retail. Production Planning & Control, 28(11–12), 985–998. https://doi.org/10.1080/09537287.2017.1336800
Saghafian, M., Laumann, K., & Skogstad, M. R. (2021). Stagewise Overview of Issues In-fluencing Organizational Technology Adoption and Use. Frontiers in Psycholo-gy, 12. https://doi.org/10.3389/fpsyg.2021.630145
Sakib, Md. N. (2022). Role of Big Data in Achieving Competitive Advantage (pp. 137–145). https://doi.org/10.57240/DUJMBK09
Sarker, I. H. (2021). Data Science and Analyt-ics: An Overview from Data-Driven Smart Computing, Decision-Making and Appli-cations Perspective. SN Computer Sci-ence, 2(5), 377. https://doi.org/10.1007/s42979-021-00765-8
Shanks, G., & Bekmamedova, N. (2012). Achieving benefits with business analyt-ics systems: An evolutionary process per-spective. Journal of Decision Systems, 21(3), 231–244. https://doi.org/10.1080/12460125.2012.729182
Trkman, P. (2010). The critical success factors of business process management. Inter-national Journal of Information Manage-ment, 30(2), 125–134. https://doi.org/10.1016/j.ijinfomgt.2009.07.003
Ukhalkar, P., & Bhosale, M. (2020). The role of Big data in enhancing business value through Business Intelligence and Big Da-ta Analytics. 68, 83–91.
Vassakis, K., Petrakis, E., & Kopanakis, I. (2018). Big Data Analytics: Applications, Prospects and Challenges. In G. Skourletopoulos, G. Mastorakis, C. X. Mavromoustakis, C. Dobre, & E. Pallis (Eds.), Mobile Big Data (Vol. 10, pp. 3–20). Springer International Publishing. https://doi.org/10.1007/978-3-319-67925-9_1
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Wang, Z., Wang, N., Su, X., & Ge, S. (2020). An empirical study on business analytics af-fordances enhancing the management of cloud computing data security. Interna-tional Journal of Information Manage-ment, 50, 387–394. https://doi.org/10.1016/j.ijinfomgt.2019.09.002
Whitelock, V. (2018). Business analytics and firm performance: Role of structured fi-nancial statement data. Journal of Busi-ness Analytics, 1(2), 81–92. https://doi.org/10.1080/2573234X.2018.1557020
Wilder, C. R., & Ozgur, C. O. (2015). Business Analytics Curriculum for Undergraduate
Majors. INFORMS Transactions on Educa-tion, 15(2), 180–187. https://doi.org/10.1287/ited.2014.0134
Zikopoulos, P., & Eaton, C. (2012). Understand-ing Big Data: Analytics for Enterprise Class Hadoop and Streaming Data. McGraw Hill Professional.
Akhmetova, S. G., & Nevskaya, L. V. (2020). HR Analytics: Challenges and Opportunities in Russian Companies. Proceedings of the “New Silk Road: Business Cooperation and Prospective of Economic Development” (NSRBCPED 2019). “New Silk Road: Busi-ness Cooperation and Prospective of Economic Development” (NSRBCPED 2019), St. Petersburg, Russia; Prague, Czech Republic. https://doi.org/10.2991/aebmr.k.200324.011
Amalina, F., Targio Hashem, I. A., Azizul, Z. H., Fong, A. T., Firdaus, A., Imran, M., & Anuar, N. B. (2020). Blending Big Data Analytics: Review on Challenges and a Recent Study. IEEE Access, 8, 3629–3645. https://doi.org/10.1109/ACCESS.2019.2923270
Ashrafi, A., Zare Ravasan, A., Trkman, P., & Afshari, S. (2019). The role of business analytics capabilities in bolstering firms’ agility and performance. International Journal of Information Management, 47, 1–15. https://doi.org/10.1016/j.ijinfomgt.2018.12.005
Attaran, M., & Attaran, S. (2018). Opportunities and Challenges of Implementing Predic-tive Analytics for Competitive Advantage. International Journal of Business Intelli-gence Research, 9, 1–26. https://doi.org/10.4018/IJBIR.2018070101
Baumann, B. (2024, February 1). 5 Challenges Of Implementing Business Analytics. https://www.panorama-consulting.com/challenges-of-implementing-business-analytics/
Boyd, A. (2012, August 6). Revisiting ‘what is analytics’ | Analytics Magazine [A. E. (2012, August 6). Revisiting ‘what is ana-lytics’. Analytics Magazine. https://pubsonline.informs.org/do/10.1287/LYTX.2012.04.09 /full]. Revisiting ‘What Is Analytics’. Analytics Magazine. https://pubsonline.informs.org/do/10.1287/LYTX.2012.04.09/full/
Cao, G., Tian, N., & Blankson, C. (2021). Big Da-ta, Marketing Analytics, and Firm Market-ing Capabilities. Journal of Computer In-formation Systems, 62(3), 442–451. https://doi.org/10.1080/08874417.2020.1842270
Chen, J., & Shen, L. (2024). A Synthetic Review on Enterprise Digital Transformation: A Bibliometric Analysis. Sustainability, 16(5), Article 5. https://doi.org/10.3390/su16051836
Cosic, R., Shanks, G., & Maynard, S. (2012). Towards a business analytics capability maturity model. 1–11.
Dai, H.-N., Wang, H., Xu, G., Wan, J., & Imran, M. (2020). Big data analytics for manufac-turing internet of things: Opportunities, challenges and enabling technologies. En-terprise Information Systems, 14(9–10), 1279–1303. https://doi.org/10.1080 /17517575.2019.1633689
Delen, D., & Ram, S. (2018). Research chal-lenges and opportunities in business ana-lytics. Journal of Business Analytics, 1(1), 2–12. https://doi.org/10.1080 /2573234X.2018.1507324
Duan, L., & Xiong, Y. (2015). Big data analytics and business analytics. Journal of Man-agement Analytics, 2, 1–21. https://doi.org/10.1080/23270012.2015.1020891
Earley, C. E. (2015). Data analytics in auditing: Opportunities and challenges. Business Horizons, 58(5), 493–500. https://doi.org/10.1016/j.bushor.2015.05.002
Feki, M., Boughzala, I., & Fosso Wamba, S. (2016). Big Data Analytics-enabled Sup-ply Chain Transformation: A Literature Review.
Grover, V., Chiang, R., Liang, T.-P., & Zhang, D. (2018). Creating Strategic Business Value from Big Data Analytics: A Research Framework. Journal of Management In-formation Systems, 35, 388–423. https://doi.org/10.1080/07421222.2018.1451951
Haas, P. J., Maglio, P. P., Selinger, P. G., & Tan, W.-C. (2011). Data is dead... Without what-if models. Proceedings of the VLDB Endowment, 4(12), 1486–1489. https://doi.org/10.14778/3402755.3402802
Hamilton, R. H., & Sodeman, W. A. (2020). The questions we ask: Opportunities and chal-lenges for using big data analytics to stra-tegically manage human capital re-sources. Business Horizons, 63(1), 85–95. https://doi.org/10.1016/j.bushor.2019.10.001
Işık, Ö., Jones, M. C., & Sidorova, A. (2013). Business intelligence success: The roles of BI capabilities and decision environ-ments. Information & Management, 50(1), 13–23. https://doi.org/10.1016/j.im.2012.12.001
Kash, B. A., Spaulding, A., Gamm, L. D., & John-son, C. (2014). Leadership, culture, and organizational technologies as absorptive capacity for innovation and transfor-mation in the healthcare sector: A framework for research. Change Man-agement, 13(1), 1–13. https://doi.org/10.18848/2327-798x/cgp/v13i01/50740
Krishnamoorthi, S., & Mathew, S. K. (2018). Business analytics and business value: A comparative case study. Information & Management, 55(5), 643–666. https://doi.org/10.1016/j.im.2018.01.005
Kumar, A., & Krishnamoorthy, B. (2020). Busi-ness Analytics Adoption in Firms: A Quali-tative Study Elaborating TOE Framework in India. International Journal of Global Business and Competitiveness, 15. https://doi.org/10.1007/s42943-020-00013-5
Lee, C. S., Cheang, P. Y. S., & Moslehpour, M. (2022). Predictive Analytics in Business Analytics: Decision Tree. Advances in De-cision Sciences, 26(1), 1–30. https://doi.org/10.47654/v26y2022i1p1-30
Lennerholt, C., Van Laere, J., & Söderström, E. (2018). Implementation Challenges of Self Service Business Intelligence: A Literature Review. Hawaii International Conference on System Sciences. https://doi.org/10.24251/HICSS.2018.631
Liu, Yi., Han, H., & DeBello, J. (2018). The Chal-lenges of Business Analytics: Successes and Failures. Hawaii International Conference on System Sciences. https://doi.org/10.24251/HICSS.2018.105
Manyika, J. (2017). AI, AUTOMATION, EM-PLOYMENT, AND PRODUCTIVITY.
Marshall, A., Mueck, S., & Shockley, R. (2015). How leading organizations use big data and analytics to innovate. Strategy & Leadership, 43, 32–39. https://doi.org/10.1108/SL-06-2015-0054
McAfee, A., & Brynjolfsson, E. (2012). Big Da-ta: The Management Revolution. https://tarjomefa.com/wp-content/uploads/2017/04/6539-English-TarjomeFa-1.pdf
Omar, Y. M., Minoufekr, M., & Plapper, P. (2019). Business analytics in manufactur-ing: Current trends, challenges and path-way to market leadership. Operations Re-search Perspectives, 6, 100127. https://doi.org/10.1016/j.orp.2019.100127
Power, D. J., Heavin, C., McDermott, J., & Daly, M. (2018). Defining business analytics: An empirical approach. Journal of Business Analytics, 1(1), 40–53. https://doi.org/10.1080/2573234X.2018.1507605
Ramanathan, R., Philpott, E., Duan, Y., & Cao, G. (2017). Adoption of business analytics and impact on performance: A qualitative study in retail. Production Planning & Control, 28(11–12), 985–998. https://doi.org/10.1080/09537287.2017.1336800
Saghafian, M., Laumann, K., & Skogstad, M. R. (2021). Stagewise Overview of Issues In-fluencing Organizational Technology Adoption and Use. Frontiers in Psycholo-gy, 12. https://doi.org/10.3389/fpsyg.2021.630145
Sakib, Md. N. (2022). Role of Big Data in Achieving Competitive Advantage (pp. 137–145). https://doi.org/10.57240/DUJMBK09
Sarker, I. H. (2021). Data Science and Analyt-ics: An Overview from Data-Driven Smart Computing, Decision-Making and Appli-cations Perspective. SN Computer Sci-ence, 2(5), 377. https://doi.org/10.1007/s42979-021-00765-8
Shanks, G., & Bekmamedova, N. (2012). Achieving benefits with business analyt-ics systems: An evolutionary process per-spective. Journal of Decision Systems, 21(3), 231–244. https://doi.org/10.1080/12460125.2012.729182
Trkman, P. (2010). The critical success factors of business process management. Inter-national Journal of Information Manage-ment, 30(2), 125–134. https://doi.org/10.1016/j.ijinfomgt.2009.07.003
Ukhalkar, P., & Bhosale, M. (2020). The role of Big data in enhancing business value through Business Intelligence and Big Da-ta Analytics. 68, 83–91.
Vassakis, K., Petrakis, E., & Kopanakis, I. (2018). Big Data Analytics: Applications, Prospects and Challenges. In G. Skourletopoulos, G. Mastorakis, C. X. Mavromoustakis, C. Dobre, & E. Pallis (Eds.), Mobile Big Data (Vol. 10, pp. 3–20). Springer International Publishing. https://doi.org/10.1007/978-3-319-67925-9_1
Vidgen, R., Hindle, G., & Randolph, I. (2020). Exploring the ethical implications of business analytics with a business ethics canvas. European Journal of Operational Research, 281(3), 491–501. https://doi.org/10.1016/j.ejor.2019.04.036
Wang, Z., Wang, N., Su, X., & Ge, S. (2020). An empirical study on business analytics af-fordances enhancing the management of cloud computing data security. Interna-tional Journal of Information Manage-ment, 50, 387–394. https://doi.org/10.1016/j.ijinfomgt.2019.09.002
Whitelock, V. (2018). Business analytics and firm performance: Role of structured fi-nancial statement data. Journal of Busi-ness Analytics, 1(2), 81–92. https://doi.org/10.1080/2573234X.2018.1557020
Wilder, C. R., & Ozgur, C. O. (2015). Business Analytics Curriculum for Undergraduate
Majors. INFORMS Transactions on Educa-tion, 15(2), 180–187. https://doi.org/10.1287/ited.2014.0134
Zikopoulos, P., & Eaton, C. (2012). Understand-ing Big Data: Analytics for Enterprise Class Hadoop and Streaming Data. McGraw Hill Professional.