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Today, business analytics has become a buzzword for companies around the globe. Every business, irrespective of its size, is on a lookout for different ways to make sense of the vast amount of raw data available. This is because business analytics has been transforming the way companies function for over a decade now. From targeting the right customers and increasing sales to helping HR personnel select the right candidates and reducing overhead costs; there is hardly any sector where data analytics has failed to tap in.
By now, we are sure that you might have a brief idea of why business analytics plays such a vital role. Now, let us take a step back and analyse how did this all start? Why has this field gained popularity just recently? Has the way businesses use data evolved over the years? What did business analytics look like 20 years ago? To help you find answers to all such questions, we have created an in-depth blog. By the end of this blog, you will have a brief idea of how business analytics has evolved over the years.
Thats not all that we have to offer. Are you interested in learning everything about business analytics? This includes its types, applications, benefits, and more. Please go through our previous blog.
Now, lets get started with the history of business analytics with the help of a timeline, starting from the 1800s to 2020.
The first use of data to stay ahead of his competitors dates back to 1865. During this time, Mr Richard Miller Devens described in his book how Sir Henry Furnese, a banker, was always one step ahead by actively gathering information and acting on it before any of his competitors. This makes it clear that professionals such as Sir Furnese relied more on data and empirical evidence, rather than gut instinct.
During this time, Frederick Taylor introduced the first-ever system of business analytics in the United States of America, and he called it scientific management. The purpose of this system was to analyze the production techniques and labourers body movements to identify greater efficiencies.
Frederick Taylors scientific management system inspired Henry Ford, who hired Taylor as his consultant. Ford was willing to measure the time each component of his Ford Model T took to complete on his assembly line. This analysis transformed his work and the manufacturing industry across the globe.
Computers werent accessible in the early 1900s but had a massive demand during World War II. As they were still rudimentary, punch cards or tapes were used to store information. However, in 1956, the tech giant, IBM invented the first hard disk drive. This allowed users to save a vast amount of data with better flexibility.
Owing to the lower prices for storage space and better databases, the next generation of business intelligence solutions was all set to step in. By now, there was a considerable amount of data available but not a centralized place to store it. To address this problem, Ralph Kimball and Bill Inmon proposed similar strategies to build data warehouses (DW).
By this time, medium and large-sized businesses had already realized the value of business intelligence solutions. Companies such as IBM, Microsoft, SAP, and Oracle were at the forefront of offering such solutions to change the way businesses function.
Considering the extensive usage of data, companies started directing their efforts on improving the speed at which the information was available. New business analytics tools were introduced to ensure technical as well as non-technical people were able to mine the data and gain insights.
Around this time, the increasing interconnectivity of the business world led to the need for real-time information. This was when Google Analytics was introduced. Google wanted to provide a free and accessible way for users to analyze their website data.
With the internet available to almost everyone and the increasing data, companies needed better solutions to store and analyze all the information. Building computers with more storage capacity and better speed wasnt possible for many, so companies resorted to using several machines at the same time. This was the beginning of cloud computing.
Since the last decade, big data, cloud computing, and business analytics have become integral for almost all companies. The new advancements have made these technologies even better. Now, data analytics and science are known to be the future. From advertising and marketing to recruiting and planning operational activities, these terms are tossed around in every field.
From the advent of business analytics in the early 1800s to it being the part-and-parcel for every business in 2020, we have covered almost every element to help you understand how it has evolved over all these years. If you are willing to make a career in a field which is expected to rule the corporate world, it is time to sign up for our PGDM in Research and Business Analytics provided in association with IBM.
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