Analysis on Business Analytics in Risk Management

Abstract

Data and business analytics have become very powerful and important tools in present business environments. Organizations have become very dependent on data produced in the market to carry out their operations in very competitive markets successfully. The most predominant use of these data sets has included boosting processes and ensuring that they are cost-efficient, improving changes and designing strategies, and monitoring and improving financial performance. However, the use of business analytics is not limited to businesses that will boost growth. Business analysis is also used to identify threats faced by businesses and provide solutions. To examine how business analysis can be used in business practices to improve strategic outcomes, this paper examines the use of business analysis to manage risk in an enterprise and identifies the advantages of using business analysis in managing risk and its characteristics. This paper will further explore the concepts provided by the literature on this subject, draw the conclusion that the use of business analytics provides an informed approach including continuous assessment, which is a central element in mitigating seen and unseen risks.