MICRO KNOWLEDGE

Business analytics is commonly used by successful business owners small and micro businesses. Analytics is used to make current and future decisions throughout the year. For example, a business owner will data from last year to determine when they should increase their hiring for the current year. Business owners tend to review analytics data different times throughout the year. After reviewing the data, they determine they should increase their hiring between the months of March and April in order to give new hires time to go through training and be ready to process increases orders in the months of May through September. 

Key Take Aways

1. Analytics is used to make key business decisions.
2. Key business decisions could be when to increase hiring and when to not hire.
3. Analytics can be reviewed on a daily, weekly, monthly, and annual basis.