The key differentiator between two startups is pace. Suppose you are the owner of an electronics store and want to know the gross sales over a period of time, say a year. These financial statements are nothing but a reflection of the financial standing of the company or organization. This is due to the fact that companies now realize that there is great importance in taking a data driven approach to decision making as it leads to better outcomes and process improvement.
Moreover, the customer whose monthly usage is above the company’s ARPU (Average revenue per user) can be classified as high revenue earning customer. It tells about the various other marketing strategies that can be followed to increase the sales of the organization.
This takes into consideration different aspects of customer’s susceptibility to churn, including the history of people those who have churned in the past and build a data model that generates an easy-to-understand reference numbers (scores) assigned to each customers.
Accounting is studying the financial parameters and creating a realistic financial picture of a company, which enables future planning. Business analytics uses statistical analysis and statistical techniques to forecast the conditions of the market and how it will affect business activities.
This post will enlighten you with how big data analytics is changing the way businesses take informed decisions. Whereas financial statements are meant for use by outsiders to the organization, managerial statements and reports are meant for use by the internal management.