Importance of Analytical Tools in Volatile Business Environment

Businesses in 21st century have several objectives. Attaining consistent growth and securing business sustainability are main priorities. Business performances varied from time to time owing to uncertainties triggered by pandemic, war, geopolitical tension and economic downturn. Stakeholders of businesses are interested to know how business is doing justice to their connection and contribution. Managers are under constant pressure when volatilities are rampant and disruptions are relentlessly challenging the status quo. Analytical tool and methods in operation research had proved to be useful to address critical business-oriented problems. Quantitative techniques had never been confined to operation or production related issues, the theories and practical applications has spread out to different functional areas such as marketing, finance, human resource management, time management, inventory management, contingency measure and so on. Efficacy of mathematical tools are undeniably instrumental in today's data driven approach to stay competitive, showing innovativeness in productivity and distribution and having better customer relationship management. Operation research contains several analytical tools whose significance would work well in fast paced competitive business environment. Linear programming can hold the various dimensions of business challenges. Transportation and assignment problems are capable to shed lights on streamlining and strengthening delegation of work and logistics driven distribution issues. Time series data analysis and regression model are useful in predicting future expectations for business. Game theory is undoubtedly useful in strategy building and selecting the right course of action. Stochastic processes such as Markov chain and Monte Carlo simulation can guide in decision making in uncertain business circumstances. Pestle analysis, SWOT analysis, Ansoff matrix, fishbone diagram, box plot, Gantt chart, Johnson's rule for scheduling, CPM/ PERT have their unique applications in solving complex business problems. Progress of data science had been real boon in demystifying modern business problems and capable to formulate workable solution. Artificial intelligence unremittingly tracks real time data and well equipped to analyse the same for wider spectrum of insights. Therefore, analytical tools will be supportive strength and guiding light during uneven irregular volatile period.