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What is Business Analytics?

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  • What is Business Analytics?

    Analytics is the systematic computational analysis of data. In the simplest sense, Analytics is Applied Business Statistics.Statistics is a collection of methods for planning experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions to understand underlying macro trends.

    Applied statisticians apply their knowledge of statistical methods to a variety of subject areas, such as biology, economics, engineering, medicine, public health, psychology, marketing, and education.

    Get a brief explanation on History of Analytics & detailed information on Competencies for an Analyst, Future and Careers in Analytics and Business Analytics Course.

    Last edited by Parveen Komal; 09-22-2014, 09:34 AM.

  • #2
    Benefits Of Business Analytics


    • Improving the decision-making process ( quality & relevance)
    • Speeding up of decision-making process
    • Better alignment with strategy
    • Realizing cost-efficiency
    • Responding to user needs for availability of data on a timely basis
    • Improving competitiveness
    • Producing a single, unified view of enterprise information
    • Synchronizing financial and operational strategy
    • Increase revenues
    • Sharing information with a wider audience

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    • #3
      Business Analytics is essentially the art and science of using data to make better business decisions. It involves a range of skills, technologies, and practices that allow organizations to:

      Collect and store data: This can include internal data from operations, sales, marketing, and finance, as well as external data from market research, social media, and public sources.

      Clean and prepare data: Raw data is often messy and incomplete, so it needs to be cleaned, formatted, and organized before it can be analyzed.

      Analyze data: This involves using statistical methods, machine learning, and other techniques to identify trends, patterns, and relationships in the data.

      Visualize data: Data insights are often communicated more effectively through charts, graphs, and other visual formats.

      Use insights to make decisions: The ultimate goal of business analytics is to turn data-driven insights into actionable recommendations that can improve various aspects of the business, such as:
      • Increasing sales and marketing effectiveness
      • Improving operational efficiency
      • Reducing costs
      • Managing risks
      • Developing new products and services

      Here are some key points to remember about Business Analytics:
      • It's data-driven: Decisions are based on evidence and insights derived from data, not just intuition or guesswork.
      • It's iterative: The process of collecting, analyzing, and using data is ongoing, as new information becomes available and business needs evolve.
      • It's multidisciplinary: It requires skills from various fields, such as statistics, computer science, business, and communication.
      https://www.talkingcity.com/forum/we...ness-analytics
      Last edited by Parveen Komal; 02-14-2024, 04:02 AM.
      Founder & Creative Mind of Megrisoft
      www.indiabook.com
      Business
      Please Do Not Spam Our Forum

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