What is Business Analytics?
Gone are the days when product design and advertising helped make competition in the business sector. Data now plays a critical role in business. The amalgamation of business intelligence (BI) and data analytics has given rise to the fast-paced process of business analytics. It is a group of automated data procuring tools and services. It consists of applied and predictive analytics, statistics, data mining, and so on. Business analytics helps you further understand your business and make more calculated decisions for the betterment of your business. Harvard Business School’s Professor Hammond says, “data analytics is a very effective way to influence an organization.” There are three elementary types of business analyses. Descriptive: Using historical data to help identify patterns and trends Predictive: Statistics can be used to predict future results Prescriptive: Using trial and error method to determine which method gives a better outcome To ...