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WHAT IS BUSINESS ANALYTICS AND HOW IT WORKS

Business analytics is a technique which is supposed to increase the performance of an organization or a company. With the help of this technique, different statistical methods and models are made which are implemented on the projects, products, and data of an organization.

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WHAT IS BUSINESS ANALYTICS AND HOW IT WORKS

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  1. WHAT IS BUSINESS ANALYTICS AND HOW IT WORKS WHAT IS BUSINESS ANALYTICS? Business analytics is a technique which is supposed to increase the performance of an organization or a company. With the help of this technique, different statistical methods and models are made which are implemented on the projects, products, and data of an organization. Business analytics is a data-driven approach. This means this technique is based on the data. At present, the companies and organizations are switching to data-driven approaches from traditional methods. Business analytics is also beneficial in recognizing the hidden problems of the strategy because of how the performance of the company falls. The business analytics majorly depends on two things which are listed below: ● good quality of the data ● skilled data scientists TYPES OF BUSINESS ANALYTICS Here are some types of business analytics listed below: ● DESCRIPTIVE ANALYTICS In descriptive analytics, the data of the past years are analyzed. Along with the data, problems which have occurred in the past few years are also analyzed. The goal of descriptive analytics is to find out the reasons or causes of these problems. Why did these problems occur? ● PREDICTIVE ANALYTICS In predictive analytics, the past as well as the present data is analyzed. The goal of predictive analytics is to give predictions on what situations can occur in the

  2. future. The problems or conditions of the present time are analyzed and based on this analysis, future conditions are predicted. ● PRESCRIPTIVE ANALYTICS In prescriptive analysis, the problems of the present time are analyzed. The goal of the prescriptive analysis is to solve the problems of the present time. WORKING OF THE BUSINESS ANALYTICS The first step of business analytics is to determine the goal. It is clearly understood what a company or organization wants to achieve in the end. Based on the goal, an analytical method is decided. According to that analytical method, the required data is collected from different resources. Along with the collection of the data, cleansing of the data and integration of the data is also done. Here, the integration of the data means collecting all the useful information and putting it collectively in a big box. Here, the big boxes are data mart, data warehouse, etc. Initially, the operations are performed on a small set of data or a sample of the data. Analytical tools offer many services to the user. Some of them are storing the data into the spreadsheets, performing statistical analysis on it, predictive modeling, data mining, etc. The analytical process is iterative. The process is repeated if required. This is because when new and hidden patterns are recognized from the data, then the analysis is done again on that new data. CONCLUSION Data science technology and business analytics are different techniques but they both work on the data. Students should learn about business analytics because it has a high demand in the market. Many online business analytics courses are available on the internet which can enhance your knowledge and skills.

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