Foundations for Business Analytics.
Business Analytics It is the process of Collecting, Organising, Analysing and Interpreting data to gain insights that can be used to make informed business decision. It involves using statistical and quantitative analysis techniques to extract meaningful insights from data using this insights to improve business performance. Importance • To Improve business performance by identifying area of business that can be optimized. • Help to identify opportunities for growth and expansion. • Help to identify trends and emerging markets. • Provide ability to predict future outcomes. • Data driven decision making. • Competitive advantage. • Risk management. Types of Business Analytics • Descriptive Analysis : It involves analysing historical data to understand what happened in the past. This type of analysis help organisation to identify trends and patterns in their data and gain insights in to past performance. • Diagnostic Analysis : It involves analysing data to understand why something happe...