Business Analytics is seen as the combination of different skills, technologies, tools, applications and processes used by organizations to gain insight into their business based on data and statistics to drive business planning.
In today's global competitive environment, there is an ever-increasing need for advanced information and decision support systems. The profitability and the overall business can be managed better with access to predictive tools to predict, even approximately, the market prices of raw materials used in production, for instance. Business Analytics involves among others, quantitative techniques, statistics, data and analysis tools, and econometric models.
Business Analytics is a mixture of Data Analytics, Business Intelligence, and Computer Programming. It is the science of analyzing data to find out patterns that will be helpful in developing strategies. Its usage can be found in almost every industry.
There are a lot of benefits businesses gain from business analytics, here are some of them:
Analytics Encourages Smart Decision-Making: Accessibility to useful and meaningful data gives companies the power to make accurate decisions that could leverage businesses. Not only that business analytics provide useful data, but it also allows companies to make decisions faster and more efficiently than ever before. companies can increase the use of analytics when they share the discussion with as many employees as needed.
Analytics Helps Companies Avoid Being Left Behind: Business analytics can help companies to remain in the game and not get left behind. Using analytics allows businesses to create rolling forecasts of the business and of the market. These create valuable knowledge and analysis into what’s happening both internally and externally. Staying updated on the latest new forecasts can spark innovative ideas, bringing more reaches to a company's brand. Improving processes paves the way of releasing innovative new products, services, and information. And that can help a company charge ahead of its competition.
Analytics Provides Clearer Insights Through Data Visualization: Recent analytics tools care about how you present your data to your company analytics team. really detailed charts and graphs can be used to make sure that decision-making is more interesting. Through visual representations of extracted data, relevant and useful insights can be extracted in a much clearer way. With analytics data visualization tools, information that you need about your market is there on your table, Shown to you in a visually enticing and organized manner.
Analytics Offer Efficiency: Business efficiency has been improving a lot since the rise of business analytics, with the power to gather a large amount of data at a fast rate and present it in a compelling way, businesses can now make accurate decisions to help achieve set goals, Business Analytics also promote teamwork where staffs are able to express their thoughts and ideas in the decision-making process.
Increased Performance: Business Analytics can positively push business performance beyond executive experience or plain intuition.
Efficient Tracking: Business Analytics makes tracking and monitoring business processes extremely efficient and seamless, thereby allowing companies to handle even the most complex of business operations with ease.
There are a lot of features of Business Analytics, below are 6 features that an analytics tool for business analytics must have:
Easy to use interface: It should allow the user to carry out analytical operations on an easy to use and understand interface without the use of coding or programming.
Ready to Consume Insights: In today’s fast-paced business environment when a delay of seconds can dispel your customers, the tool should be able to deliver ready to consume business intelligence.
Ready To Use Insights: In today’s fast-moving business environment, a delay of seconds can make your customer to leave, the tool should be able to deliver ready to use business insights.
Easy to Share: It should have easy and controllable sharing capabilities to deliver insights over the network in a large user environment.
Extensible Analytics: It should be extensible to enable customized analytics and new modules development for the changing business needs.
Accommodate Support: It should Accommodate integration to other analytics or data visualization tools so as to enable seamless movement and compatibility of data to and fro.
Business Analytics - Introduction to Business Analytics
Business Analytics - Selecting, Filtering, and Sorting
Business Analytics - Formulas
Business Analytics - Unions and Joins
Business Analytics - Aggregation
Business Analytics - Crosstabs and Transposing
Business Analytics - Contingency Table
Business Analytics - Measures of Distribution
Business Analytics - Measures of Variation
Business Analytics - Distribution Visualization
Business Analytics - Normal Distribution
Business Analytics - Kurtosis and Asymmetrical distribution
Business Analytics - Sampling Basics
Business Analytics - Bivariate Data and Correlation
Business Analytics - Information Theory and Entropy
Business Analytics - Analytical Reports
Business Analytics - Automation and Regression
Business Analytics - T-Distribution
Business Analytics - Logistic Regression
Business Analytics - Statistical Error
Business Analytics - Hypothesis Testing
Business Analytics - Correlation
Business Analytics - Discrete Distribution: Binomial
Business Analytics - Continuous Distribution: Normal
Business Analytics - Central Limit theorem
Business Analytics - Basic Probability
Business Analytics - Variable Types
Business Analytics - Exams and Certification
Login & Study At Your Pace
500+ Relevant Tech Courses
300,000+ Enrolled Students
The Scholarship offer gives you opportunity to take our Course Programs and Certification valued at $50 USD for a reduced fee of $7 USD - Offer Closes Soon!!
Copyrights © 2019. SIIT - Scholars International Institute of Technology. A Subsidiary of Scholars Global Tech. All Rights Reserved.