What Is Business Analytics?

Business Analytics is the use of statistical tools & technologies to:

  • Find patterns in your data for further analysis e.g. product association
  • Find out outliers from the huge data points e.g. fraud detection
  • Identify relationships within the key data variables for further prediction e.g. next likely purchase from the Customer
  • Provide insights as to what will happen next e.g. which of the Customers are leaving us
  • Gain the competitive advantage.
Business Intelligence
Business Analytics
What does it do?
Reports on what happened in the past or what is happening in now, in current time.
Investigate why it happened & predict what may happen in future.
How is it achieved?
  • Basic querying and reporting
  • OLAP cubes, slice and dice, drill-down
  • Interactive display options – Dashboards, Scorecards, Charts, graphs, alerts
  • Applying statistical and mathematical techniques
  • Identifying relationships between key data variables
  • Reveal hidden patterns in data
What does your business gain?
  • Dashboards with “how are we doing” information
  • Standard reports and preset KPIs
  • Alert mechanisms when something goes wrong your business gain?

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  • Response to “what do we do next?”
  • Proactive and planned solutions for unknown circumstances
  • The ability to adapt and respond to changes and challenges

Now that you know the difference between BI & BA, let us discuss the typical components in Analytics.

 

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