What Is Business Analytics?

By zuhdi4trisakti, on December 2nd, 2011

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