Business Analytics is the process by which businesses use statistical methods and technologies for analyzing historical data in order to gain new insight and improve strategic decision-making.

Business Analytics, a data management solution and business intelligence subset, refers to the use of methodologies such as data mining, predictive analytics, and statistical analysis in order to analyze and transform data into useful information, identify and anticipate trends and outcomes, and ultimately make smarter, data-driven business decisions.

The Main Components of a typical Business Analytics Dashboard include

1. Data Aggregation

prior to analysis, data must first be gathered, organized, and filtered, either through volunteered data or transactional records

2. Data Mining

data mining for business analytics sorts through large datasets using databases, statistics, and machine learning to identify trends and establish relationships

3. Association and Sequence Identification

the identification of predictable actions that are performed in association with other actions or sequentially

4. Text Mining

explores and organizes large, unstructured text datasets for the purpose of qualitative and quantitative analysis

5. Forecasting

analyzes historical data from a specific period in order to make informed estimates that are predictive in determining future events or behaviours

6. Predictive Analytics

predictive business analytics uses a variety of statistical techniques to create predictive models, which extract information from datasets, identify patterns, and provide a predictive score for an array of organizational outcomes

7. Optimization

once trends have been identified and predictions have been made, businesses can engage simulation techniques to test out best-case scenarios

8. Data Visualization

provides visual representations such as charts and graphs for easy and quick data analysis

Business Analytics can help provide a wide array of benefits

  • Enable data-driven decision making that has the potential to increase profits and improve efficiency
  • With predictive analytics, allow businesses to plan for the future in ways that were previously impossible
  • Helps a company make informed business decisions
  • By modelling the outcomes and understanding the past, guesswork is minimized
  • Present meaningful, clear data to support decision making and convince stakeholder

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