What is Business analytics?

Analytics is the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance. Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data with emphasis on statistical analysis. Business analytics is used by companies committed to data-driven decision making

CHALLANGES FOR BUSINESS ANALYITCS

  This means the storage space for all that data must react extremely fast to provide the necessary data in real-time. When a specific customer type is considering a purchase, an analytics-enabled enterprise can modify the sales pitch to appeal to that consumer. Now business analytics is becoming a tool that can influence the outcome of customer interactions. This type of data warehousing required a lot more storage space than it did speed.  Analytics was considered a type of after-the-fact method of forecasting consumer behavior by examining the number of units sold in the last quarter or the last year.  The difficulty in ensuring data quality is integrating and reconciling data across different systems, and then deciding what subsets of data to make available. Business analytics depends on sufficient volumes of high quality data

ADVANTAGES OF BUSINESS ANALYITCS

Get key business metrics reports when and where you need them, identify cross selling and up selling opportunities , get insight into customer behavior , get faster answer to your question , eliminate guesswork

TYPES OF BUSINESS ANALYITCS

1.      Prescriptive analytics recommend decisions using optimization, simulation etc.
2.     Predictive analytics (predictive modelling using statistical and machine learning  techniques).
3.   Descriptive Analytics: Gain insight from historical data with reporting, scorecards,    clustering etc.
4.     Decisive analytics: supports human decisions with visual analytics the user models to    reflect reasoning.

      USERS OF BUSINESS ANALYITCS

1.      Auditors

2.       Small firm

3.      Group of industries

4.      Companies

5.       Organization

6.      Accountants

7.      Business man

8.      Students

     MAIN SOFTWARE USED FOR BUSINESS ANALYITCS

       

      MS-EXCEL- Microsoft Excel is a spreadsheet application developed by Microsoft for Microsoft Windows and Mac OS. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications. SPSS- SPSS Statistics is a software package used for statistical analysis. Long produced by SPSS Inc., it was acquired by IBM in 2009. The current versions (2014) are officially named IBM SPSS Statistic