Business Analytics:

Business Analytics is a scientific process that transforms data into insight that is used for fact-based or data-driven decision making.


It uses tools such as reports and graphs (simple), optimization, data mining, and simulation (complex)

Features of Business Analytics

Business analytics offer:

 

1.Decision Support Systems:

Solutions are primarily used as decision support systems or as their components.Solutions help executives, salespeople, and other organizational leaders to make business decisions.

2.Business Continuity Support:

Business Analytics supports essential business functions.It also aids in functions such as hiring, reducing attrition, improving retention, performing staff deployment, and deciding strategy.

3.Various Methodologies

Methodologies include concepts from applied probability, applied mathematics, applied statistics, and computer science.Data produced helps you gain meaningful insights into better business planning and business performance.

Types of Business Analytics:

 

1.Descriptive Analytics

It is regarded as the first stage in analysis of data. It involves consolidation and summarization of data for further analysis.
Descriptive Analytics includes techniques that explain what has happened in the past

2.Diagnostic Analytics :

After Performing Descriptive Analysis, It explains why that thing happened in Past.

3.PredictiveAnalytics

The data that is received from descriptive analytics is further used for predictive analytics, where the objective is to predict future unforeseen events.Predictive Analytics techniques use models created from past data to predict the future or determine the impact of one variable on another

4.PrescriptiveAnalytics

Prescriptive Analytics specifies the best course of action for a business activity in the form of output of a prescriptive model. The models used in prescriptive analytics are called optimization models.