What is business analytics?
Business Analytics refers to the study of data through statistical and operations analysis, the formation of predictive models, application of optimization techniques, and the communication of these results to customers, business partners, and college executives.” Business Analytics entails quantitative methods and evidence-based data for business modeling and decision making. Business Analytics requires the use of Big Data. Many companies use Business Analytics (BA) to make data-driven decisions.
Data-driven companies that utilize Business Analytics are at an advantage because they are able to use the insights to:
· Conduct data mining (explore data to find new patterns and relationships)
· Complete statistical analysis and quantitative analysis to explain why certain results occur
· Test previous decisions using A/B testing and multivariate testing
· Make use of predictive modeling and predictive analytics to forecast future results
Business Analytics also delivers support for companies in the process of making proactive tactical decisions, and BA makes it probable for those companies to automate decision making in order to support real-time responses.