Business analytics is the study of data using statistical methods, predictive models, and other optimization techniques and communicating the result obtained by using these techniques to customers, executives, and other business partners. Business analytics is used for decision making and business modeling. Business analytics also requires Big Data. Big data is a large collection of structured and unstructured data. The amount of data that constitutes Big Data is not as important as the techniques that are used t retrieve the required information from it. When Big Data is analyzed, they are using business analytics for better decision making and other planned moves.
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Business intelligence is an area which is similar to business analysis. Though they are similar, they are not the same. Business intelligence is the process of collecting data from all sources and preparing it for business analytics. Business intelligence is the most basic step taken by companies when they want to start making decisions based on data. In this article, some ways in which business analytics can help in decision making will be discussed.
Interactivity is one way you can bring out the maximum from data. There should be a lot of interaction involved between the person analyzing the data and the people using this analyzed data for decision making. This will help the person analyze data in more depth and figure out aspects like region wise sales, product wise sales, time period wise sales etc. The greater the level of interaction, the more deeply the analysis can go, giving more vital data and thereby making better decisions.
Data visualization is another important part of data analytics. If the data is viewed in the correct format, it will give a better insight to the person who acts based on the results obtained from them. Some methods to do them are using graphs instead of huge paragraphs to represent data etc.
Using past data and high-end algorithms, certain predictions such as the chances of the customer coming back for another business etc. can be found out. This can also help to analyze the expected revenue, expected sales etc. These predictive results helps the company stay proactive.
To retrieve data, the analyst has to make use of different data bases and web services. This helps them get access to the right information irrespective of the source. Using these resources, helpful recommendations can be made which can eventually lead to better decision making and ultimately helping the company grow.