Updated: Aug 20, 2020
Business analytics (BA) is the process of iterative, systematic exploration of data, emphasizing on statistical analysis. It is explored by companies to trigger data-driven decision-making. Data-driven companies treat their data as a corporate asset and leverage it for a competitive advantage.
BA techniques can be broken down into two types: -
1. The first is basic business intelligence. It involves examining historical data to get a sense of how a business department, team or staff member performed over a particular time.
2. The second area of BA involves deeper statistical analysis. It may mean doing predictive analytics by applying statistical algorithms to historical data to make a prediction about future performance of a product, service or change (website design?).
Additionally it could mean using other advanced analytics techniques, like cluster analysis, to create groups of customers based on similarities across several data points. It is useful in targeted marketing campaigns.
Some specific types of BA include:
A. Descriptive analytics, which follows key performance indicators to deduce the present state of a business;
B. Predictive analytics, which analyzes data-trend to assess the likelihood of future outcomes;
C. Prescriptive analytics, which uses past data to generate recommendations about how to respond to similar situations in the future.
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Only within a couple of days of secured access to your data, Agilytics data team will be able to create self speaking data dashboards enabling you to take data-driven business decisions.
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