Business Analytics (BA) refers to the tool, methods, and techniques which is used by many business organizations to measure their overall performance and an individual product launched in the market by knowing its strengths and weaknesses to prepare accordingly for future growth. In simple words, Business Analytics is directly dependent on data. Every day, large amounts of data are being generated by the users of the internet.
Business Analytics is the core of any business as it provides information about the efficiency and capacity of a particular business. If you need a successful analyzation of a business, then data quality and fine knowledge of technology and business is a must.
Components of Business Analytics
There are various components of Business Analytics, so below are a few main components:
- Data Mining
- Text Mining
- Forecasting
- Data Visualization
- Optimization
Types of Business Analytics
There are mainly 3 types of Business Analytics that are more complex and important than one another and take you towards your destination more rapidly; moreover, there is a bonus type of BA that is above all three types.
- Descriptive Analytics: A type of analytics, which is used to describe/summarize the whole raw data into useful information. There is a huge amount of data over the internet which is continuously increasing day by day and it would be impossible for any person to analyze that amount of data without using business intelligence tools.
- Predictive Analytics: A kind of future predicting analytics because it does not predict the future, but instead provides the probabilities of a situation to occur after analyzing it from every aspect. Sentiment Analysis is an application of predictive analysis where the reactions, sentiments/ feelings expressed through the words of the users from social media is collected and using some statistical techniques, the positive, negative and natural behavior of a group towards a product is predicted.
- Diagnostic Analytics: It can be categorized into data mining, drill-down, data discovery, etc. With Diagnostic Analytics, it gives the advantage to understand the root cause of the error occurred in-depth; it can be very useful for the organizations to diagnose the decrement or increment of their service provided to the public and accordingly make the decisions in the future.
- Prescriptive Analytics: It is a part of Predictive Analytics and much more advanced and powerful than the above three types of analytics to provide the solution for the future. It consists of a strong feedback system which could update and constantly learn about the actions that are taken and according to it, provides the outcome. We can understand it with a simple example: while using any shopping website/app after searching something or only scrolling down and viewing the products you like after a few minutes, you would see a pop-up showing you the recommendation according to your searches. This is how prescriptive analytics works in a general way.
After reading the above information, It might be clear about what, how and when BA is used and how powerful it will be in the coming future, so decide your future with Business Analytics without wasting your valuable time and money on other areas that would not provide you an outstanding growth in your future!
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