Suppose a company wants to launch a new product in the market, what does it need other than a great product is the data to back its every decision and to make the product fortunate and profitable in the market.
The aim of analytics is to process large data set of the company and help in the decision-making process, it begins with the simple collection of data or commonly with the database .Basically the the term “Business analytics “is the practice of monotonous , methodical analysis of an organization’s data, with an insistence on statistical analysis and is used by the companies comminuted to data-driven decision-making.It becomes one of the most important domains of any business in the world, and an inseparable tool which is defining the growth strategy of a company.
The data has become the most important asset of a company and they are utilizing their resources to find the meaningful information .
Types Of Business Analytics:
- One of the most important and advanced analytics which creates models for the prediction of a particular event or performance of a particular product by using historical and current data sets.
- it is generally an area of data scientist and data analysts who build predictive data models using the advanced algorithm, regression analysis, time series analysis, decision tree.
- It has become more important with big data and financial companies have been the prominent user of it, to determine events before they occur.
- Descriptive Analysis describes the current state of a company by tracking key metrics and determines trends from the current dataset.
- The aim of this type of analytics to determine what has happened.
- it provides primary data processing method to proceed further.
- It also analyses how the data looks like currently and identifies future behavior.
- It is the mix of data science and management science which provides the best route possible for a particular path.
- It also provides decision options by processing new data to improve the accuracy of predictions and decision options.
- It determines the best solution for a particular problem when the different set of solutions are presented.
Application and Uses:
By providing insights into the key decisions of the company in various domains which help the company to boost an advantage over its competitor.
- It grease the analytics to generate more profit for the company and improve its performance.
- Businesses all over have been using it to determine and improve their optimal resource allocation, supply chain optimization, inventory management, employee performance, project Completion rate, Skill Map, Improve their Product portfolio etc.
- Business Intelligence and Statistical Analysis are the two key areas .
- The statistical algorithm is applied on data to predict the performance of a service or a product,in statistical analysis.