What is Business Analyics?
Business Analytics is 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 colleague executives.
Business analytics is the combination of skills, technologies, applications and processes used by organizations to gain insight in to their business based on data and statistics to drive business planning.
Business analytics is used to evaluate organization-wide operations, and can be implemented in any department from sales to product development to customer service.
Benefits of Business Analytics
• Improving the decision making process ( quality & relevance)
• Speeding up of decision making process
• Better alignment with strategy
• Realising cost efficiency
• Responding to user needs for availability of data on timely basis
• Improving competitiveness
• Producing a single , unified view of enterprise information
• Synchronising financial and operational strategy
• Increase revenues
• Sharing information with a wider audience
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