Business analytics
This refers to the practice of iterative,
methodical exploration of an organization's data, with an emphasis on
statistical analysis. Business analytics is used by companies
committed to data-driven decision-making. It is therefore used to conduct analytical
research in different economic sectors, manage projects and develop the
company’s long-term business strategy.
Analytics encompasses
a variation of statistical methods from predictive modeling, machine
learning, and data mining that investigate current and historical
facts to make predictions about future or unknown events.
In business, predictive models employ
designs originated from historical and transactional data to classify
hazards and chances. These models define associations between numerous issues
to consent valuation of hazard or potential related with a specific group of
circumstances, controlling decision making for candidate
transactions.
Types of
analytics:
•
Predictive
analytics which
is usually used in
actuarial science, promotion, monetary services, coverage, communications,
merchandising, transport, healthcare, treatments, capacity building and other
fields.
•
Descriptive
analytics is useful in understanding the current situation of any
business.
•
Prescriptive
analytics usually apply past performance to produce references
about how to deal with similar circumstances in the future.
Whereas these two components of business analytics, business intelligence, and advanced analytics, are used alternately, here are some main differences between these techniques:
Very clear explanation.
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