Business analytics is the study of data. The study is conducted using methods such as statistical analysis, predictive methods and other optimization techniques. The next part of after the study of data is how this information is conveyed to customers, business executives and other executives. Big data refers to large amount of data which can be both structured and unstructured. The amount of data does not hold much importance as compared to how this data can be utilized. Using this large quantity of data, better decisions can be made and this can help it better strategically planned business moves.
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The area which is related to making decisions using data is called Business Analytics. The results procured after business analytics is utilized to automate and optimize the business processes. These results help in determining how the data can be utilized to find new patterns and relationships, provides a clear explanation as to how and why certain results occur the way they do with proper statistical analysis, test previous decisions using different testing methods, help to figure out future results using predictive modelling and predictive analysis.
Business analytics cannot be incorporated into any company within a short period of time. It is something that should be introduced gradually. But using some of the insights of business analytics, it is possible to develop a more competitive and successful company. Some practices that can be incorporated into the organization for utilizing business analytics effectively are: to know why business analytics should be used in the organization, define the goal that is expected to be achieved by using business analytics beforehand, define the criteria which must be met in order to be successful or to know that you have failed, Select the method you wish to follow and make sure you know the internal and external factors which are relevant to your chosen method, validate your business models using the most suiting criteria etc.
Everything has its own pros and cons. Same is the came with business analytics. Some of the advantages of business analytics are reduction in costs, improved decisions, help to understand future challenges, share information on a larger scale, transferring accurate information, improving efficiency etc. Some of the disadvantages of business analytics are integrity of data, data security and maintenance, costs involved in implementing business analytics, delivering relevant data in a given time period, inability to address complex issues etc.
Some of the fields in which business analytics can be used are finance, marketing, HR, CRM, Manufacturing etc.
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