WHAT IS BUSINESS ANALYTICS?

The Business Analytics is the collection of all techniques or methods which are used for measuring or computing the performance of the different projects and products in any company or organization. The Business Analytics is becoming the new approach of almost all the companies. In Business Analytics, the performance of the company is analyzed. The weakness or the points at which the employees or anyone is not performing properly or not getting an effective result are analyzed and those problems are fixed. The Business Analytics is also used for generating new ideas which can help with growth and better performance of the company.

METHODS OF THE BUSINESS ANALYTICS

Here are some methods or techniques which are used in the Business Analytics for enhancing the performance of any company or organization. These are-->

⦁ BUSINESS PROBLEM FRAMING

The business problem facing is the first step of Business Analytics. In this step, the company understands the things which need to be analyzed. What is the aim of the company, what does the company want to achieve? In simple words, the purpose of the analysis is understood in this step. It is important to understand the purpose of the analysis because the methods are then chosen accordingly.

⦁ ANALYTICS PROBLEM FACING

The analytics problem facing is the second step of Business Analytics. In this step, after understanding the purpose of the analysis, the problem is reframed and then solutions are generated. The outputs of these solutions are also analyzed. It is decided that which type of analysis would be suitable for the detected problem.

⦁ DATA

This is the third step of Business Analytics. In this step, the data which needs to be analyzed is made suitable for the analysis. By saying suitable, It means that the data is refined and then analyzed.

⦁ METHODOLOGY SELECTION AND MODEL BUILDING

This is the fourth step of Business Analytics. After refining the data, the methods and types of the analytics is decided according to the type of the data and the problem.

⦁ DEPLOYMENT

This is the last step of Business Analytics. In this step, the company is done with the analysis. The outputs are then checked or evaluated, if they are giving the correct results.

TYPES OF THE ANALYSIS

There are three different types of the analytics-->

⦁ DESCRIPTIVE ANALYSIS

The descriptive analysis gives the summary of the raw data. We can understand from the name of the analysis, that it gives a description about the data. The descriptive analysis also makes the data easy to understand.

⦁ PREDICTIVE ANALYSIS

The predictive analysis gives different predictions about the data. Different predictions mean, the data is analyzed from every direction and which different types of output it can give is predicted. This is known as the predictive analysis.

⦁ PRESCRIPTIVE ANALYSIS

In the prescriptive analysis, the best solutions are found to the problems. The output is also analyzed after analyzing the data and then solutions are given according to the output.

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