What is Business Analytics?

Business Analytics

What is Business Analytics?

Business Analytics is a process through which it provides the overall analytics for the Business. The analytics includes everything about the business like the profit or loss of the business, the total number of employees, Sealy for the employments, employees post, and positions, work of the business, etc.

The Business Analytics is done by relating the historical data through many source systems, i.e, statistical analysis, quantitative analysis, data mining, predictive modeling, and other technologies.

Simply we can say that: Business Analytics is techniques which identify the trends of the business and understand the information that can drive business change and support sustained successful business practices.

There are four kinds of Business Analytics:

a) Descriptive Analytics
b) Diagnostic Analytics
c) Predictive Analytics
d) Prescriptive Analytics

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a) Descriptive Analytics:

Descriptive Analytics --> What is happening?

Descriptive Analytics is that the interpretation of historical information to make it better understand changes that have occurred during a business. Descriptive analytics describes the employment of a variety of historic information to draw comparisons.

Descriptive Analytics or data mining is at the bottom of the big data value chain, but they can be valuable for uncovering patterns that offer insight.

Descriptive Analytics is useful in the sales cycle, to categorize customers by their product preferences.

For example, in SMM (Social Media Marketing) campaign, descriptive analytics assess what the number of posts, mentions, followers, fans, page, views, reviews, pins, etc.

For example, to credit risk using past financial performance to predict the customers' financial performance.

b) Diagnostic Analytics:

Diagnostic Analytics --> Why did it happen?

Diagnostic Analytics is a technique of advanced analytics that examines the information or content to answer the question, "Why did it happen"? The techniques that characterized are drill-down, data discovery, data mining and correlations.

Simply, Diagnostic Analytics are used for discovery or to determine why something happened.

For example, in SMM (Social Media Marketing) campaign, descriptive analytics assess the number of posts, mentions, followers, fans, page, views, reviews, pins, etc. why because it helps to analyze that what worked in your past campaigns and what didn't.

c) Predictive Analytics:

Predictive Analytics --> What is likely to happen?

Predictive Analytics is the advanced analytics technique which is used to make a prediction of the unknown future event.

Predictive Analytics has a variety of statistical techniques. That techniques are from data mining, predictive modeling, and machine learning, that analyze current and historical facts to make the predictions about future or otherwise unknown events.

For example, most of the companies are using predictive analytics for sales lead scoring. Predictive Analytics is also used to support sales and marketing or for other types of complex forecasts.

d) Prescriptive Analytics:

Prescriptive Analytics --> What should I do about it?

Prescriptive Analytics is the last and final phase of business analytics, which also includes descriptive as well as predictive analytics. So that it is dedicated to finding the best course of action for a given solution.

Prescriptive Analytics is really valuable but it is not largely used. According to the Gartner, Inc. (a global research and advisory firm), 13% of organizations are using Predictive Analytics but only 3% of organizations are using Prescriptive Analytics.

For example, in the health care industry, the management of the patient population is better by using Prescriptive Analytics.

What is Business Intelligence?

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Business Analytics

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