Every organization today generates data. Every document created, every contact with the customer, every transaction or even production line activity – it’s another data point among hundreds of thousands or even millions generated every day. By analyzing this data and identifying correlations it’s possible to gain better insight about key unique factors that determines successes or failures of every organization.
With the term “business analytics” we describe the methods, processes and tools involved in turning all kinds business data into actionable information. By utilizing the business analytics framework, you will be able to answer the following questions:
- What happened based on your organization’s historical data?
- Why it happened based on your outcomes?
- What is likely to happen based on predictive analysis?
- What must happen to ensure the best possible outcome for you business?
Business Analytics project involves both an analyst coming up with hypothesis, loking for correlations and building analytics models, as well as specialized software tools going through all collected information (e.g. structured and unstructured company data, historical reports and other information, 3rd party data) related to company’s operational activities as well as overall market activities. At the end of this process data that previously had little or no meaning is converted to meaningful insights that fuels evidence based executive decisions, leading to optimized business processes, reduced and increased revenue.
Business Analytics is an umbrella term and may include or refer to all of the following:
Business Intelligence, Financial Analytics, Risk Analytics, Data Analytics, Marketing Analytics, Web Analytics, Text Analytics, Social Network Analytics, Cognitive Analytics, Predictive Analytics, Sentiment Analytics, Statistical Analysis, Forecasting, Customer Behavior Analytics, Buying Habits Analytics, Customer Lifetime Value, Next Best Offer, Customer Churn Prediction, Optimization and many more.