A Report On Business Analytics

2605 WordsMay 2, 201611 Pages
Business Analytics is a field that is becoming popular in the business world as the year’s progress. There is always something new in the world of business to help improve companies and their sales. The success of using analytics to help develop a company is encouraging others to join this way of studying data to make decisions that will benefit the profit of the company. The increased use of data to increase sales, revenue and to help make business decisions is a large part of the sports industry. For years, teams have used analytics to make decisions on what players to draft, positions to place players in, as well as many other parts of the game. Analytics has been a large part of not only game play, but also for the business aspects…show more content…
Business analytics is helping businesses decide where to invest, increase profit and make the most out of their company based on data that is collected and analyzed. As described in the article, The New World of Business Analytics, “business analytics can be defined as the broad use of data and quantitative analysis for decision-making within organizations” (4). The use of this type of research is developing new insights and understanding of the performance of a business. Through the increase in data analysis, companies are able to make decisions based on the information that they have received and studied. Observing analytics can be thought of as, “thinking differently, asking questions, and never being satisfied with doing things the way they have always been done.” (Analytics, Not Statistics, Driving NHL Evolution) As a field that is requiring more researchers, business analytics is becoming a popular field of study at many universities because of the increased need of employees by companies because of the success rate of business analytics techniques. Analytics is observing statistics and finding the meaning behind those statistics. Companies and students in the business field know the “increased importance of quantitative analysis of data for understanding, prediction and optimization.” (“The New World of Business Analytics”, 2) The collection of data is one of the most important steps in the analytics process because without
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