Business Analytics

3015 WordsJan 7, 201812 Pages
Content Business Analytics Part 1. What Business Analytics is: The Basics I.Introduction History of Analytics Types of analytics Domains within analytics Part 2. How Business Analytics can be used to gain advantage in a competitive marketplace Benefits of Business Analytics to an organization for competitive advantage A Case study of competing on analytics Conclusion Business Analytics Part 1. What Business Analytics is: The Basics Introduction Business analytics, in a nutshell, is usage of the type of data that can help one analyze a particular business situation and decide how to improve it. Instruments used for such an assessment include statistics, and both quantitative and qualitative analysis, as well as predictive and explanatory modeling. Business analytics is different to Business intelligence which also uses statistical methods. Business analytics uses statistical methods and data to arrive at fresh understanding and illumination of a situation, whereas business intelligence uses statical data to serve as querying, reporting or alerts. Business analytics, therefore, is, one may say, the detective side of business using the statistics to develop and progress the business or direct it in new directions rather than revamping it with existent and supportive data. Business intelligence, in other words, uses the data to inform stakeholders and others what is occurring with the business, what the action is, and what steps are being taken.
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