Business Analytics is the practice of using data analysis and statistical methods to make informed business decisions. It involves collecting and examining data from various sources to identify trends, patterns, and insights that can help organizations improve their performance. By leveraging tools and techniques, businesses can better understand their operations, customers, and market dynamics.
The process of Business Analytics typically includes descriptive, predictive, and prescriptive analytics. Descriptive analytics focuses on summarizing historical data, predictive analytics forecasts future outcomes based on current trends, and prescriptive analytics recommends actions to achieve desired results. Together, these approaches enable companies to optimize strategies and enhance decision-making.