Do you ever find yourself hearing the term ‘Business Analytics’ and think to yourself, what does that mean? If so, then you have come to the right place. In this article, we are going to talk about what the term means. Click this link if you want to learn more about business analytics concepts.
The term business analytics can be described as the process of sorting through, collating, studying, and processing data that has been collected from a company or business.
The overall goal of analytics is to provide the company with feedback about the data that is then used to solve problems and create a more efficient workplace. It can also be used to develop future predictions and recommend suggestions for the company.
There are also different types of business analytics, and I am going to list them down below.
- Prescriptive Analytics – A type of predictive analytics that gives several possible solutions and outcomes.
- Diagnostic Analytics – Looks at the company’s past performances, and determines why it happened that way.
- Descriptive Analytics – Describes the existing data of a company to determine how they can improve.
- Predictive Analytics – Predicts the possible outcome using a variety of techniques.
On top of the different styles, there are also a variety of various components in business analytics. These include:
- Data Mining – Uncovers trends and patterns.
- Text Mining – Extracts different patterns and relationships, classifying and clustering the data.
- Forecasting – Observes data of a period of time.
- Optimization – Identifies different scenarios.
- Visualization – Creates enhanced graphics of the data.
There are a variety of careers available for those that want to move into the field of Data Analysis. Some of the jobs that involve business analytics include:
- Data Analyst
- Program and Marketing Managers
- Market Research Analyst
- Operations Research Analyst
- Business intelligence analyst
Overall, the study of business analytics is a diverse field, which can offer you opportunities in a variety of job positions and area fields. Different types of analytics can be used, and each of these is composed of a variety of components.