What Are Business Analytics? Best Tools to Conduct It
To begin with, Business Analytics is the process of examining business data to provide useful insights from it. In addition, it uses techniques such as data analysis, statistical models, and other quantitative methods to analyze data and make better business decisions. Given below are the four types of Business Analytics
- Descriptive Analytics- It is the most basic type of analytics and it focuses on telling ” What Has Happened ” in the past. In addition, its primary objective is to find out the reason and details behind any failure or success that has occurred in the past.
- Predictive Analytics- This analytics examines past data to predict future happenings. It answers the question ” What Is Most Likely to Happen in The Past.” In addition, it helps a business in preparing for upcoming threats or opportunities.
- Prescriptive Analytics- Prescriptive Analytics focuses on identifying the reason behind a problem that has taken place in the past. It further advises about the possible future outcomes and answers the question ” What Should a Business Do?”.
- Diagnostic Analytics- Diagnostic Analytics is the process of understanding the reason behind any activity. This analysis further focuses on providing an in-depth analysis of the problems that have occurred in the past.
Application Of Business Analytics
Business tools provide accurate and precise predictions about market conditions. In addition, they help in making marketing strategies to gain the best outcome. Above all, they are capable of measuring the KPI (Key Performance Indicators) which helps in making better decisions in time. Business Analytics has various uses in multiple sectors. In addition, there are many Business Analyst Online Training In India that provide courses in it. Given below are some of its applications in various sectors.
- Marketing- Marketing uses BA to determine the customer’s behavior and marketing trends. In addition, it helps businesses to identify their potential customers and plan strategies according to it
- Finance- Finance companies use this technology to process the massive amount of data available in their data sets. Above all, it helps in providing necessary information about its performance
- Human Resources- BA helps in getting adequate information about a new recruiter’s background. In addition, it also provides data such as employee attrition rate, and high-performance candidates. Etc.
- Manufacturing- Manufacturing sectors use this technology to provide insights and product details. Above all, this helps in maintaining the inventory and supply chain.
Benefits Of Business Analytics
Business Analytics helps in managing the tracking and monitoring processes easily and seamlessly. Moreover, this helps in allowing companies to handle complex business operations without any issues. In addition, this provides a company advantage over its competitors by providing an analysis of customer trends and potential markets. To further learn about its functionalities and workings, one can visit Business Analyst Training. Given below are some of the benefits of conducting Business Analytics.
- It Helps you Measure your Progress
- Helps in making Data-Driven Decisions
- Provides Clear Data Insights
- Helps in keeping you updated
Best Tools for Business Analytics
Business Analytics provides ready-to-consume insights that are very necessary in today’s world. In addition, an ideal BA tool should have an intuitive interface along with good data blending capabilities. Given below are the best Business Analytics tools available in the market.
- SAS Business Analytics (SAS BA)
- Dundas BI
- TIBCO Spotfire
- Tableau Big Data Analytics
Business Analytics helps a company by analyzing its historic data and providing useful insights from it. It is of four types Descriptive, Predictive, Prescriptive, and Diagnostic Analytics. Business Analysts are required to conduct business analytics and they are highly paid professionals that have great worldwide demands. In conclusion, BA results in making data-driven decisions and measuring the performance of a company.