Description
Business analytics also allows organizations to automate their entire decision-making process, so as to deliver real-time responses when needed. One of the apparent importance of business analytics is the fact that it helps to gain essential business insights. It does this by presenting the right data to work it
Organizations employ Business analytics so they can make data-driven decisions. Business analytics gives businesses an excellent overview and insight on how companies can become more efficient, and these insights will enable such businesses to optimize and automate their processes. It is no surprise that data-driven companies also make use of business analytics usually to outperform their contemporaries. The reason for this is that the insights gained via business analytics enable them to; understand why specific results are achieved, explore more effective business processes, and even predict the likelihood of certain results.
There are three primary methods of business analysis:
- Descriptive: The interpretation of historical data to identify trends and patterns.
- Predictive: The use of statistics to forecast future outcomes.
- Prescriptive: The application of testing and other techniques to determine which outcome will yield the best result in a given scenario.
Deciding which method to employ is dependent on the business situation at hand.