Business Analytics

Business analytics (BA) refers to the skills, technologies, applications and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning, which is also based on data and statistical methods.

Business analytics makes extensive use of data, statistical and quantitative analysis, explanatory and predictive modeling, and fact-based management to drive decision making. Analytics may be used as input for human decisions or may drive fully automated decisions. Business intelligence is querying, reporting, OLAP, and "alerts."

In other words, querying, reporting, OLAP, and alert tools can answer questions such as what happened, how many, how often, where the problem is, and what actions are needed. Business analytics can answer questions like why is this happening, what if these trends continue, what will happen next (that is, predict), what is the best that can happen (that is, optimize).

Read more about Business AnalyticsExamples of Application, Types of Analytics, Basic Domains Within Analytics, History, Challenges, Competing On Analytics

Other articles related to "business analytics, analytics, business":

Cognos - Products
... On October 25, 2010, at the Business Analytics Forum in Las Vegas, IBM General Manager for Business Analytics and former Cognos CEO Rob Ashe announced IBM Cognos 10 ... to IBM Cognos 8 BI, this new software brings together social collaboration and analytics for business users to gain real-time intelligence in a single, user-friendly interface — online or through mobile devices ... Analysis Studio (Explore multi-dimensional cube data to answer business questions) Metric Studio (Monitor, analyze, and report on KPIs) Metric Designer (Define, load, and maintain metrics to be ...
Business Analytics - Competing On Analytics
... Davenport argues that businesses can optimize a distinct business capability via analytics and thus better compete ... of an organization that are apt to compete on analytics One or more senior executives who strongly advocate fact-based decision making and, specifically, analytics Widespread use of not only descriptive ...
Business Intelligence and Business Analytics
... Thomas Davenport argues that business intelligence should be divided into querying, reporting, OLAP, an "alerts" tool, and business analytics ... In this definition, business analytics is the subset of BI based on statistics, prediction, and optimization ...
School Of Information Technology, Nanyang Polytechnic - Business Analytics Translational Centre
... NYP-SIT and Business Analytics Translational Centre (BATC) signed a Memorandum of Understanding on 19-Sep-12 to catalyse innovation, perform technology translation and drive the adoption ... talents, BATC will play a key role in bridging IHLs and the industries to build the eco-system for Business Analytics in verticals such as the government, insurance, telecommunications, retail, energy ... Under this collaboration, BATC will work with NYP to transfer analytics knowledge and skills through training and awareness seminars/workshops as to develop a ready pool of local business ...

Famous quotes containing the word business:

    A grocer is attracted to his business by a magnetic force as great as the repulsion which renders it odious to artists.
    Honoré De Balzac (1799–1850)