Business Analytics

Business Analytics

1. Process of transforming data into valuable insights for decision-making through analytical and statical techniques

   • DATA
     • Represents
       • Raw facts and information
         • can be
           • Structured Data
           • Unstructured Data
     • is collected from
       • Multiple sources
         • include
           • Databases
           • Social Media
           • Sensors
           • Transactions
   • STATISTICAL METHODS
     • are used fo Data analysis
       • Allow pattern identification
       • Support Predictive analysis
       • include
         • Descriptive statistics
         • Inferential statistics
         • Regression analysis
         • Probability models
   • BUSINESS ANALYTICS TYPES
     • Includes
       • Descriptive Analytics
         • focuses on historical data
       • Predictive Analytics
         • uses statistical models
         • Predicts future outcomes
       • Prescriptive Analytics
         • Supports Decision-making
         • recommends optimal actions
   • RELATIONSHIP WITH BIG DATA
     • Business Analytics
       • is enhanced by Big Data
     • Big Data
       • Provides large volumes of information
       • Requires advanced analytical techniques
   • DECISION -MAKING
     • Business analytics
       • Supports strategic decision-making
     • Strategic decision-making
       • Improves organizational perfomance
       • Increases competitive advantge