Business Analytics

Business Analytics is the new trend and buzz. Many would like to know how it differs from Statistics or Business Intelligence. For me, Business Analytics is simply “Statistics applied to business problems with the aim of finding insights that are actionable and aligned to the company’s objectives. While Business Intelligence is simply, the information technology that a company has in place in order to monitor and manage key perfomance metrics by tracking them and comparing the current to the past. Usually, company’s use dashboards with indicative traffic light systems/colours whereby green would indicate ‘good’, red would indicate ‘bad’ and amber would indicate ‘alert’.

Business Intelligence provides businesses a summary view of how the company is doing. Whereas, Business Analytics is able to tell why something is happening and what’s likely to happen in the future. Business Analytics helps company’s in being proactive and thereby helps company’s to minimise theirĀ costs and increase their return on revenue.

 

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