Business Analytics
Analytics? Just the word itself sounds complicated and it can be once you dig deep into the subject. However, the concept is simple to understand. Similar to Statistics, Business Analytics is the use of tools and data to gain certain business insights for the planning phase of a firm. The only difference here is you’re further interpreting the statistical data. Tools can be anything from excel spreadsheets to the difference in sales data depending on the season of the year. These tools are evaluated using set guidelines to ensure the correct data is being used for the questions you’re trying to answer.
Business Analytics falls under 4 categories: Descriptive, Predictive, Discovery & Prescriptive. Descriptive looks at the past & present to determine why and what happened while predictive looks at the future. Discovery involves going through our data to find correlation and patterns. Each methodology then outputs to prescriptive analytics which is the process of deciding what actions to take based on the insights you gain.
Business Analytics falls under 4 categories: Descriptive, Predictive, Discovery & Prescriptive. Descriptive looks at the past & present to determine why and what happened while predictive looks at the future. Discovery involves going through our data to find correlation and patterns. Each methodology then outputs to prescriptive analytics which is the process of deciding what actions to take based on the insights you gain.
