There is a spike in the usage of the word “Business Analytics” over the past few years. According to “Micro Strategy’s” research study, 71 percent of global enterprises predicting their investments in analytics, accelerate. Every company is adapting to Business Analytics and gaining the maximum out of it. To understand the question “Why Business Analytics?” we need to understand “What is Business Analytics and what makes it so significant in the current environment?”
Knowing the patterns in the available business data is very important in understanding and targeting the right customers. Many businessmen identify the patterns based on their business acumen and gut feeling. Some prove to be correct and rest turn out to be incorrect. But what if these decisions can be taken with the help of scientific evidence? This is where Business Analytics comes into play. Analytics is all about calculating the right metrics and identifying the right patterns using data. It helps in taking practical and data-driven decisions by generating actionable insights from the data.
Business Analytics is a combination of 3 fields – Mathematics, Business and Computer Science. At the outset, there are 3 primary methods w.r.t this field:
- Descriptive Analytics: It’s all about identifying the patterns using historical data
- Predictive Analytics: Forecasting future events using mathematical models
- Prescriptive Analytics: Providing with data-backed options that you can weigh against one another
The reach of Business Analytics is very wide, and its implementation and use differ across industries. The rapid increase in computational power and data collection techniques helped the growth of Business Analytics. The gains realized through this field is encouraging an increasing number of companies are to invest in Analytics. Many experts are of the opinion that this decade belongs to Business Analytics. If you want to create an impact and add value to your organization, you cannot ignore this field.