Business Analytics

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MEANING

Business Analytics is the process by which businesses use statistical tools and technologies for assaying historical data to gain insight for new and improved strategic decision.

Types of Business Analytics

1. Descriptive Analytics 2. Diagnostic Analytics 3. Predictive Analytics 4. Prescriptive Analytics

DESCRIPTIVE ANALYTICS

Descriptive analytics is the interpretation of literal data to more understand changes that have passed in a business. Descriptive analytics describes the use of a range of major data to draw comparisons. Descriptive analytics uses a full range of data to give an accurate picture of what has happed in a business and how that differs from other similar ages. These performance criteria can be used to flag areas of strength and weakness to inform operation strategies.

Diagnostic analytics

Diagnostic analytics describes the ways you'll use to ask your data Why did this be?

It’s doing a deep- dive into your data to search for precious perceptivity.

Diagnostic analytics is generally performed using similar ways as data discovery, drilldown, data mining, and correlations. In the discovery process, judges identify the data sources that will help them interpret the results.

Predictive Analytics

Predictive analytics is a branch of advanced analytics in which predictions about future outcomes are generated using historical data combined with statistical modelling, data mining techniques and machine learning.

Predictive analytics is often associated with big data and data science.

Prescriptive Analytics

Prescriptive analytics is a process that analyzes data and provides instant recommendations on how to optimize business practices to suit multiple prognosticated issues. In substance, Prescriptive analytics takes the “ what we know” (data), exhaustively understands that data to prognosticate what could be, and suggests the stylish way forward grounded on informed simulations.

Thank You

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