November 10, 2014
Instructor: Marsha Devine
Business Analytics Research What is business analytics? Business analytics is the practice of interactive, methodical exploration of an organization’s data with emphasis on statistical analysis. Business analytics is used by companies committed to data-driven decision making. (Rouse, n.d.)
Many businesses use business analytics to make more informed business decisions, as well as to optimize their business processes. Some businesses use data as leverage to gain a competitive advantage. The success of a company’s business analytics depends on the quality of their data, the skills of their analysts and the company’s commitment to data-driven decision making.
After the goal of the analysis is set then an analysis methodology is selected and any supporting data is acquired. Data is acquired from one or more business systems that have been integrated into one repository. New questions are asked and the analytics process continues until the business goals are meet. This happens whenever patterns and relationships in the data are discovered.
Following are the key differences between business intelligence and business analytics, even though these two terms are used interchangeably, there are still some key differences between them.
BI vs BA
Business Analytics Answers the questions:
Why did it happen?
Will it happen again?
What will happen if…