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Business analytics.edited

Business Analytics involves using statistical techniques and data analysis to enhance decision-making within organizations. It improves operational efficiency, risk management, and product development by providing insights from data, which helps in identifying bottlenecks and optimizing workflows. Key concepts include predictive analytics for forecasting future outcomes and descriptive analytics for understanding past trends, both of which can be applied in various professional and personal contexts.

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11 views2 pages

Business analytics.edited

Business Analytics involves using statistical techniques and data analysis to enhance decision-making within organizations. It improves operational efficiency, risk management, and product development by providing insights from data, which helps in identifying bottlenecks and optimizing workflows. Key concepts include predictive analytics for forecasting future outcomes and descriptive analytics for understanding past trends, both of which can be applied in various professional and personal contexts.

Uploaded by

holythug184
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business Analytics.

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Business Analytics refers to using statistical techniques, data analysis, and advanced
technologies to make informed decisions in an organization. Data is collected, processed, and
interpreted to produce highly beneficial information that can improve business activities. The
value of Business Analytics helps make informed decisions, improve operational efficiency, risk
management, and market and product development. Informed business analytics decisions are
based on factual information; therefore, proper data analysis helps organizations make accurate
choices, thus reducing the risks associated with uncertainty.
Similarly, data analysis reveals all the bottlenecks within an organization, and therefore, the
analyzed data can be used to streamline workflows, reduce cost, and optimize operations,
promoting improved productivity and profitability. In addition, business analytics enables
companies to identify and mitigate risks such as financial risk assessment and fraud detection.
By proactively managing risks, organizations safeguard their assets. Business analytics also
promote product development by identifying market gaps and opportunities; therefore,
organizations can use the analyzed data to assess existing products' performance and make
informed decisions that align with market demands (Liu et al., 2023). The two examples of
concepts studied are predictive and descriptive analytics. Predictive analytics uses statistical
models to forecast future outcomes based on the historical data. For instance, a hospital using
predictive analysis to foresee patient admissions can allocate staff and all required resources
accordingly, thus minimizing waiting time and enhancing patient care. On the flip side,
descriptive analytics examines historical data using techniques like data visualization to
understand past events. For example, a retail shop can apply descriptive analytics to review
previous years' sales data to identify product purchase trends. Professionally, predictive analytics
can help analyze customer behavior and foresee future trends if you work in marketing.
Understanding customers' needs makes it easy to tailor marketing campaigns to reach your target
audience. In your personal life, business analytics can help manage finances by analyzing
income expenses to make informed decisions in budgeting savings, thus helping achieve your
financial goals.

References:
Liu, S., Liu, O., & Chen, J. (2023). A Review on Business Analytics: Definitions, Techniques,
Applications and Challenges. Mathematics, 11(4), 899.
https://doi.org/10.3390/math11040899

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