Business Analytics (BA)
Before answering this question, think what you do before you make an important decision. You do some study, research, make notes, look at statistics and charts, compare things, and after all the calculations, you finally get some result that may help you to take a right decision. Like this, business organizations also look at their data, analyses them using various tools, techniques, and methodologies to produce a valuable result that would help the organization to take a right decision, predict things and grow.
So, Business Analytics (BA) is the combination of skills, technologies, applications, and processes used by business organizations to gain insight into their business based on data and statistics to drive business planning. Business Analytics is not only used by companies to make decisions and predict things but also to optimize and automate business processes and also to evaluate an entire company.
Business Analytics is used even more in such companies where it contains lots of data, for example, e-commerce, banks, etc. Such data-driven companies treat their data as a corporate asset and use it for competitive advantage. Business analytics is a vital part of any business.
Business analytics can be broken down into two parts – Business Intelligence and Statistical Analysis.
Business Intelligence involves examining past data to get an insight of how a business department, team, individual, product, project or the company itself, performed over a particular time.
Statistical Analysis involves predictive analysis by applying statistical algorithms to past data to make a prediction about future performance of a product, service or company itself.