Quote: "Business analytics (BA) refers to the skills, technologies, and practices for iterative exploration and investigation of past business performance to gain insight and drive business planning."
Focus on the use of data and information for business decision-making.
Data Analysis: This is the process of examining raw data to draw conclusions, identify patterns, and make informed business decisions.
Data Mining: This is the process of exploring and analyzing large amounts of data to uncover patterns and trends.
Data Visualization: This is the presentation of data in the form of charts, graphs, and other visual aids to help users interpret complex data.
Statistical Analysis: This is the application of statistical models and algorithms to analyze and interpret datasets.
Predictive Analytics: This is the process of using statistical models and machine learning algorithms to predict future outcomes and trends.
Machine Learning: This is a subset of artificial intelligence that focuses on the development of algorithms that can learn from and make predictions on data.
Business Intelligence: This is the collection, analysis, and dissemination of information to support business decision-making.
Data Warehousing: This is the process of collecting and storing data from various sources in a centralized database for analytical and reporting purposes.
Data Modeling: This is the process of creating a detailed representation of a database structure, including relationships between data entities and constraints on that data.
Optimization: This is the process of finding the best solution to a problem or situation, often by using mathematical models and algorithms.
Data Governance: This is the set of policies, procedures, and standards that organizations use to ensure data is accurate, secure, and meets regulatory requirements.
Risk Management: This is the process of identifying and mitigating risks to an organization, often through data analysis and modeling.
Business Process Management: This is the process of analyzing, designing, and optimizing business processes to improve efficiency and effectiveness.
Business Strategy: This is the formulation and implementation of a comprehensive plan to achieve the long-term goals of an organization.
Project Management: This is the process of planning, executing, and controlling projects to achieve specific goals and objectives within a set timeframe and budget.
Quote: "Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods."
Quote: "In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning."
Quote: "Business intelligence focuses on description, while business analytics focuses on prediction and prescription."
Quote: "Business analytics makes extensive use of analytical modeling and numerical analysis, including explanatory and predictive modeling, and fact-based management to drive decision making."
Quote: "It is therefore closely related to management science."
Quote: "Analytics may be used as input for human decisions or may drive fully automated decisions."
Quote: "Business intelligence is querying, reporting, online analytical processing (OLAP), and 'alerts'."
Quote: "Querying, reporting, and OLAP are alert tools that can answer questions such as what happened, how many, how often, where the problem is, and what actions are needed."
Quote: "Business analytics can answer questions like why is this happening, what if these trends continue, what will happen next (predict), and what is the best outcome that can happen (optimize)."
Quote: "To gain insight and drive business planning."
Quote: "The skills, technologies, and practices for iterative exploration and investigation of past business performance."
Quote: "Based on data and statistical methods."
Quote: "It is closely related to management science."
Quote: "Analytics may drive fully automated decisions."
Quote: "Business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning."
Quote: "Analytical modeling and numerical analysis, including explanatory and predictive modeling."
Quote: "What happened, how many, how often, where the problem is, and what actions are needed."
Quote: "What will happen next (predict)."
Quote: "To gain insight and drive business planning."