An introduction to what business analytics actually is and the types of business analytics that are useful for businesses and organisations.

1. INTRODUCTION TO BUSINESS
ANALYTICS
- Prepared by
Anindita Gogoi

2. What is business analytics???
1. Application of quantitative tools of analysis in order to be able to create
value for business..
2. Businesses are faced with availability of large datasets posing new
challenges and possibilities and the ability to make good decisions is
inherent for businesses’ survival.
3. Hence they necessitate high demand in the market.

3. TYPES
1. Descriptive
2. Predictive
3. Prescriptive

4. 1. Descriptive:
❖ Deals with the question, “ What has happened?”
❖ First stage in the business analytics process.
❖ Uses multiple data sources to be able to modify the required data and
provide relevant insights.
❖ Does not explain the cause.
❖ Large companies and other organisations need to combine it with other
forms of business analytics.
2. Predictive:
❖ Deals with the question , “ What is likely to happen?”
❖ Valuable tool for the purpose of forecasting.
❖ Garners insights from descriptive analytics to detect tendencies,
exceptions and predict future trends.
❖ Requires careful analysis and continued optimisation.

5. 3. Prescriptive:
❖ Deals with the question, “ What action needs to be taken?”
❖ Helps resolve issues pertaining to a particular business
❖ Use of sophisticated tools and technologies, like machine learning, business
rules and algorithms.
❖ Before choosing to embrace prescriptive analytics, an organization should look
at required endeavors versus an expected added value.