Business Analytics: Three Forms to Choose From

The difference between an individual business analyst and business analytics specialist is their approach and focus when it comes to Problem solving. Business analysts can work with both the customer who already has a certain requirement in mind for their company, and the development team, that either creates a product or provides a service to meet that need. Both teams have critical roles to the success of the company, but where analysts have a more powerful tool to help them achieve that success is with analytics. Analytics allows business to analyze the data that is collected and helps the customer and development teams to determine what is working and what isn’t.

Historically, business intelligence (BI) has been defined as the collection, analysis, interpretation, and prioritizing of data. Business intelligence can be used for a variety of purposes such as forecasting, marketing, sales, human resources, operations, technology, ETO, business strategy, government, and more. Data analytics was used to support all of these purposes until computer programs were developed that could perform all of the tasks needed by analysts. Today, data analytics is still a significant part of business intelligence planning because it allows analysts to make more informed decisions on where to focus their efforts and how to best get those efforts moving forward. Data analytics is used to improve business strategy, customer management, market research, and overall company performance.

Unlike prescriptive analytics, business intelligence requires the ability to collect, organize, analyze, and communicate information quickly and easily. Being able to reach the top decision makers sooner rather than later is key to business success, but getting in front of them requires insights from all angles including data analytics. Being able to gather, sort, evaluate, communicate, and act upon this information quickly is what is best described as business intelligence.

In descriptive analytics, a business analyzer looks at the past, present, or future state of a specific problem and looks for opportunities to generate new ideas or resolve an existing one. This requires an in depth understanding of the problem and the business. Determining the exact problem and finding the right solution are of utmost importance. As the business analyzer looks at the situation, he or she attempts to find the answer as quickly as possible. Using statistics, the analyzer attempts to detect patterns and trends so that decisions can be made more effectively and knowledge about the current state of affairs can be updated quickly.

Like prescriptive analytics, descriptive analytics tell us when something is working and when it is not. However, unlike prescriptive analytics, it does not attempt to tell us exactly what to do. Descriptive analytics tell us if something is working by providing a list of all the positives and negatives associated with it. They tell us what things are working in the present and what things are likely to change in the near future.

Unlike predictive analysis, predictive analytics provide a description of the past so that business strategists can better understand the future. The advantage of this type of analysis is that it is a good way to get a clear picture of how business strategy is performing over time. A company can analyze the historical data and forecast possible changes in the future based on what the recent results have shown.

Data analytics is another popular form of business analytics used by business strategists today. Data analytics looks at the large-scale data, looking for trends, patterns, and insights. This type of analysis provides detailed reports about the state of any given business strategy over a given period of time. Data analytics is often used alongside other types of business analytics in order to get a complete picture of a company’s past performance and to predict its future performance. Data analytics is often used alongside traditional metrics to give companies a comprehensive picture of their competitiveness.

These three major types of analytics are extremely effective at providing companies with the information they need to make strategically informed decisions. They provide managers and executives with a clear picture of how the business is performing in real time, allowing them to make informed decisions that will improve the business. While each type of analytics has its strengths, all three provide managers and executives with the insight they need to make informed decisions about the future of the company. By learning how each type of analytics works, managers and executives could find patterns that could happen within the next few weeks or months, giving them the information they need to make better decisions for their company.