WHAT IS BUSINESS ANALYTICS?
Business analytics is the process of evaluating data in order to gauge business performance and to extract insights that may facilitate strategic planning. It aims to identify the factors that directly impact business performance, such as revenue, user engagement, and technical availability.
It takes data from all business levels, from product and marketing to operations and finance. Where analytics at the IT layer has a more direct causal relationship, at the business layer metrics are interdependent and their behavior regularly fluctuates, making business analytics an especially complex process.
Why Business Analytics Matters?
Regardless of size or type, organizations need to collect and evaluate data to understand how their business performs. Critical decisions, such as changing pricing structures or developing additional products and features, follow an understanding of the numbers and their financial impact.
It is being revolutionized by machine learning, which employs algorithms to evaluate vast amounts of data and produce predictive models. Machine learning in business analytics enables companies to make data-driven decisions, acquire a competitive edge, and gain new opportunities.