Business analytics a the result of analyzing a company’s data through a forward-looking, methodological approach that uses the statistical analysis and investigation of past data. Business analytics drive future-forward, data-driven decision making.
In other words, business analytics asks historical data hard hitting questions like why did that happen? What would happen to this scenario if we made this change? What if this trend continues? What would be the impact if the numbers were to fluctuate in this way? If we look at the data with this driver first, what different patterns emerge?
Business analytic tools include:
- KPI reporting
- Automated dashboards
- Monitoring devices like alerts and thresholds
- OLAP, multicube
- In-memory technology
- Ad Hoc reporting
- Predictive analysis
The success of business analytics depends on largely on the quality of data available, the technology used to understand the data and the organization’s prioritization of analytics as a cornerstone of their strategic decision making practices.