Business Analytics: Harnessing the Power of Huge Data
Past analysis is as crucial as future planning. In fact, the foundation of future planning bases on the analysis of performances, technologies and practices in the past.
Business analytics is all about that: studying data and extracting insights that help with decision making. A wide range of technologies, practices, and tools are used to explore and investigate the past performance of a business to gain insight and drive business planning.
Marketways Arabia -a leading Business Analytics companies UAE aim at helping businesses make the extensive use of statistical analysis such as explanatory and predictive modeling , and fact-based management to enhance their (businesses’) decision making capability.
Analytics can be used to derive data as input for human decisions or for fully automated decisions. Business analytics is used to answer the most crucial 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).
Business analytics examples
There are two broader categories of the business Analytics. The first is basic & business intelligence, which involves examining historical data to get a sense of the past performance of a business department, team or staff member over a particular time.
The second area is business analytics which involves deeper statistical analysis such as predictive analytics by applying statistical algorithms to historical data to make a prediction about future performance of a product, service or website design change.
AlsoMArketways Arabia-leading Business Analytics companies in the UAE utilizes advanced analytics techniques such as cluster analysis that helps divide customers into groups based on similarities across several data points. This is extremely useful in targeted marketing campaigns such as
- Finance: to manage investment banking, portfolio, finance planning, budgeting and forecasting
- Marketing: To study buying patterns of consumer behavior, analyze trends and help identify the target audience
- Human resources: HR professionals uses BA to analyze data and derive information that helps them make the right decision regarding recruitment and other crucial things
- Manufacturing: It helps you in supply chain management, inventory management, measure performance of targets, risk mitigation plans, improve efficiency in the basis of product data, etc.
Types ofanalytics used in business
There are different varieties and levels of business analytics and they are used for different business requirements. It is important to know how they work and what they can do for your business. Some of these levels are:
- Decision Analytics:This supports human decisions with visual analytics used to reflect reasoning
- Descriptive Analytics:Provides insights from historical data with reporting, scorecards, clustering etc.
- Predictive Analytics: Employs predictive modeling using statistical and machine learning techniques
- Prescriptive Analytics: Recommends decisions using optimization, simulation, etc.
Business analytics depends on sufficient volumes of high quality data. If you want to make the best use of data in making business decisions and getting an edge over your competitors, you can contact Marketways Arabia -leading renowned business analytics consultants in Dubaito efficiently harness of the power of your data to grow.