Question
In: Operations Management
Assume that you have established your own company. It is recognized that business analytics is one...
Assume that you have established your own company. It is recognized that business analytics is one of the emerging technologies. Evaluate business analytics and discuss the benefits that this emerging technology can bring to your company
Solutions
Expert Solution
Business Analytics is the study of data through the analysis of statistics and processes, the development of statistical models, the implementation of modeling methods and the dissemination of these findings to clients, corporate associates and college executives. Business analytics needs computational approaches and evidence-based data for market analysis and decision-making; as such Market Analytics needs the use of Big Data.
Companies make data-driven decisions using the Business Analytics (BA). BA's insight allows those firms to automate and optimize their business processes. In reality, data-driven companies using Business Analytics gain a competitive edge as they can use the insights to:
- Conduct data mining (explore data to find new patterns and relationships)
- Complete statistical analysis and quantitative analysis to explain why certain results occur
- Test previous decisions using A/B testing and multivariate testing
- Make use of predictive modeling and predictive analytics to forecast future results
Business Analytics also assists businesses in making strategic operational decisions and BA helps those organizations to simplify decision-taking and enable real-time responses.
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keosha answered 5 months agoRelated Solutions
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