Business Analytics refers to the practice of using statistical, quantitative, and predictive methods, along with data visualization and decision-making tools, to analyze and interpret business data. It enables organizations to derive actionable insights, optimize processes, and make data-driven decisions to achieve strategic goals.
Key components of business analytics include:
Descriptive Analytics: Summarizes historical data to understand what has happened.
Predictive Analytics: Uses statistical models and machine learning to forecast future outcomes.
Prescriptive Analytics: Suggests optimal actions based on predictions and analysis.
Applications range from improving customer experience and supply chain management to financial forecasting and risk assessment. Business analytics empowers