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Business analytics is the collection of skills, techniques and mechanisms used to measure and investigate the past performance of an organization. The subject uses advanced statistical tools on available data to evaluate the performance of a particular product or the organization as a whole and enable researchers to highlight weaknesses and develop strategies to eliminate these weaknesses.
It can also be used to predict or forecast challenges that might arise in the future so that appropriate measures can be taken to overcome these challenges. This requires a thorough analysis of the data, often carried out through iterative and methodological exploration of data accumulated till date. This analysis helps to gain insight into the performance of the business and enables better and effective decision-making to be carried out.
Business analytics can provide visual evidence to support decisions taken by the managers (decision analysis), gain insights from past reports (descriptive analytics), forecast or predict scenarios using modelling techniques (predictive analytics), and even provide optimal decision-making rules obtained through simulation exercises or optimization exercises (prescriptive analytics).
Business analytics has been used for many years now, but recent advancements in the field of technology have allowed a deeper and more thorough analysis of data as well as easier storage of data. The explosion in the scope is also matched by an explosion in the areas which can benefit from business analytics ranging from marketing to enterprise optimization.
With the growth in the subject matter of this field, there is an equal growth in the problems a student of the subject faces while tackling assignments and projects. A student may face difficulties in obtaining data, effectively running the analysis on the data or interpreting the results obtained from the analysis.
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