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Business Analytics

What is business analytics?

Business analytics is the process of analyzing business data to understand and improve business performance. It involves using data mining, statistics, modeling, and machine learning techniques to analyze large amounts of data to discover patterns and trends. Workers then use this information to make better business decisions, a process characterized by business intelligence (BI).

Adopting analytics with diverse data sets is now vital for modern organizations to leverage data for a competitive value. β€œAnalytics and business intelligence platforms are an essential part of a flexible, end-to-end architecture for integrating and analyzing diverse data sources,” as Gartner describes. With the right data, companies across sectors can apply analytics to improve their understanding of key business elements, such as customer experience, operational efficiencies, supply chain risks, etc.

What are the different types of business analytics?

Over several decades, it has evolved from manual statistical data analysis to a complex, multidisciplinary field incorporating a wide range of techniques and technologies. As it has become more sophisticated, so too have the different types of analytics that organizations can leverage. Here are five of the most common types:

  • Descriptive analytics: Analysts represent something that has happened in the past. Descriptive analytics often generates reports and dashboards that summarize business performance.
  • Diagnostic analytics: Analysts attempt to understand why something happened. Diagnostic analytics involves drilling down into data to identify the root cause of a problem, issue, or event.
  • Predictive analytics: Analysts use historical data to make predictions about future events. Predictive analytics is often used for market forecasting, business planning, cybersecurity, or preventing equipment breakdowns, among other purposes.
  • Prescriptive analytics: Analysts go one step further than predictive analytics. They predict something and then recommend what should be done to achieve the desired outcome.
  • Decision intelligence (DI): The next evolutionary step of business intelligence (BI)Β is a type of analytics that focuses on helping users throughout an organization make better decisions. DI platforms like Pyramid Analytics can provide users of all backgrounds with advanced analytics capabilities via easy-to-use tools and dashboards.

Businesses can leverage these different types of analytics to suit their specific needs.

What are the key benefits of business analytics?

Better business decisions driven by analytics can yield various business benefits depending on how companies utilize their capabilities. Some of the ways it brings about better business outcomes include:

  • Improved business performance: It can be used to identify inefficiencies and areas for improvement within an organization. Businesses can optimize their operations and improve their bottom line by making data-driven decisions.
  • Increased customer satisfaction: Businesses that leverage it can gain a deeper understanding of their customers. Thus they can provide a better customer experience, leading to increased satisfaction and loyalty.
  • Reduced business risks: It can help organizations identify and mitigate risks. For example, it can help procurement teams select the most dependable suppliers to reduce supply chain disruptions in the future.

There is no limit to business analytics applications, and data and business leaders continue to find new use cases for it as new technologies emerge.

What is Pyramid Analytics?

Pyramid Analytics is a leading provider of decision intelligence technologies β€” the next evolutionary stage of business analytics. Our software helps companies by providing them with the tools they need to make better decisions faster.

Contact us today to learn more about how we can help your business.