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. “Analytics 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.
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:
Businesses can leverage these different types of analytics to suit their specific needs.
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:
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.
Pyramid Analytics is a leading provider of decision intelligence technologies — 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.