Introduction to Business Analytics (Business Analytics with Excel)

 Introduction To Business Analytics

Analytics: It gives insights about the information to the organizations that enable them to make better decisions. The goal is to improve the business based on past trends and decisions, upon which corrective actions are taken.

Business Analytics: It involves the uses of data analysis tools and methods to gain insights, make strategic decisions and solve business problems. It combines:

• Data Analysis.
• Statistical Techniques.
• Predictive Modeling.
• Data Visualization.
• Business Intelligence Tools.

Types of Business Analytics:

• Descriptive Analytics: It helps to explains what has happened in the business. for examples monthly sales reports and customer churn rate.
• Diagnostic Analytics: It helps to explains why something happened in the business. for examples analyzing customer feedback to understand drop in satisfaction.
• Predictive Analytics: It helps to predicts what could happen in the future. for examples forecasting sales or demand using historical data.
• Prescriptive Analytics: It helps to recommends what action to take based on the forecast. for examples suggesting optimal pricing strategies based on demand forecast.