BUSINESS ANALYTICS | Karnataka PGCET MBA Counselling 2021

Posted by Dr. Samiya Mubeen On 02/11/2021 09:54:44

During1800, Frederick Taylor introduced the first-ever system of business analytics in the United States of America, and he called it scientific management. The purpose of this system was to analyze the production techniques and labourers body movements to identify greater efficiencies.

What is Business Analytics?

It refers to the skills, technologies, and practices for continuous investigation of past business performance to gain insight and drive business planning.

                                                         OR

 It is a powerful tool in today’s marketplace. Across industries, organizations are generating vast amounts of data which, in turn, has heightened the need for professionals who know how to interpret and analyze that information. Karnataka PGCET MBA Counselling 2021

process of using quantitative methods:- 

 Decision Analytics: supports human decisions with visual analytics

Descriptive: The interpretation of historical data to identify trends and patterns

Predictive: The use of statistics to forecast future outcomes

Prescriptive: The application of testing and other techniques to determine which outcome will yield the best result in a given scenario

Now let us that what are the benefits of Business Analytics:-

  •  More Informed Decision-Making
  •   Greater Revenue
  •  Enhance security
  • Personalize the customer experience

Now let's discuss the role of business analytics in the current business environment:- 

Business analytics help organizations to reduce risks. By helping them make the right decisions based on available data such as customer preferences, trends, and so on, can help businesses to curtail short and long-term risks.

Business analysts participate in tasks such as budgeting, forecasting, and product development, while data scientists focus on data wrangling, programming, and statistical modelling. While they consist of different functions and processes, business analytics and data science are both vital to today's organizations.

Conclusion:-

The concept of business analytics is still evolving. There is no single, widely known, authoritative definition of business analytics. That goal seems unreasonable to expect given the varied usages of the term in practice, academic programs, and research. Also, what we teach as “Business Analytics” varies among universities. Business analytics covers many activities and tasks. The results from implementing business analytics seem to vary by the amount of use and the commitment to using business analytics in decision-making. 

 

See Also:



 


TESTIMONIALS




IIBS Bangalore Welcome you to experience the superior professionalism and CSS - Cultural Connection as you pass through IIBS and let the change begin within you through IIBS.



Top