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BUSINESS ANALYTICS AND ITS APPLICATIONS

WHAT IS BUSINESS ANALYTICS? 
Business analytics is the combination of computer science programming, data analytics, and data science. Business analytics is based on data science technology. Business analytics is a technique that is used for making effective business strategies. This technique is being used in every sector of the industry nowadays. The companies determine the hidden patterns and useful information from a huge quantity of data. It is pronounced by the Interactive Data Corporation that, the generation of the data is expected to reach 163 Zettabytes till the year 2025.
PROCESS OF BUSINESS ANALYTICS 
Here is a brief discussion of the process of the business analytics technique. The implementation of this technique by the companies is discussed below. 
  1. Framing of the business problem 
Framing the problem is the most important part of our strategy. It is not only important in business analytics, but in every field as well. You should be aware about your problem which you are looking for a solution so that the companies determine which problem they are facing in this stage.
  1. Framing analytics problem
In this part, the companies think about how the problem can be solved with the help of data analytics. A discussion about the type of analysis is held to solve the problem. This stage is known as the success model of the strategy.
  1. Data 
The next step is dealing with data. After the companies decided how to solve the problem, they collect or select the data which would be suitable for the data analysis. In this step, the data is collected, cleaned, etc. The data is completely got ready for the analysis.
  1. Model building and methodology selection 
Once the data is ready for the analysis, then the companies go for applying the methods. In business analytics, different methods are used for the analysis. They decide about the methodology according to their data. Moreover, the models are also examined and based on the type of analysis as well as the data type collected by the company.
  1. Deployment 
The company deploys its product in the final stage. The outcome is controlled to see if the product is in desired mode or not. Once the product is verified, then it is deployed over the company's system.
TYPES OF ANALYTICS 
The following types of analyses are performed on the data by the business analytics techniques. They are listed below.
  • Predictive analysis
  • Prescriptive analysis
  • Descriptive analysis
APPLICATIONS OF BUSINESS ANALYTICS 
Here are the different applications of the business analytics technique in different sectors of the industry. From these applications, you can understand how useful the business analytics technique is at the present time. They are listed below. 
  • Gaming 
  • Fraud detection 
  • Speech recognition 
  • Image recognition 
  • Recommender system 
  • Price comparison 
CONCLUSION 
The applications of business analytics take place in everywhere in the industry. This shows that this technique is becoming important in the industry. Students can choose this field as their career option. Interested students can join different courses in business analytics.

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ExcelR - Data Science, Data Analytics, Business Analytics Course Training in Mumbai

304, 3rd Floor, Pratibha Building. Three Petrol pump, Opposite Manas Tower, LBS Rd, Pakhdi, Thane West, Thane, Maharashtra 400602
09108238354 

Comments

  1. learnbayJanuary 5, 2022 at 12:08 AM

    Data analytics advances and procedures are generally utilized in business ventures to empower associations to settle on progressively. Thank you for sharing such an informative blog with us. I would like to suggest,
    to check the website best data science course from best data science institute in bangalore, Learnbay.co. Check Learnbay.co website.

    ReplyDelete

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