Business Analytics: the works!

With increasing dependence on the technology, the data that is streaming on the web increases too, many saw this as a problem of data… others saw this as an opportunity to dive into the mass data and figure out patterns, trends and the whole course of human activities. Business houses do not have to rely on assumptions and guess works anymore, we can identify people’s wants and choices and know what they eat, wear, watch and do. Yes ,you may see it as a big brother that’s watching over you at all times but its is actually a gold mine for those who can read through all this data!

Business analytics helps you do exactly this, it help you sieve through tons of data in order to achieve your set goal. For example, when a company wishes to know if their new product is doing well in the market with respect to a younger demographic. They can follow the following flow chart and reach to their goals.

Business houses mostly engage in business analytics for three main purposes for descriptive , predictive or prescriptive purposes.

Business analytics is seen as a field of much potential due to the data lakes being created every second. Various large firms today depend upon this as a science to figure out the market instead of mere guess work and probability. Firms such as ABSOLUTEDATA, LATENT VIEW, MU SIGMA ANALYTICS ,MANHATTAN etc provide services of these kinds to help other firms do their job better.