The 411 on Business Analytics

Business Analytics

Although the use of analytics in business dates back to the late 19th century, utilizing analytics for decision making hasn’t always been a common practice. The introduction of decision support systems in the 1960s changed the way businesses looked at data though. With these systems, businesses began to recognize the benefit of analytics for decision making. The recognized value combined with the large amount of data available today has turned business analytics into an exponentially growing field. Despite the increase in popularity, many business owners still have very little knowledge about business analytics. So if you fall into that category, read on to learn business analytics basics.

What is business analytics?

Business analytics is the examination and study of data and statistics through the use of various skills, technologies, applications, and practices to understand business performance and gain insights to guide future business decisions and plans.

What industries can benefit from business analytics?

Any industry with a large amount of high quality data can benefit from the use of business analytics. Having a sufficient amount of quality data is important for being able to accurately explain why something happened as well as predicting if it will occur again.

What are companies learning from business analytics?

What businesses learn depends on the data available for research. Businesses can use analytics to learn a variety of things. They can use the insights to know more about their customers, improve their services, streamline processes or manage resources to name a few. Some even look to analytics to solve a specific problem they might be experiencing.

Considering business analytics for your company, but not sure where to start? Visit IBM Analytics for your Industry to find out how analytics can benefit your business. Interested in a career in business analytics? Look into getting a Master of Science in Business Analytics!

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