Evolution of Business Analytics

BUSINESS ANALYTICS
Topic: Evolution of Business Analytics
PRIYA SINGH SUBMITTED TO:

SANJANA KUMARI DEEPAK SONKER
ANISHA SORENG
ANAMIKA RAJPUT
RISHI THAKUR
Business Analytics
It refers to the use of data and statistical

methods to analyze business performance
and develop new insights. This field is
crucial for solving business problems,
identifying growth opportunities, and
improving customer service
Importance of Business
Analytics
 Improves Efficiency
 Understands Customers
 Predicts Future Trends
 Aids Decision Making
 Measures Performance
Evolution of Business
Analytics
Business Analytics has undergone
significant evolution over the years,
transforming into a powerful set of tools
and techniques that drive decision-making
and performance optimization.
Let’s explore some key points in its evolution:
1 Artificial Intelligence and Automated Analytics:

 Businesses use AI-powered tools to handle large volumes of
data automatically.
 These tools help businesses make better decisions by spotting
patterns and predicting future outcomes.
2 Predictive Analytics:
 Predictive models use historical data to forecast future trends
and outcomes.
 Businesses can anticipate customer behavior, demand, and
market shifts.
Let’s explore some key points in its evolution:
3 Real-time Analytics:
 Real-time data processing enables immediate decision-making.
 Businesses monitor live data streams, detect anomalies, and respond
swiftly.
4 Big Data:
 Businesses extract valuable insights from large datasets using
tools like Hadoop and Spark.
 Big data enhances customer segmentation, product
development, and operational efficiency.
Use of Business Analytics
Customer Insights Risk Management Competitive Advantage

Businesses can better understand Business analytics helps in With the right analytics,
customer behavior, preferences, identifying potential risks and companies can gain a
and trends, leading to improved enables companies to take competitive edge by quickly
customer service and targeted proactive measures to mitigate adapting to market changes
marketing strategies. them. and outmaneuvering
competitors.
Business Analytics for Business Decision Making
Data-Driven Decisions: Types of Analytics:

Business analytics turns raw There are four main types:
data into valuable insights, descriptive, diagnostic,
enabling decision-makers to rely predictive, and prescriptive,
on factual information rather each providing different
than intuition. insights for decision-making.
Business Analytics for Business Decision Making
Forecasting and Strategic Planning:

Risk Assessment:
Strategic Planning: At the
Forecasting and Risk Assessment:
strategic level, it assists
It aids in accurate forecasting
executives in long-term
and risk assessment, which are
planning, setting goals and
essential for strategic planning
objectives, and charting the
and performance evaluation
future course of the
organization.
Challenges and Pitfalls
Data Privacy Skill Gaps Data Quality
Addressing concerns about Meeting the demand for Ensuring accurate, reliable,
data protection and privacy professionals with advanced and relevant data for
laws. analytics skills. analysis.
Industry-Specific Applications
1 Healthcare
Utilizing predictive analytics for patient outcomes and resource
management.
2 Retail
Optimizing inventory, pricing, and customer experience through data
analytics.
3 Finance
Real-time risk assessment and fraud detection using advanced analytics.
The evolution of Business Analytics has been a journey from basic data
collection to advanced decision-making tools. Initially, it was about
recording transactions and understanding past performance. Now, it’s a
sophisticated field that uses big data and automation to provide insights
for strategic planning. By embracing analytics, businesses can make
informed decisions, gain a competitive edge, and drive innovation and
growth1. In essence, Business Analytics transforms raw data into
actionable intelligence, enabling businesses to optimize operations and
predict future trends. This evolution signifies a shift towards a more data-
driven approach in the business world

Evolution of Business Analytics

Uploaded by

Copyright:

Available Formats

Evolution of Business Analytics

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Evolution of Business Analytics

Uploaded by

Copyright:

Available Formats

BUSINESS ANALYTICS

Topic: Evolution of Business Analytics

PRIYA SINGH SUBMITTED TO:

It refers to the use of data and statistical

 Predicts Future Trends

 Aids Decision Making

1 Artificial Intelligence and Automated Analytics:

Customer Insights Risk Management Competitive Advantage

Data-Driven Decisions: Types of Analytics:

Forecasting and Strategic Planning:

Data Privacy Skill Gaps Data Quality

You might also like