MEANING

Business analytics refers to the skills , technologies , practices for continous  iterative exploration and investigation of past business performance to gain insight and derive business planning . Business analytics is used by the companies comitted to data driven decision making .

Business analytics is used to gain insights that inform business decisions and can be used to automate and optimize business processes . Data driven companies treat their data as a  corporate asset and leverage it for a competitive advantage. Successful business analytics depend on data quality , skilled analyst who understand the technologies and the business and an organisational commitement to data driven decision making

Examples of business analytics  includes

1. It helps in exploring data to find new pattern and relationships( data mining ) .
2.  It also explains why a certain result occurred . (statistical analysis, quantitative analysis).
3. Experimenting  to test previous decision (A/B testing , multivariate testing )
4. Forcasting future results ( predictive modeling , predictive analysis )

The importance of business analytics is revealed in a recent bloomberg survey, which found that  business analytics  has been effective in decision making  for three out of four  enterprises. Among the improvements are increased profitability , reduced cost , faster decision making and critical performance improvements . The benifit that a business will get from  an analysis will only be in the consumer analysis  aspect .

BUSINESS ANALYTICS IN FINANCE

 A financial analysis should also be in order and this will include budget analysis , cash flow , inventory cost, profit and loss statement and balance sheet . With effective finanacial analysis  a

business will have the capacity to identify spending waste and streamline operation which will make a more profitable business.

By looking at the future, Organisation can take proactive decision and plan their business for maximum success.Business intelligence can give you "information " but business analytics gives you the" knowledge "TO ACT UPON 

BUSINESS ANALYTICS IN MARKETING

Marketing analytics is the practice of measuring , managing and analyzing marketing performance to maximize its effectiveness and optimize return on investmennt. Understanding marketing analytics  allows  marketers to be more efficient at their jobs and minimize wasted web marketing dollars.

However with the advent of search engines, paid search marketing , search engine optimisation and powerful new software products and wordstream, marketing analytics is more powerful and easier to implement than ever. business analytics also help in product design , customer survey and customer support. 

By analysing the marketing data marketing goal can be easily achived by handling the data precisely which enable the marketing manager to take right decision at right time.

BUSINESS ANALYTICS  IN HUMAN RESOURCE

It starts with strategic workforce planning to determine staffing needs in the future . From there, analytics helps companies understand what characteristics make up a quality hire and how to bring them into the organisation followed by developing and engaging these employees for the best performance through retension . It help the companies in right planning , hiring , training and performance program decisions. Also help in  compensation and evaluation of performance of employees

CONCLUSION

Business analytics is powerfull tool which is used by organisation in all the function to perform them successfully . 

NAME: VARUN  BHATIA

SECTION : E
ENROLL NO : 15BSP 2007