Fundamentals of Business Analytics

Business analytics is a powerful term, which possess an in-depth meaning. It points out to the technologies, skills, investigation of previous performances of the businesses and practices for continuous repetitive exploration in order to increase the drives and insights required for effective planning of business plans. The organizations use business analytics for commitment to data-driven decision-making processes done in the different business entities around the world. It helps in automation and optimization of the business processes within the organizations. The study of business analytics includes operational as well as statistical analysis, along with the building of predictive models, application of optimized techniques and effective and efficient communication to the end customers, college executives and business partners. It can be said that data, statistics and assumptions are the three main elements of business analytics. A business analytics actually helps in faster and more accurate analysis, reporting or planning along with better decision making processes within the organizations. All these will help improved data quality, operational efficiency, employee as well as customer satisfaction if business analytics is properly done, and will also help to gain a competitive edge over the rivals of a particular business entity.

Running head: BUSINESS ANALYTICS
BUSINESS ANALYTICS
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FUNDAMENTALS OF BUSINESS ANALYTICS
Business analytics is a powerful term, which possess an in-depth meaning. It points
out to the technologies, skills, investigation of previous performances of the businesses and
practices for continuous repetitive exploration in order to increase the drives and insights
required for effective planning of business plans. The organizations use business analytics for
commitment to data-driven decision-making processes done in the different business entities
around the world. It helps in automation and optimization of the business processes within
the organizations. The study of business analytics includes operational as well as statistical
analysis, along with the building of predictive models, application of optimized techniques
and effective and efficient communication to the end customers, college executives and
business partners. It can be said that data, statistics and assumptions are the three main
elements of business analytics. A business analytics actually helps in faster and more accurate
analysis, reporting or planning along with better decision making processes within the
organizations. All these will help improved data quality, operational efficiency, employee as
well as customer satisfaction if business analytics is properly done, and will also help to gain
a competitive edge over the rivals of a particular business entity1.
Business analytics helps in the decision making processes of the companies, mainly in
the strategic decision making processes. It helps to extract vital information from a wide
array of unstructured data and help them to transform them into information through which
the organizations will be enable to prepare informed strategic decisions, along with the
improved efficiency in the business operations and productivities, through which the
1 Holsapple, Clyde, Anita Lee-Post, and Ram Pakath. "A unified foundation for business
analytics." Decision Support Systems64 (2014): 130-141.

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companies can enjoy the competitive advantage over others. The data accumulated needs to
be analysed in an effective and efficient way so that it will help the business entities to take
proper decisions which will benefit the employees along with the senior level management of
the corporates and people can feel motivated to work in a healthy sustainable work culture
gained by proper usage of the business analytics2.
Analytical techniques will help the business personalities to understand and encourage
demand, develop an efficient plan of production, effectively source and allocate resources
needed for production, and decrease costs of distribution. Across all the business sectors,
most of the organizations are surpassing at applying the techniques used in business analytics,
identifying them as necessary in order to maintain a competitive advantage over its rivals.
Analytics can have a commanding impact across all the areas of business operations,
irrespective of the industry from where the business entities belong. Business analytics can
help in the demand and sales forecasting in the sales and marketing sector, through which the
companies can strategize their plans and target the people market and sales their products and
services. The strategic network along with the supply chain operations can also gain insights
from application of business analytics. Budget allocation can also be done in a proper way by
making business analytics as an effective tool, which, in turn, will assess the revenue earned
by that particular business entity3.
2 Lim, Ee-Peng, Hsinchun Chen, and Guoqing Chen. "Business intelligence and analytics:
Research directions." ACM Transactions on Management Information Systems (TMIS) 3, no.
4 (2013): 17.
3 Power, Daniel J. "Using ‘Big Data’for analytics and decision support." Journal of Decision
Systems 23, no. 2 (2014): 222-228.

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References
Holsapple, Clyde, Anita Lee-Post, and Ram Pakath. "A unified foundation for business
analytics." Decision Support Systems64 (2014): 130-141.
Lim, Ee-Peng, Hsinchun Chen, and Guoqing Chen. "Business intelligence and analytics:
Research directions." ACM Transactions on Management Information Systems (TMIS) 3, no.
4 (2013): 17.
Power, Daniel J. "Using ‘Big Data’for analytics and decision support." Journal of Decision
Systems 23, no. 2 (2014): 222-228.
Zur Muehlen, Michael, and Robert Shapiro. "Business process analytics." In Handbook on
Business Process Management 2, pp. 243-263. Springer, Berlin, Heidelberg, 2015.