Business Analytics and Sustainability
Added on 2020-02-19
6 Pages1605 Words495 Views
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Running Head: BUSINESS ANALYTICS 1Business Analytics<Student ID><Student Name><University Name>
BUSINESS ANALYTICS 2ContentsIntroduction......................................................................................................................................3Why does each step in the business analytics process have a past, present, and future dimension?.........................................................................................................................................................3What is a competitive advantage, and how is it related to BA?......................................................4Why does having the ability to aid in decision-making make BA important?................................4How does BA help achieve sustainability?.....................................................................................5What is digital analytics?.................................................................................................................5Conclusion.......................................................................................................................................5References........................................................................................................................................6
BUSINESS ANALYTICS 3IntroductionThe business analytics is one type of practice of the methodical exploration and ethiterative state of an organization's information that mainly focuses on the statistical analysis. Thebusiness analytics are used by the companies for taking the data-driven decision making withinthe organization. They are using the business informs and decisions to enhance the process ofdecision-making approaches more flexible and efficient in the organization (Hofmann &Klinkenberg, 2013). The data-driven companies are treating the data as an important asset andconsider it as the competitive advantage. The successful business analytics depends on thequality of the data, understand the technology in a better way and organize the decision in amuch better way than the others in the organization. Their area has been divided into the twoparts- the business intelligence and statistical analysis. Why does each step in the business analytics process have a past, present, and future dimension?Based on the two types of the business analytics, Laursen & Thorlund said that thebusiness analytics is mainly involved in examining the historical data in order to get a sense ofhow the business, the team as well as the staffs perform on a particular period of time. This isone type of matured practice done in the organization which is quite fair and relevant (Laursen &Thorlund, 2016). On the other hand, the statistical analysis involves the deeper knowledge of thepredictive analysis which uses the algorithms. These algorithms can be applied to the historicaldata in order to predict the future performance of the product, services as well as the websitedesign. The other analysis can also be used which are based on the advanced technologies knownas cluster analysis. These two types of the business analytics provide the necessary dimension tothe past, present and future perspective. Based on these two types, the analysis becomes easy andprovides the exact result of the organization. As per Ragsdale, the descriptive analysis tracks theperformance and understands the present state of the business (Ragsdale, 2014). The predictiveapproach analyzes the change in the trend of the data and helps to access those in the future. Thisapproach also uses the past performance in order to generate the further recommendations thatdeal with the managing procedure in the near future.
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