Literature Review on the use of business analysis in the retail industry

Running Head : LITERATURE REVIEW
Literature Review
Name of the Student
Name of the University
Author Note

1LITERATURE REVIEW
Abstract
There are different types of business
analytics such as the decision analytics
which supports the human decisions
with the visual analytics that is modelled
by the user for reflecting reasoning.
This literature review explores the
concept of business analytics , the
different types of business analytics
tools and its usage and benefits in the
retail industry. The review finds that
there are different business analytics
software tools BOARD, Tableau, Web
Focus, Thought Spot and many others.
The business no longer could use the
institution to predict the sales and have
to use the retail analytic tools for
reducing the risk of the human error

2LITERATURE REVIEW
Topic- Literature Review on the use of
business analysis in the retail industry
The business analytics can be defined as
the skills, the practices and the
technologies required for the continuous
exploration and investigation of the
previous business performances in order to
gain insight into the business planning in
future. The focus of the business analytics
is on the new insights and the
understanding of the business
performances founded on data and the
statistical models. As a contrast , the
business intelligence is concentrated on the
use of a consistent set of metrics to both
the past performances measurement and
future business planning guidance. The
business analytics makes a wide use of the
statistical analysis having included the
predictive modelling and the explanatory
modelling[1]. It also utilizes the fact
based management in order to drive the
decision making. Hence, it is closely
related to the management science.
Moreover, the analytics can also be used
as an input for the human decisions and
also support to drive the fully automated
decisions. The business intelligence is all
about the reporting, querying , alerts and
the online analytical processing. Taken for
example, the banks like the Capital One
make good use of the data analytics for
differentiating among then customers
founded on the credit risk and usage too.
There are different types of business
analytics such as the decision analytics
which supports the human decisions with
the visual analytics that is modelled by the
user for reflecting reasoning. There is
descriptive analytics which is helpful in
gaining deeper insight from the historical
data including clustering, scorecards and
reporting[2]. The predictive analysis on
the other hand is the predictive modelling
covering the use of the statistical data and
the machine learning techniques too.
Additionally, the prescriptive analytics