Business analysis ( BA ) refers to the skills, technology, practices for continuous recurring exploration and previous business performance investigations to gain insight and drive business planning. Business analytics focuses on developing new insights and an understanding of business performance based on statistical data and methods. In contrast, business intelligence has traditionally focused on using a set of consistent metrics to measure past performance and guide business planning, which is also based on statistical data and methods.
Business analysis uses broad statistical analysis, including explanatory and predictive modeling, and fact-based management to encourage decision-making. It is therefore closely related to the science of management. Analytics can be used as input for human decisions or can drive fully automated decisions. Business intelligence is querying, reporting, online analytic processing (OLAP), and "warning."
In other words, queries, reporting, OLAP, and warning tools can answer questions like what happened, how many, how often, where the problem, and what action is required. Business analysis can answer the question as to why this happens, what if this trend continues, what will happen next (predict), and what the best results can be (optimize).
Video Business analytics
Contoh aplikasi
Banks, such as Capital One, use data analysis (or analytics , as also called in business settings), to differentiate between customers based on credit risk, usage and other characteristics and then to tailor customer characteristics by offering product corresponding. Harrah's, a gaming company, uses analytics in its customer loyalty program. E & amp; J Gallo Winery quantitatively analyzes and predicts the appeal of his wines. Between 2002 and 2005, Deere & amp; The company saves more than $ 1 billion using new analytical tools to further optimize inventory. Telecommunication companies that pursue efficient call center usage on customer service can save money as well.
Maps Business analytics
Type of analytics
- Decision Analysis: supports human decisions with visual analysis that the user model reflects the reasoning.
- Descriptive Analysis: gain insights from historical data with reporting, scorecard, grouping, etc.
- Predictive Analytics: using predictive modeling using statistical techniques and machine learning
- Prescriptive Analysis: suggesting decisions using optimization, simulation, etc.
Basic domains in analytics
- Behavioral analysis
- Kohik Analysis
- Collection analysis
- Contextual data modeling - supports human reasoning that occurs after seeing "executive dashboard" or other visual analytics
- Virtual analysis
- Company Optimization
- Analytics of financial services
- Fraudulent analytics
- Health care analysis
- Marketing analytics
- Price analysis
- Retail sales analysis
- Risk & amp; Credit analytics
- Supply Chain Analytics
- Talent analysis
- Telecommunications
- Transport analytics
History
Analytics has been used in business since management exercises were enacted by Frederick Winslow Taylor in the late 19th century. Henry Ford measured the time of each component on his newly established assembly line. But analytics began to pay more attention to the late 1960s when computers were used in decision support systems. Since then, the analysis has changed and formed with the development of enterprise resource planning system (ERP), data warehouse, and a large number of other software tools and processes.
In recent years, business analytics have exploded with the introduction of computers. This change has brought analytics to a new level and has brought many possibilities. As far as the analysis has come in history, and what is the current field of analysis today, many people would never think that analysis began in the early 1900s with Mr. Ford itself.
Challenges
Business analysis relies on an adequate volume of high quality data. The difficulty in ensuring data quality is to integrate and reconcile data across various systems, and then decide what data sets are available.
Previously, analysis was considered a type of method after forecasting consumer behavior by checking the number of units sold in the last quarter or last year. This type of data warehousing requires more storage space than its speed. Now business analytics is a tool that can affect customer interaction results. When certain types of customers consider purchases, companies that enable analytics can modify sales promotions to attract those customers. This means that the storage space for all data must react very quickly to provide the necessary data in real-time.
Compete on analytics
Thomas Davenport, associate professor of information and management technology at Babson College, believes that businesses can optimize different business capabilities through analytics and are thus more competitive. He identifies the organizational characteristics that tend to compete in analytics:
- One or more senior executives who strongly recommend fact-based and, in particular, analytic decisions
- Extensive use of not only descriptive statistics, but also predictive modeling and complex optimization techniques
- Substantial analytic usage across various functions or business processes
- Moves toward a corporate-level approach to managing analytical tools, data, and organizational skills and capabilities
See also
- Analytics
- Business analysis
- Business analyst
- Business intelligence
- Business process discovery
- Customer dynamics
- Test and learn
References
Further reading
-
Davenport, Thomas H.; Jeanne G. Harris (March 2007). Compete in Analytics: New Science of Victory . Harvard Business School Press.
Source of the article : Wikipedia
0 Comments