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INTRODUCTION
BUsINESS ANALYTICS
2.1 Definitions of Business
To
2 R

Analytics
Today, business analytics is a very
resesrchers around the giobe. Organisationspopular terminology for various cormpanies, rnarketers.
whether
identify pstterns and retrieval of useful smali, medium, or large are looking ways to
This happened because
business information from their large amount of available data
analytics
business functions. Business analytics help the helps the organisation in
belp to create proper strategy, helps the organisation transforming
in identification
of various
of right customer.
HR department in
reducing
are
Overhead costs and many more. There identification
are no areas, processes or
of right candidates, belps
untouched without data analytics. business sectors which
Definition 1:
Business analytics is a set of
disciplines, technology, statistical and operations
techniques, artificial intelligence, information technology and management strategies for research
business problems using data analysis, solving
statistical methods and other quantitative methods.
Definition 2:
Business analytics is the process of collating,
and using statistical models and sorting, processing, and studying business data,
iterative methodologies to transform data into business insights.
The main purpose of the business
datasets and how these datasets can analytics to identify which datasets are
be utilise to solve useful from various
productivity revenue can be enhanced.
and problems as well as how efticiency,
Business analytics is the subset of business
intelligence. Business analytics adopied by
orgarisation to identify actionable data. Due to descriptive
used for strategies identification, nature of business intelligence, it is
generation for past as well as classification of raw data, tool identification, and report
and because of that the focus ofcurrent events. Compared to that, business analytics is prescripive
business
of patterns, and developing analyticsto to identify various methods of data analys1s,
is
identification
It also helps to recommend models predict future based on the past events or
future course dat.
issues with the help of mathematical of actions. Business analysis solve all the data drivet
models and
computer science, operations research, information quantitative analysis. Business analytiCs s
systems and various statistical techniques o
understand the complex data sets. The data will be analysed
that identifiable pattern were developed with the using business analytics and bascu
help of artificial intelligence, deep learning, ad
ntroduction to Business Andlyics 33

neural networks. The analysed information, then used for predicting future events related to
customer behaviour and actions, market trends and to recommend steps that can drive consumers
toward a desired goal.
Business analytics has ample amount of applications available for different types of business,
segments, or any industry. Companies use business analytics to analyse the big data to enhance
their activities, experience and maximise profits.
Below is the example of business analytics in real life situation.
Nowadays, most of the fast food companies or fast food chains provide facility of drive thru.
Fast food companies adopted business analytics to streamline between various restaurants. The
the
fast food companies monitor the drive thru on normal hours as well as peak hours. Based on
data collected during peak hours, business analytics have identified items or menuwhich can be
made very quickly. So, during the peak hours when the customers line gets long, the digital order
boards changed and provide list of items or menu which can be prepared quickly. This helps the
fast food restaurants to make simple orders which can be made very quickly. Vice versa, when the
çustomer lines are short, the digital order board provides items which take time to prepare and
improve
have higher profit margin. In this way, the store can respond to real-time needs to
efficiency.

2.2 Need of Business Analytics

analytics become
To improve in following business, relate areas and activities business
necessary for any organisation.
Ways
1. Allows Company to Control their Cost and Identify Eficient
Businesses often fail because of poor financial managemnent strategy or a lack of planning.
various financial and
For success of any business, it isnecessary to develop as well as implement
plan based on the
management systems. Companies should keep updating the original business financial
internal and external environment changes. When companies checking their viability,
borrowing, and
they consider working capital requirements, cash flow, costing area, debt or
growth options.
2. Faster and Better Decision Making
Company should balance their ability to respond quickly with a clear strategy for their
business. This will help the organisations to identify whether the actions taken are appropriate or
doing well. If this
not. Companies should identify whether due to internal factors, business is not
type of thing is happening then what can they do about them for example various aspects like
Premises, Facilities, Information Technology, People/staff and skills matter.
3. Conducting a Competitor Analysis
they
Companies want to analyse each and every step and movement of competitors, so thateffort
can cope all types of situations. For collecting more information incur increase in money,
and have lot of time engagemnent, similarly it is important to identify what competitors are doing
useful for the organisations.
as it has many benefits. Competitors related any information is very
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