Business analytics refers to the practice of analyzing data and utilizing statistical, quantitative, and predictive techniques to derive insights and make informed decisions that drive business performance and outcomes. It encompasses a wide range of methodologies and tools used to collect, process, and interpret data from various sources, including internal systems, external databases, and market trends. The scope of business analytics includes areas such as descriptive analytics, which focuses on summarizing past data to understand what happened; diagnostic analytics, which investigates why certain events occurred; predictive analytics, which forecasts future trends and outcomes based on historical data; and prescriptive analytics, which suggests actions to optimize business processes and achieve desired objectives. Overall, business analytics plays a crucial role in helping organizations gain a competitive edge, improve operational efficiency, mitigate risks, and identify growth opportunities in today’s data-driven business landscape.
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