The information captured has been growing exponentially over the past decade or so. There were days when 20 Megabytes of storage was considered as huge and today even a Terabyte is considered as normal. Today, information ranging from what people buy, read, listen to where they travel, eat and stay gets captured somewhere.
Often this huge amount of data has got interesting secrets hidden inside it. Business Analytics is the use of this plethora of information with data analysis, statistical modeling techniques to gain insights into a problem. These insights can then be converted into actionable plans and decisions to power the business to new heights.
Business analytics finds its application across wide variety of areas viz. Finance, Marketing, Sales, CRM, Supply Chain Management, Product Lifecycle etc. The ultimate goal everywhere is overall improvement of Business process and hence increased productivity.
Limitations – Business analytics is heavily dependent on historical trends or data. Without significant information about what has happened in the past, one cannot take evidence-based decisions which form the heart of Analytics.
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