BUSINESS ANALYTICS, BACKBONE OF ORGANIZATIONS - A LITERATURE REVIEW

Abstract

Business analytics is the process by which businesses use statistical methods and technologies based on historical data in order to attain organizational goals and make profit. Analytics are now regularly used in multiple areas of life. It should come as no surprise that business analytics is one of the fastest growing markets in enterprise software landscape.

This article discusses about history and terminology of analytics. There is also a brief discussion about how business analytics gives opportunities not only to large scale and multinational companies but also to small and medium enterprises. In this conceptual paper major types of business analytics i.e., decision analytics, descriptive analytics, predictive analytics and prescriptive analytics are included. We also noted how business analytics can help you in supply chain management, analyze the key performance indicators which further helps in decision making, boost relationship with consumers and improve efficiency in the basis of product data.

Then it consists of brief description about advantages and disadvantages of business analytics, difference between business analytics and business intelligence.

This paper concludes with challenges in business analytics posed by the big data analytics, data scientists, business organization etc. and thoroughly researched the impact of business analytics on innovation.