Data-driven
companies treat their data as a corporate asset and leverage it for competitive
advantage.
Business
analytics (BA) is using statistical analysis iteratively to explore
organization’s data. These patterns can then be exploited for data-driven
decision making
They
can be used to automate and optimize business processes.
Examples of BA uses include:
- Exploring data to find new patterns and relationships (data mining)
- Explaining why a certain result occurred (statistical analysis, quantitative analysis)
- Experimenting to test previous decisions (A/B testing, multivariate testing)
- Forecasting future results (predictive modeling, predictive analytics)
Answering questions like :
Why do we observe a pattern?
What will happen if we change
dependency x?
What else does the data tell
us that never thought to ask?
