What is Business Analytics?
What is Analytics? Analytics is the systematic computational analysis of data. In the simplest sense, Analytics is Applied Business Statistics. Statistics is a collection of methods for planning experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions to understand underlying macro trends. Applied statisticians apply their knowledge of statistical methods to a variety of subject areas, such as biology, economics, engineering, medicine, public health, psychology, marketing, and education. A Brief History of Analytics: Availability and accuracy of data is the key to decision making. As such, Analytics in some form or the other has been part of business decision making. There are numerous drivers of production and the supply chain, and there are several processes under each driver. These processes are associated with high overheads and offer opportunities for cost reduction. Cost reduction requires a compl