What is Business Analytics ? Business Analytics Tools
Business Analytics refers to the skills, technologies, practices to gain insights using the collection, organization, analysis, exploration, investigation, interpretation and presentation of business data using statistical analysis, data mining, quantitative analytics, qualitative analytics, decisive analytics, descriptive analytics, business intelligence, predictive analytics, prescriptive analytics, and text analytics.
Business Analytics drives business planning and the objective is to discover new insights and relate business performance to business data. Business Analytics provides fact based, analytics strategies help in the discovery of meaningful pattern in data and then to communicate insight using the data visualization of the recorded information.
The application of Business Analytics to business data, helps to describe, predict, and improve business performance. The use of analytics methods can make organizations better, faster, and more consistent decisions. The use of analytics also provides the business with the data for primary source of competitive differentiation.
Technology drivers of Business Analytics
Statistical analysis, data mining, quantitative analytics, qualitative analytics, decisive analytics, descriptive analytics, business intelligence, predictive analytics, prescriptive analytics, and text analytics are the technology drivers of business analytics.
Business Analytics Tools
1.Statistical Analysis : Statistical Analysis is the study of the collection, organization, analysis, interpretation and presentation of data.
2.Data Mining : Data Mining is the computational process of discovering patterns, trends and behaviors, in large data sets using artificial intelligence, machine learning, statistics, and database systems.
3.Quantitative Analytics :The data analysis in statistics are generally divided into descriptive statistics, exploratory data analysis (EDA), and confirmatory data analysis (CDA).
4.Qualitative Data Analysis : Qualitative Data Analysis provides tools to assist with qualitative research such as transcription analysis, coding and text interpretation, recursive abstraction, content analysis, discourse analysis, and grounded theory methodology.
5.Business Intelligence : Solution transforms the raw data into meaningful and useful information for intuitive presentation of knowledge and for the publication of business intelligence objects.
MicroSoft, Tableau Software, QlikTech, Logi Analytics, Pentaho, Sisense, Targit, Birst, Prognoz, Bitam, Oracle, IBM, SAS, MicroStrategy, Tibco, GoodData, Information builders, SAP, Actuate, Panorama Software, Yellowfin, 1010Data, Kognitio, Exago, Host Analytics, Zoho, Adaptive Insights, Datapine, Attivio, BellaDati, Pyramid Analytics, Datameer, Domo, FICO, Phocas Software, Quadbase Systems, Board Jinfonet, AtScale, Kyvos Insights, Arcadia Data, ThoughtSpot, Metric Insights, Dundas, InetSoft, Dimensional Insight, Periscope Data, Halo, Clear Analytics, Antivia, Ducen, and Izenda in no particular order.
6.Predictive Analytics : Predictive analytics is the branch of the advanced analytics which is used to make predictions about unknown future events.
R Software Environment, Dataiku, Orange Data mining, RapidMiner, Anaconda, KNIME, DMWay, HP Haven Predictive Analytics, GraphLab Create, Lavastorm Analytics Engine, Actian Vector Express, Scikit-learn, Microsoft R, H2O.ai, Weka Data Mining, Apache Spark, Octave, Tanagra, PredictionIO, Apache Mahout, LIBLINEAR, Vowpal Wabbit, NumPy, and SciPy are the Top Free Predictive Analytics Software.
7.Text Analytics : Text Analytics is the process of converting unstructured text data into meaningful data for analysis, to measure customer opinions, product reviews, feedback, to provide search facility, sentimental analysis and entity modeling to support fact based decision making.
You may also like to read, Predictive Analytics Free Software, Top Predictive Analytics Software, Predictive Analytics Software API, Top Free Data Mining Software, Top Data Mining Software,and Data Ingestion Tools.
Top Predictive Lead Scoring Software, Top Artificial Intelligence Platforms, Top Predictive Pricing Platforms,and Top Artificial Neural Network Software, and Customer Churn, Renew, Upsell, Cross Sell Software Tools
More Information on Predictive Analysis Process
For more information of predictive analytics process, please review the overview of each components in the predictive analytics process: data collection (data mining), data analysis, statistical analysis, predictive modeling and predictive model deployment.