Business analytics utilizes big data, statistical analysis, and data visualization to implement organization changes. Predictive analytics is an important aspect of this work as it involves available data to create statistical models. These models can be used to predict outcomes and inform decision making.
Business analysts (BAs) are responsible for bridging the gap between IT and the business using data analytics to assess processes, determine requirements and deliver data-driven recommendations and reports to executives and stakeholders
In a scenario that is as rapidly changing as the one today, companies that are able to identify problems and adhere to solutions are at a better chance of succeeding as compared to others who can’t.
Business analysis can also help teams carve out strategic plans to increase revenue, reduce costs and compete across industries.