Thalasar Ventures

Business Analytics is the use of statistical software tools to explore business data. Business data can be generated by either machines or manually by human beings. These two sources can also be used to produce the desired results. The software used in this process varies in complexity. There are the simple spreadsheet programs such as Microsoft Excel and highly complex programs that are specifically designed to carry out particular tasks. There are many different companies that are involved in the development of business analytics solutions.

When historical data is used to predict future results or outcomes, the process is called modeling. Descriptive analytics is involved with generating statistics about current information instead of predicting the future. Business analytics is not the same as web analytics, as the latter refers to the analysis of data relating to the Internet, websites and social media. Business analytics relates to any data that is generated from any business, whether online or offline.

Business intelligence and business analytics may not be differentiated very clearly. Business intelligence involves disseminating information all through an enterprise and involves solutions about storage and retrieval of information. Business analytics is more exploratory and involves the use of specialized tools and staff that have some insight into the generated information. Business analytics is often used alongside the terms data mining or knowledge discovery. This is a process in which data about trends and patterns is dug out from the data of the business. When this process is automated and involves the use of computers, it is called machine learning.

The following are necessary requirements in the process of business analytics:
1.  A business that has been generated from the company
2.  A computer system that will convert the data into information
3.  People who will translate the information to be gathered into a form that will enable decision making 

The end result of the business analytics process is decision making. The data used in this process should be stored where it can be retrieved when required by use of query tools. Query tools are used before analytical tools, as they have to retrieve the data from where it is stored. After the data is retrieved, it is the sorted in line with specified patterns. As the information generated in the business grows in volume, there is need for more space to store this information. The Internet is turning out to be useful as a storage facility for business data.