Business Analytics: Some Common Functions

In today’s tech-driven era, businesses must advance themselves, as lagging is not an option. Digitalization is a blessing that enables businesses to be more productive. Nowadays, businesses are shifting their focus toward new-age technologies, such as AI, ML, and Cloud. The significance of the digital economy is well-known to all. Today, businesses are accompanied by a lot of data, but the actual problem occurs during processing and analysis. Thankfully, the evolution of technology introduces us to business analytics tools through which big data can be analyzed and converted into invaluable information. 

The fact can't be denied that insights delayed are insights denied. So, we at Quaeris provide the GPT-driven data and insights platform. We don't just get you the insights; we operate on them and are trusted by data-driven businesses worldwide. At Quaeris, we understand that business intelligence is of utmost importance today, and that’s why we integrate business analytics technologies into the existing system of your business.

Understanding Business Analytics

Business analytics is one of the enlarging areas in today’s modern era. The scope of business analytics is widening due to the constant evolution of computer science and statistical methodology. To better understand this key term, first, know what analytics is. The science of data manipulation through various models and statistical methods is known as analytics. 

So, business analytics refers to naive practices, new skills, marketing, and business tools for consistent iterative evaluation. It is used for the core analysis of the past business performance of the respective organization. For instance, a company launching its product can use business analytics technologies to analyze the optimal price point before its launch.

Business Analytics: Types

Several companies perform different types of business analytics on a routine basis. Let’s understand them.

Descriptive Analytics

Presenting a mass of data in a more understandable form is the main purpose of descriptive analytics. It is the application of previous and simplified statistics techniques used to examine what is contained in the database. 

Through this technique, the data can be summarized in averages, proportion, variability, and percentile. Moreover, graphical displays, like histograms, can further explain the data. For example, the calculation of business leads.

Predictive Analytics

When predictions are made about the future event, predictive analytics comes into the picture. It is an application of advanced statistical tools and techniques. It is carried out mainly to set expectations and follow a comprehensive approach & steps to meet those expectations. 

The historical data is used to forecast future trends with certainty. For example, predictive analytics can be used in software testing life cycle operations.

Prescriptive Analytics

It is called the ‘future of data analytics. Predictive analytics helps make data-driven business analytics solutions. Machine Learning (ML) algorithms are also used to parse large amounts of data faster. For example, lead scoring can be accomplished by assigning the point value to the actions, like site search and page view. This, in turn, helps smoothen sales operations.

Critical Functions of Business Analytics

Data Integration

The data is collected from different sources, like databases and spreadsheets. Then the data is compiled into a single repository. Due to this, the data can be accessed without any problem.

Data Analysis

Many business analytics solutions, like algorithms and statistical methods, are used for comprehensive data analysis. The analysis uses different business analytics tools per the past data trends.

Reporting Business Intelligence

The report and dashboards are created after a process of data analysis. The data is presented concisely so that informed and data-driven decisions can be made.

Data Visualization

The data is presented as charts, graphs, and maps to discover unknown facts and trends. Proper techniques and business analytics solutions are used for effective data visualization.

Future Trends in Business Analytics

Internet of Things (IoT): The IoT market is growing faster. Due to this, it is assumed that further advancements will be made in business analytics.

Artificial Intelligence: AI and ML are extensively used by businesses for big data analysis, and it is said to be one of the most prominent business analytics technologies. 

Cloud Computing: Businesses are dealing with a huge amount of data, and still, it is on the verge of rising. Due to this, cloud computing is one of the significant ways of data management.

Blockchain: The success of blockchain cryptocurrencies has made business organizations utilize this technology with big data to expedite processes and build better mechanisms for operations.

Business Analytics Tools

Excel

It is the most versatile business analytics tool available in the market. It is easily accessible and easy to use. It contains features like PivotTable and VBA that make it suitable for working with small and large amounts of data.

SAS

It is a robust and easy-to-use versatile tool. It uses AI and ML to meet the analytics requirements of the business. Many modules like data mining and text analytics are added to make it more robust. 

Microsoft Power BI

It excels in data visualization and helps the user build intuitive reports. Apart from this, it offers data warehousing capabilities to recognize real-time trends.

How Is Quaeris Your One-Stop-Solution?

There is no wonder that business analytics is one of the crucial aspects of the business. It converts the raw data into valuable insights to make informed decisions. More streamlined decisions can be made by leveraging the new-age technologies in business analytics. Quaeris is the ultimate platform for all your business requirements. 

We provide a GPT-driven natural language platform where you can grow your business with robust data. You can search business analytics at Quaeris and get actionable insights in the most intuitive way possible. It also enables edge-decision making by providing real-time insights into your existing data.

If you want to streamline your existing workflow, book the free trial.