fbpx

Knowledge is power. And in business, data is power. Across all industries, data enables businesses to make important decisions that push them forward.

The whole process of tracking and interpreting data is called business analytics. It fuses technology, business experience, skills, applications and general business practices to analyze past performances across all levels. However, it is more of a “process” rather than a “science.”

Many companies use business analytics to pinpoint their current state of health. Businesses also use existing data as a reference for future decisions and course. What companies do with business analytics is entirely up to them, however, when used properly, it can equip employees with data-driven decision-making skills that promote bigger growth.

There are four key components of business analytics, namely analytics, data management, business intelligence and performance management. Let’s define each component.

Analytics: This refers to the mining of data and using logical analysis to discover meaningful patterns that can give businesses foresight into possible business trends.

Data Management: This covers several aspects of the collected data such as who has access; how it can be accessed; and when and where it can be accessed. Some data can only be accessed by managers and up while some data can be accessed by all members of the organization.

Business Intelligence: This component uses dashboards and reporting tool to understand questions about an event. While business intelligence (BI) and business analytics (BA) are sometimes interchangeable, there are several differences.

BA includes data mining and statistical analysis while BI includes reporting of key performance indicators (KPIs), automated alerts, dashboards and scorecards among others. BA answers the questions “Why did it happen?” and “Will it happen again?” BI respectively answers “What happened?” and “When will it happen again?”

Performance Management: This covers the steps taken and tools used to monitor and manage how the business is performing. This can include financial reports and budget forecasts to name a few.

What are the types of Business Analytics?

Now that we know the four components of business analytics, it’s time to tackle its three types:

Descriptive Analytics: This refers to the incoming data and what’s happening right now. Real-time dashboards or email reports are normally used to track and mine the incoming data whose sole purpose is to summarize the event. In a social media campaign, descriptive analytics refer to the number of likes, shares, page views, mentions, check-ins, posts, fans, followers and more.

Predictive Analytics:  After gathering the data, you now use a series of statistical techniques, data mining practices, and models to make sense of the data you have on hand. This enables analysts to “read” and predict results or trends based on the current data.

“The purpose of predictive analytics is NOT to tell you what will happen in the future. It cannot do that. In fact, no analytics can do that. Predictive analytics can only forecast what might happen in the future, because all predictive analytics are probabilistic in nature,” wrote Lithium Technologies’ chief scientist Dr. Michael Wu in the company blog. Wu stressed that predictive analytics will not predict a single possible scenario. It can, however, predict multiple futures based on the next actions taken.

Prescriptive Analytics: Believed to be the most valuable kind of data, this one helps show businesses what to do next by suggesting decision options and showing each option’s possible implications. In action, this analytics often lead to recommended next steps and rules.

Top Business Analytic Trends and Learnings

Cloud-based data management increases. More and more organizations will embrace cloud-based data warehousing. This will enable businesses to improve data access without the overhead cost compared to the conventional on-site management.

Internet of Things (IoT)-based product tracking. Gartner Inc. is a global leader in information technology research and advisory company. In a Forbes article, Gartner claimed that the fast distribution of the IoT will give birth to a new method of product tracking wherein less expensive sensors will be embedded into various products.

These sensors will feed data on where the product is right currently and also track its performance data. For example, if you own a vehicle with an embedded sensor, the company can track its current location and if it’s due for an oil change. This method offers many opportunities for customer transparency and satisfaction.

Rich media analytics gets more complicated. In the world of digital advertising, rich media refers to an online advertisement with highly advanced features such as video and audio. Unlike static banner ads, rich media encourages interaction from the viewer.

The International Data Corporation (IDC) predicted that the analytics for rich media will further rise as a key driver towards big data and analytics investment. To achieve this, rich media will be given more advanced analytics tools.

Television Broadcasts Ltd. (TVB) in Hong Kong was founded in 1967. It is also the country’s pioneer wireless commercial TV station that offers 24/7 news services and entertainment channels. To adapt to the growing digital media age, TVB launched web service myTV along with an accompanying mobile app and the view-on-demand GOTV.

The company used cloud-based social media analytics to gain better understanding of their viewers’ behaviors and preferences. They used the data collected from posted comments across various social media platforms to improve their programming and campaigns. The company was able to gather over 30 years’ worth of program ratings to better understand media consumption trends in the past years.

Predictive analytics will help drive efficiency. More and more applications that make use of predictive tools are popping up. Harnessing the powers of predictive analytics will not only help businesses improve their efficiency but also create a vigorous and adaptive organization.

Big data, simplified. The need to translate big data into a straightforward context is increasing across all levels, including consumption, technical and social applications. As the need for big data experts increases, more people will also invest in big data knowledge.

Staying ahead will always be the name of game and in this age, big data is a hot player. Check out the available APEX course for business analytics certification and use the power of big data to make a big difference in your organization.

business analysis_Apex bottom banner

E-Learning Landing Pop Up TEST

E-Learning Landing Pop Up TEST

×
calendar_popup

Calendar

No class / event scheduled for this month
No class / event scheduled for this month
No class / event scheduled for this month
No class / event scheduled for this month
May 20 - May 21Certified Data Center Professional (CDCP)® TrainingManila, Philippines
May 20 - May 24Certified Data Center Expert (CDCE)® TrainingManila, Philippines
May 20 - May 25Combined Lead Auditor (CLA) Training - ISMS, BCMManila, Philippines
May 22 - May 24Certified Data Center Specialist (CDCS)® TrainingManila, Philippines
May 22 - May 23BIA - Business Intelligence and Analytics AdvancedManila, Philippines
May 23 - May 24Six Sigma Yellow BeltManila, Philippines
May 23 - May 24DevOps FoundationManila, Philippines
May 30 - May 31CCP - Crisis Communication Planner (ICOR Certified) TrainingManila, Philippines
May 30 - May 31Data Security Practitioner - Payment Card IndustryManila, Philippines
May 30 - May 31Enterprise Risk ManagementManila, Philippines
Jun 4 - Jun 7Project Management Professional (PMP)® Training - REP #4536Manila, Philippines
Jun 13 - Jun 14Agile SCRUM PractitionerManila, Philippines
Jun 17 - Jun 18Complaints Management - Turning Complaints to ComplimentsManila, Philippines
Jun 18 - Jun 21BCM Lead Auditor – ISO 22301 (ICOR Certified)Manila, Philippines
Jun 18 - Jun 19HR Business PartneringManila, Philippines
Jun 18 - Jun 21Big Data FoundationManila, Philippines
Jun 24 - Jun 26CQL - Certified Quality LeaderManila, Philippines
Jun 25 - Jun 26MS Power BIManila, Philippines
Jun 27 - Jun 28ISMS (Information Security Management Systems) PractitionerManila, Philippines
Jun 27 - Jun 28PSM I - Professional Scrum MasterManila, Philippines
Jul 9 - Jul 11BCM Lead Implementer - ISO 22301 (ICOR Certified)Manila, Philippines
Jul 17 - Jul 18DevOps FoundationManila, Philippines
Jul 18 - Jul 19MS Excel Advanced Features (2010/2013)Manila, Philippines
Jul 18 - Jul 19HRMET - HR Metrics and Workforce AnalyticsManila, Philippines
Jul 18 - Jul 19CompTIA Cloud EssentialsManila, Philippines
Jul 22 - Jul 23SMC - Scrum Master CertifiedManila, Philippines
Jul 23 - Jul 24DRP - Disaster Recovery PractitionerManila, Philippines
Jul 24 - Jul 25CQP - Certified Quality ProfessionalManila, Philippines
Jul 24 - Jul 25PRINCE2 FoundationManila, Philippines
Jul 25 - Jul 29Accelerated Six Sigma Green BeltManila, Philippines
Jul 25 - Jul 26Integrated Metrics Management (People, Process & Organization)Manila, Philippines
Aug 6 - Aug 9Project Management Professional (PMP)® Training - REP #4536Manila, Philippines
Aug 12 - Aug 14ITIL® 4 FoundationCebu City, Philippines
Aug 13 - Aug 14BCMP - Business Continuity Management PractitionerManila, Philippines
Aug 14 - Aug 16RE - Requirements EngineeringManila, Philippines
Aug 14 - Aug 16Certified IT Specialist (CITS)® TrainingManila, Philippines
Aug 15 - Aug 16Intro to Project ManagementManila, Philippines
Aug 22 - Aug 23BIA - Business Intelligence and Analytics FoundationManila, Philippines
Aug 27 - Aug 28Enterprise Risk ManagementManila, Philippines
Aug 28 - Aug 30Certified Business Analysis Professional (CBAP®) TrainingManila, Philippines
Aug 29 - Aug 30Certified Data Center Professional (CDCP)® TrainingManila, Philippines
Aug 29 - Aug 30Agile SCRUM PractitionerManila, Philippines
Aug 29 - Aug 30ISMS (Information Security Management Systems) PractitionerManila, Philippines
Sep 2 - Sep 4Certified Data Center Facilities Operations Manager (CDFOM)® TrainingManila, Philippines
Sep 9 - Sep 10I2BA - Intro to Business AnalysisManila, Philippines
Sep 10 - Sep 12CQL - Certified Quality LeaderManila, Philippines
Sep 12 - Sep 13Data Story TellingManila, Philippines
Sep 16 - Sep 20CEH - Certified Ethical HackerManila, Philippines
Sep 17 - Sep 20Big Data Hadoop AdministratorManila, Philippines
Sep 18 - Sep 20SDA - Service Desk AnalystManila, Philippines
Sep 23 - Sep 24HR Business PartneringManila, Philippines
Sep 23 - Sep 24MS Power BIManila, Philippines
Sep 23 - Sep 24PSM I - Professional Scrum MasterManila, Philippines
Sep 24 - Sep 25CCP - Crisis Communication Planner (ICOR Certified) TrainingManila, Philippines
Sep 24 - Sep 25DevOps FoundationManila, Philippines
Sep 26 - Sep 27Complaints Management - Turning Complaints to ComplimentsManila, Philippines
No class / event scheduled for this month
No class / event scheduled for this month
No class / event scheduled for this month
x

Calendar

No class / event scheduled for this month
No class / event scheduled for this month
No class / event scheduled for this month
No class / event scheduled for this month
May 20 - May 21Certified Data Center Professional (CDCP)® TrainingManila, Philippines
May 20 - May 24Certified Data Center Expert (CDCE)® TrainingManila, Philippines
May 20 - May 25Combined Lead Auditor (CLA) Training - ISMS, BCMManila, Philippines
May 22 - May 24Certified Data Center Specialist (CDCS)® TrainingManila, Philippines
May 22 - May 23BIA - Business Intelligence and Analytics AdvancedManila, Philippines
May 23 - May 24Six Sigma Yellow BeltManila, Philippines
May 23 - May 24DevOps FoundationManila, Philippines
May 30 - May 31CCP - Crisis Communication Planner (ICOR Certified) TrainingManila, Philippines
May 30 - May 31Data Security Practitioner - Payment Card IndustryManila, Philippines
May 30 - May 31Enterprise Risk ManagementManila, Philippines
Jun 4 - Jun 7Project Management Professional (PMP)® Training - REP #4536Manila, Philippines
Jun 13 - Jun 14Agile SCRUM PractitionerManila, Philippines
Jun 17 - Jun 18Complaints Management - Turning Complaints to ComplimentsManila, Philippines
Jun 18 - Jun 21BCM Lead Auditor – ISO 22301 (ICOR Certified)Manila, Philippines
Jun 18 - Jun 19HR Business PartneringManila, Philippines
Jun 18 - Jun 21Big Data FoundationManila, Philippines
Jun 24 - Jun 26CQL - Certified Quality LeaderManila, Philippines
Jun 25 - Jun 26MS Power BIManila, Philippines
Jun 27 - Jun 28ISMS (Information Security Management Systems) PractitionerManila, Philippines
Jun 27 - Jun 28PSM I - Professional Scrum MasterManila, Philippines
Jul 9 - Jul 11BCM Lead Implementer - ISO 22301 (ICOR Certified)Manila, Philippines
Jul 17 - Jul 18DevOps FoundationManila, Philippines
Jul 18 - Jul 19MS Excel Advanced Features (2010/2013)Manila, Philippines
Jul 18 - Jul 19HRMET - HR Metrics and Workforce AnalyticsManila, Philippines
Jul 18 - Jul 19CompTIA Cloud EssentialsManila, Philippines
Jul 22 - Jul 23SMC - Scrum Master CertifiedManila, Philippines
Jul 23 - Jul 24DRP - Disaster Recovery PractitionerManila, Philippines
Jul 24 - Jul 25CQP - Certified Quality ProfessionalManila, Philippines
Jul 24 - Jul 25PRINCE2 FoundationManila, Philippines
Jul 25 - Jul 29Accelerated Six Sigma Green BeltManila, Philippines
Jul 25 - Jul 26Integrated Metrics Management (People, Process & Organization)Manila, Philippines
Aug 6 - Aug 9Project Management Professional (PMP)® Training - REP #4536Manila, Philippines
Aug 12 - Aug 14ITIL® 4 FoundationCebu City, Philippines
Aug 13 - Aug 14BCMP - Business Continuity Management PractitionerManila, Philippines
Aug 14 - Aug 16RE - Requirements EngineeringManila, Philippines
Aug 14 - Aug 16Certified IT Specialist (CITS)® TrainingManila, Philippines
Aug 15 - Aug 16Intro to Project ManagementManila, Philippines
Aug 22 - Aug 23BIA - Business Intelligence and Analytics FoundationManila, Philippines
Aug 27 - Aug 28Enterprise Risk ManagementManila, Philippines
Aug 28 - Aug 30Certified Business Analysis Professional (CBAP®) TrainingManila, Philippines
Aug 29 - Aug 30Certified Data Center Professional (CDCP)® TrainingManila, Philippines
Aug 29 - Aug 30Agile SCRUM PractitionerManila, Philippines
Aug 29 - Aug 30ISMS (Information Security Management Systems) PractitionerManila, Philippines
Sep 2 - Sep 4Certified Data Center Facilities Operations Manager (CDFOM)® TrainingManila, Philippines
Sep 9 - Sep 10I2BA - Intro to Business AnalysisManila, Philippines
Sep 10 - Sep 12CQL - Certified Quality LeaderManila, Philippines
Sep 12 - Sep 13Data Story TellingManila, Philippines
Sep 16 - Sep 20CEH - Certified Ethical HackerManila, Philippines
Sep 17 - Sep 20Big Data Hadoop AdministratorManila, Philippines
Sep 18 - Sep 20SDA - Service Desk AnalystManila, Philippines
Sep 23 - Sep 24HR Business PartneringManila, Philippines
Sep 23 - Sep 24MS Power BIManila, Philippines
Sep 23 - Sep 24PSM I - Professional Scrum MasterManila, Philippines
Sep 24 - Sep 25CCP - Crisis Communication Planner (ICOR Certified) TrainingManila, Philippines
Sep 24 - Sep 25DevOps FoundationManila, Philippines
Sep 26 - Sep 27Complaints Management - Turning Complaints to ComplimentsManila, Philippines
No class / event scheduled for this month
No class / event scheduled for this month
No class / event scheduled for this month
ENROLL NOW








REQUEST A CUSTOM QUOTE






Request a callback
[contact-form-7 404 "Not Found"]