Business Analytics

Digital Business Analytics: An Overview.

Business analytics is the combination of skills, technologies, and practices used to examine an organization’s data to gain insights and make better decisions for the future. Business analytics aims to narrow down trends and use them to efficiently increase productivity and revenue. Business analytics uses data mining, statistical, and predictive analytics methodologies to analyze and convert data into useful information.

Business Analytics

Tools of Business Analytics:

They are different types of software that retrieve data from various business systems and consolidate it in a repository called a data warehouse. This data is then analyzed to understand customers better. Businesses are free to use more than one business analytics tool, which is often recommended. The information can then be used to extract insights and make meaningful decisions. Some of the famous business analytics tools are:

Excel: This might surprise many, but Excel is one of the world’s cheapest and most widely used data analytics tools. Excel is crucial to any business, even with other analytics tools. Excel also has advanced business analytics options, including pre-built facilities like time grouping and automatic relationship detection.

SAS: This is an analytical software suite developed by the SAS Institute for Data Management, North Carolina, for advanced analytics, data management, and predictive analytics. This software is easy to learn and simplifies the process of analyzing large data sets. This tool also allows businesses to convert raw data into useful information, which can be further helpful in drawing relevant insights.

business analysis

QlikView: QlikView was created by Qlik, a business analysis, and software company. This tool is straightforward to learn, but the basic understanding of VB Script aND SQL will come in handy in getting the most out of this tool. This tool enables users to gain business insights by data association and also insights on what data is unrelated. A free version of QlikView is also available for small startups or individual learners.

Benefits of Business Analytics:

Planning for the future: Business analytics provides a variety of benefits, whatever the size of the company or the industry within which it operates may be. One particularly significant advantage is that it helps the business plan for the unexpected. By modeling the past trends of an organization’s sales, profits, and other metrics, business analytics can offer powerful insights into the future. This allows businesses to see changes that may occur annually and seasonally, which provides a chance to prepare and plan accordingly for the future. Business analytics can help companies to predict sales volume and thus minimize waste.

A better understanding of customers: Customers are the most valuable asset of any business, and establishing a loyal customer base is essential for its survival. Business analytics helps understand consumer behavior and facilitates the observation of various customer-related patterns and trends. Companies collect as much data as possible about their existing customers and use this data to iterate their products and services. This data allows businesses to deliver what the customers want from them. In this way, data analytics helps companies to increase customer acquisition and retention.


Better marketing: Business analytics allows your organization to conduct small-scale tests on your marketing campaigns. You can easily understand what marketing strategies work and what doesn’t, as business analytics provides data on customer behavior. You can use these insights to better your advertising campaigns for different audiences and demographics. No matter what the industry your business is in, When you utilize business analytics to your advantage, it offers a competitive edge to your business.