The process of studying business data, collecting, sorting, and using models that are statistical and the required methods to turn data into insights of business is called the business analytics. In business analytics, the ultimate goal is to determine which are useful datasets and how they can help in solving problems and increase productivity and efficiency. 

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What is Business Analytics?

Business analytics was started to identify the data which is actionable by an av subset of business intelligence (BI). The main focuses and strategies of business intelligence are utilizing tolls to acquire, categorize, and identify data that is raw and to report on either past or present events. To analyze the data, recognize the patterns, develop models to clarify past events, for creating future predictions for events, and for recommending actions for maximum ideal actions, the business analytics is more devoted to prescriptive and methodology. 

For data, driven issues, quantitative analysis, sophisticated data, and mathematical models are employed to engineer solutions by business analysts. They can utilize it in many ways, such as for identifying patterns, deep learning, artificial intelligence, to understand complex data sets by operation researches, computer science, statistics, and, last but not least, information systems. By this information, prediction on future events can be made related to the action of consumer or market trends and suggesting what can drive towards the desired goal of the consumer. 

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Business Analytics Components

There are some key differences between the components of the mobile dashboard and business dashboard. They are mentioned below,

Data visualization

To show highly interactive graphics, information and data can be drawn. The data then can be,

• Statical prediction
• Exploratory data analysis
• Modeling output 

Data Aggregation

Data must be collected, centralized, and cleaned to avoid duplication and remove the data which are useless and not required before it can be analyzed. These data can then be aggregated from,

• Volunteered data – a digital form of supplied data of the consumer.
• Transactional record – large datasets which are part of records shared by an organization.

Optimization

Best-case scenarios can be identified by the companies, which includes,

• High sale pricing and to maintain a steady revenue flow, the use of demand spikes.
• Sale, promotions, new products, etc. can be the prime opportunities.

Data mining

For revealing and identifying unrecognized past events and patterns, data mining is used. Data mining includes 

• Clustering – when factors used to classify data are unavailable, and clustering is used.
• Classification – When demography is known, it is used. 
• Regression: For the continuous prediction of numerical values, a function is used, which is called regression.

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Basic Domains within Analytics

1. Market Basket analysis
2. Behavioral analytics 
3. Customer journey analytics 
4. Cohort analytics 
5. Transport analytics 
6. Collections analytics 
7. Telecommunication
8. Cyber analytics
9. Talent analytics
10. Enterprise optimization
11. Financial services analytics 
12. Supply chain analytics
13. Risk and credit analytics 
14. Fraud analytics 
15. Retail sales analytics
16. Health care analytics 
17. Pricing analytics 
18. Marketing analytics 

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