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Business analytics (BA) refers to the skills, technologies, and practices for iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods .
Analytics is the "extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions." It is a subset of business intelligence, which is a set of technologies and processes that uses data to understand and analyze business performance to drive decision-making .
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. [1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text ...
Business intelligence software is a type of application software designed to retrieve, analyze, transform and report data for business intelligence (BI). The applications generally read data that has been previously stored, often - though not necessarily - in a data warehouse or data mart .
Internal data monetization - An organization's data is used internally, resulting in economic benefit. This is commonly the case in organizations using analytics to uncover insights, resulting in improved profit, cost savings or the avoidance of risk.
A Business Intelligence Competency Center (BICC) is a cross-functional organizational team with defined tasks, roles, responsibilities and processes for supporting and promoting the effective use of business intelligence (BI) across an organization. [1]
In this business model, data provides value as a support mechanism or a tool for creating other value propositions, that's why the revenue stream is typically quite a bit lower. [19] In turn, Data as a Service is one of 3 categories of big data business models based on their value propositions and customers: Answers as a Service;
Predictive analytics is a set of business intelligence (BI) technologies that uncovers relationships and patterns within large volumes of data that can be used to predict behavior and events. Unlike other BI technologies, predictive analytics is forward-looking, using past events to anticipate the future. [3]
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