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The definition of analytics would be consider a large data driven process that provide insight about the company. It comprises of historical and predictive future data. After collecting the data, the goal is to transform this into useful information which help the company to increase bottom line and predict the risk so they can develop the plan for that. Business analytics provide support for strategic planning, delivers tactical value and create competitive advantage. Data analytics make sense only when we uncovered the useful information which help to make decision process easy and effective.
Why your organization need this analysis ?
Successful organizations are likely to encourage research with analytical tools and models to increase their revenue. The process include gathering data, Producing report, Conducting analyses, Building models, Provide insights. Forward-looking analytics can offer insights that permit organizations to predict and plan versus describe and react. The data can be gathered from various sources such as insight gain directly from workers through interaction or by survey form. By using the data it converted into useful information. Then analysis is conducted with the help of different models to reach up to the conclusion.