Learn more about Business Analytics
Frequently asked questions
Business analytics is the process of transforming the raw data businesses collect on their customers, performance, and the marketplace into applicable models so they can make informed decisions. It is an iterative, systematic, and statistical exploration of a company’s data to improve its operation or profitability. Business analytics is divided into three primary categories: descriptive, predictive, and prescriptive. Descriptive analytics uses historical data to answer the questions “what happened” or “what is happening.” Predictive analytics uses historical data to try to predict future outcomes. Prescriptive analytics combines the other two. It uses historical data to offer insights into what happened and then predict what will happen when it occurs and why. For example, a Las Vegas casino with an extensive buffet can use prescriptive analytics to determine when the most customers will want to eat and when staff should start preparing the food to have it ready on time.