Overview of Business Analytics
Today’s world is knowledge based. In the earliest days, knowledge was gathered through observation. Later, knowledge not only was gathered through observation, but also confirmed by actually doing and then extended by experimenting further. Knowledge thus gathered was applied to practical fields and extended by analogy to other fields. Today, knowledge is gathered and applied by analyzing, or deep-diving, into the data accumulated through various computer applications, web sites, and more. The advent of computers complemented the knowledge of statistics, mathematics, and programming. The enormous storage and extended computing capabilities of the cloud, especially, have ensured that knowledge can be quickly derived from huge amounts of data and also can be used for further preventive or productive purposes. This chapter provides you with the basic knowledge of where and how business analytics is used.