The Seven Steps of Business Analytics

Business analytics is the process of making proactive decisions taken by organizations. Where ever companies find data, and have access to it, they can use it in different work fields such as improving their performance in customer service and making digital information available by predicting. Therefore, business analytics is a tool that can be utilized in various industries.

            Whichever tool is applied in the business analytics, the results are limited in certain areas: providing the organization with information and knowledge to take better decisions, and solving the problems by using the data they get.

            The big question is: What are the steps of business analytics? Business analytics is a seven-step process.

1.     First, we have to define the business needs. This is about knowing what the business is facing and if they have any problems to solve by the available data they collected.

2.     Explore their data. That means they have to clean the data and make it understandable. The analyst should now make a correlation between data and summarize it by using statistics to make usable.

3.     Analyze the data. In this stage, comparing and testing the data is done by the analyst.

4.     Predicting what is going to happen by using predicting techniques such as decision trees, neural networks, and logistic regression.

5.     Finding the best solution. The analyst determines the best solution based on the lowest error and limitations.

6.     Making the decision and measuring the outcomes.

7.     Update the system with the results of the decision. It gets updated into the database.

https://www.iss.nus.edu.sg/community/newsroom/news-detail/2016/06/24/the-7-step-business-analytics-process