Business Analytics is the use of tools and techniques, such as data mining, pattern matching, data visualization and predictive modelling, for the continuous methodological exploration of past business data to develop new insights about the business performance and facilitate business planning.
The primary goal of any analytics exercise in a company is to inform the management about the health of the business, at times forewarn of impending problems/opportunities and throw light on what to best expect in the medium-term future. These tools help identify and develop new opportunities, providing companies with competitive market advantage and long-term stability.
Business Analytics tools include scorecards, dashboards, analytics, data mining and reports with drill downs. BA typically combines high-level data from each department in-order to gain an understanding of how the organization is functioning as a whole. It helps in identifying the critical strength and weakness of the business and presents ways to increase efficiency and enhance revenue. It also enables Mid-Sized Companies to estimate how much investment can be put to use and gain control over inventory investment.