Business analytic is the process of investigating past business report to get the real performances of business on the base of MIS or other analytic software. It helps increasing in business and decision making. Here a business analysis what has happened in past and what can be done to improve business.
Types of business analytic
- Descriptive Analytic : It deals with past data of a business
- Predictive Analytic : It answers what has happened in past
- Prescriptive Analytic : It suggest what the next decision should be taken for improvement.
- Decisive Analytic : It support the decision using visual charts
Great idea
ReplyDeleteOk here is what figure actually represents : DIPP , Descriptive (It looks at data and information to describe the current business situation in a way that trends, patterns and exceptions become apparent), Inquisitive (It is the study of data to validate / reject business hypotheses. This includes analytical drill downs into data, statistical analysis, factor analysis, etc.), Predictive(What is likely to happen in the future?" Here data modeling and forecasting are used to determine future possibilities) and last Prescriptive (Prescriptive analytics is the combination of the above to provide answers to the "So what?" and the "Now what?" For example, what should a business do to retain key customers? How can businesses improve their supply chain to enhance service levels while reducing costs?). DIPP framework is developed by Mu Sigma Inc. and is a part of daily routine here. For more you can visit : http://www.mu-sigma.com/analytics/ecosystem/dipp.html
ReplyDeletethis article helps to improve my business ...i like it and surely i use this idea for my organisation :D
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