What are the four types of Business Analytics that help with better business decisions?

In this increasingly dynamic world, businesses need to adapt to changes quickly with adequate decision-making.

Making more intelligent and quicker decisions requires organisations to acknowledge the analytic tools. It helps them understand business intelligence. And most businesses are doing so.

With the help of business analytics, organisations can involve accurate metrics to take the guesswork out of decision-making. A survey has recorded that around 73% of professionals worldwide consider decision-making to be data-driven.

As a student, studying BBA (Business Analytics) from one of the top universities of India will be a stepping stone to your career progression and decision-making skills.

“Organisations are investing trillions to drive, but only 8% successfully scale analytics to get value from their data”. ~ McKinsey & Company.

In the 21st century, using big data and machine learning helps drive business development even during economic slowdowns. After wrangling the data available, one should consider organising or consolidating it for a better outcome. From here, we are ready to understand the types of business analytics that help with better decisions. Read on to explore.

Business Analytics Types

Type 1: Descriptive Analytics

Interpreting historical facts to understand the business changes is a procedure of descriptive analytics (Source: Investopedia). Being one of the business analytics, it assists professionals in gaining an overall picture of business performance. The purpose of this business analytics is to address “What Happened”.

In this analytics, business professionals analyse the sales methods, profit margin, accurate metrics, and operational performance.

It fosters flexible and reliable decision-making to ensure improved productivity. The primary purpose of descriptive analytics is to identify the trends and patterns in the data to emerge in the next phase of data science in the decision-making procedure of business. Let’s explore the shared insights in this descriptive analytics for a better understanding.

• Number of Users
• Revenue Per Subscriber
• Year-Over-Year Comparisons

While pursuing a BBA (Business Analytics) from Manipal University, Jaipur, you will engage in extracurricular activities like research projects, classroom discussions, and more. There, you will improve your knowledge of implementing descriptive analytics.

Type 2: Prescriptive Analytics

The evolution of the technological landscape fosters the application of AI (Artificial Intelligence) to help companies in their decision-making. Moreover, prescriptive analytics address “what professionals should do next”.

Big data players in the dominant world, including Apple, Facebook, and Netflix, use prescriptive analytics. Professionals have evaluated that AI requires diverse data and continuous updating to redefine business decisions.

Some of the players actually have skilled employees and resources to implement prescriptive analytics in their structure. However, some lack the expertise to imply it successfully.

Therefore, the increasing demand for professionals has been recognised by top universities of India to prepare industry-ready professionals through BBA (Business Analytics). Also, Manipal University, Jaipur, focuses on delivering quality education for students' academic and professional development.

Type 3: Predictive Analytics

Past trends are essential components for this analytics. In this, business decisions were undertaken after modelling out the future activities.

Machine learning algorithms in predictive analysis allow an individual to use their existing data for making future predictions. Moreover, being a tech-driven tool, ML establishes a test set to confirm whether the model is tuned correctly.

It is implemented in several businesses to “gain the future idea” and claim “what is likely to happen”. Top universities of India organise guest lectures/expert visits where students can address their doubts on how predictive analytics is crucial in the data-driven world to make an informed decision.

Type 4: Diagnostic Analytics

Being one of the business analytics, it addresses the question, “Why do things happen?”. After completing your BBA (Business Analytics) from one of the top universities in India, you should consider the following activities to enhance your decision-making with diagnostic analytics.

• Correlations
• Data Mining
• Data Discovery
• Drill-Down

In diagnostic analytics, professionals find correlations between activities and try to prove or disprove the theories (Source: Forbes). Based on historical events, new decisions are to be taken in the business environment for additional productivity.

Learning diagnostic analytics is now flexible at Manipal University, Jaipur, as skilled faculty members opt for effective teaching methods to prepare industry-ready professionals. Also, students can perform live work on different software to improve their analytical skills in a competitive environment.

Why Should Students Consider BBA (Business Analytics) at Manipal University, Jaipur?

In offering a BBA (Business Analytics), Manipal University, Jaipur, achieved an A+ (3.28) grade in NAAC accreditation. Here is how it is an apt choice for students to excel in the corporate world.

• 480+ qualified faculty members to provide holistic education to the students.
• 5-star rating from GRIHA and LEED’s campuses.
• Mentoring students to learn about the use of analytical tools and techniques.
• Impart the training in data analysis, visualisation, and data mining procedures.
• Industry-relevant curriculum to tailor the business management skills among students.
• This program offers students a solid foundation, making them informed decision-makers in a typical business setting.

Visit the official websites for more about Manipal Jaipur placements and enrol for the admissions.

Career Opportunities

• Research Analyst
• Data Architect
• Data Scientist (Predictive Analytics Specialist)
• Data Visualizers
• Business Analyst
• Associate Business Analyst
• Database Administrator

To Conclude

Let’s wrap up the discussion by concluding that employees and management of different departments, such as finance, sales, marketing, supply chain, and human resources, use business analytics solutions to make productive decisions. NAAC-accredited universities in Rajasthan are actively preparing business professionals with a keen knowledge of analytical tools. It helps them to excel in the domain with practical outcomes and enhanced decision-making.