Business Analytics
Business data analysis is the process of collecting, analyzing, and reporting to managers useful information to help them gain better insights, make strategic decisions, achieve major goals, and solve complex problems within a business. why data analysis is so important in business.You see, data in itself is simply facts and figures, which only prove to be beneficial to businesses once an analysis of that data takes place.
This analysis is important, as analyzing the operational and financial impacts of a disruption of business allows the company to devise a plan focusing on recovery and mitigation strategies, along with prevention, to protect their business.Other benefits of a business impact analysis include:
- Improved business functionality, as any applications and systems being used are identified and updated
- Gaining a better understanding of the nature of the IT and recovery processes
- An increased understanding by departments of their role within the company
- A reduction or removal of costs, such as unnecessary services, software, insurance, maintenance, or licensing costs, based on a new understanding of business needs
- Spotting potential issues or shortfalls in regulatory compliance
- Avoiding potential fines related to not meeting these regulatory requirements
- Predictive analytics predicts what is most likely to happen in the future. Predictive analytics takes historical data and inputs it into a machine learning model that takes factors such as key trends and patterns into account. The model is then applied to current data to foresee what will happen next