Business Analytics

Business analytics software is often bundled into the same camp as dashboards and scorecards. However, analytics software is a far more comprehensive and detailled application than simple dashboards. Analytics provides a deeper level of analysis than dashboards, or simple reporting for that matter. This powerful tool provides users with the ability to drill down into data and perform meaningful statistical analysis of the underlying numbers to extract important information for the business going forward.

This analysis of the underlying data may involve statistical and quantitative analysis as well as predictive modeling. Microsoft's SQL Server Analysis Server software provides a small array of decision making algorithms which can help to provide guidance to the people making the key decisions. SAS, whose heritage is based in statistical modelling software, has built a comprehensive suite of analysis tools, often tailored to specific markets and industries, which can help managers see where they have been, where they are, and where they need to go.

Companies frequently use analytics to help them make decisions on particular problems. For example, a loan company may make use of analytics to determine whether to offer somebody a loan or a mortgage. An insurance company may use analytics to determine the risk in a particular area or class of business based on the market history of claims in that area.

To make effective use of the vast quanities of data held within an organisation, analytics needs to play an important role. Use of analytics can clearly demonstrate whether particular decisions have been beneficial to a company or whether they have cost the company. Its importance in the Business Intelligence software stack is unquestionable.

Business Analytics
Business Intelligence Solutions