Importance of Business Analytics

In last couple of decades, communities of the business world have witnessed an enormous increase in the importance of Business Analytics and Intelligence. This consequential development in the business world has been highlighted in the industry studies -according to a survey conducted in more than 90 countries in 2011, almost 4000 Information Technology professionals from 25 different industries believed that Business Intelligence and Analytics will be one of the major trends of technology in upcoming years. Survey says that more than 97 percent of companies have exceeded their revenue up-to $100 Million by using diligently Business Intelligence and Analytics.

Data and analytics provide several opportunities to generate different interests in BA & I, which refers to systems, technologies, techniques, applications, methodologies and the practices that help in analyzing large amounts of business data and market studies to make timely decisions. Some of the methodologies and practices of Business Intelligence and Analytics can be implemented in fields like e-commerce, e-government, security, healthcare and market intelligence.

The term ‘Business Intelligence’ was popular in IT and Business Communities in 1990s. But later in 2000, the new term ‘Business Analytics’ was introduced to represent analytical components in Business Intelligence. Roots of Business Analytics are in database management, it depends upon several data related factors like data extraction, collection and analysis technologies.

Gigantic and complex analytical applications and techniques are currently using huge volume of Data Analytics and some of them are using Data Analytics from sensors and social media data. These applications required unique and advanced data management, visualization, analysis and storage technologies. IT giants are already using some of the major data analysis and processing technologies which are available today.