article thumbnail

What is business analytics? Using data to improve business outcomes

CIO Business Intelligence

What is business analytics? Business analytics is the practical application of statistical analysis and technologies on business data to identify and anticipate trends and predict business outcomes. What is the difference between business analytics and business intelligence? Prescriptive analytics: What do we need to do?

article thumbnail

What is data analytics? Analyzing and managing data for decisions

CIO Business Intelligence

The chief aim of data analytics is to apply statistical analysis and technologies on data to find trends and solve problems. Data analytics has become increasingly important in the enterprise as a means for analyzing and shaping business processes and improving decision-making and business results.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Skilled IT pay defined by volatility, security, and AI

CIO Business Intelligence

A volatile market Over 28% of skills and certifications changed in market value from April 1 through July 1 (the period covered by Foote Partners’ Q3 report), a far greater number than the 19% quarterly average over the last 24 months. AI skills more valuable than certifications There were a couple of stand-outs among those.

article thumbnail

What are decision support systems? Sifting data for better business decisions

CIO Business Intelligence

These systems include file drawer and management reporting systems, executive information systems, and geographic information systems (GIS). They generally leverage simple statistical and analytical tools, but Power notes that some OLAP systems that allow complex analysis of data may be classified as hybrid DSS systems.

article thumbnail

MRO spare parts optimization

IBM Big Data Hub

A recent report shows a significant increase in the cost of manufacturing downtime from 2021 to 2022, with Fortune Global 500 companies now losing 11% of their yearly turnover which amounts to nearly USD 1.5 Consider these questions: Do you have a platform that combines statistical analyses, prescriptive analytics and optimization algorithms?

article thumbnail

Decoding Data Analyst Job Description: Skills, Tools, and Career Paths

FineReport

By conducting extensive research and analysis, they generate reports that inform strategic decisions, identify areas for enhancement, and guide the implementation of new initiatives. Data analysts leverage four key types of analytics in their work: Prescriptive analytics: Advising on optimal actions in specific scenarios.

article thumbnail

Three Emerging Analytics Products Derived from Value-driven Data Innovation and Insights Discovery in the Enterprise

Rocket-Powered Data Science

I recently saw an informal online survey that asked users which types of data (tabular, text, images, or “other”) are being used in their organization’s analytics applications. This was not a scientific or statistically robust survey, so the results are not necessarily reliable, but they are interesting and provocative.