Saturday, November 1, 2014

Analytics, Business Analytics VS Analysis, Business Analysis

Some of us maybe doesn't know about analytics. Maybe we are only familiar with analysis. If I wasn't live in IT industry, maybe I am also don't know about it. I have collected some data related this. Please read it below.




Analytics

#Wikipedia - Analytics
Analytics is the discovery and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance. Analytics often favors data visualization to communicate insight.

#Gartner - Analytics
Analytics has emerged as a catch-all term for a variety of different business intelligence (BI)- and application-related initiatives. 

Business Analytics

#Webopedia - Business Analytics
Business analytics is the combination of skills, technologies, applications and processes used by organizations to gain insight in to their business based on data and statistics to drive business planning. Business analytics is used to evaluate organization-wide operations, and can be implemented in any department from sales to product development to customer service.

#Gartner - Business Analytics
Business analytics is comprised of solutions used to build analysis models and simulations to create scenarios, understand realities and predict future states. Business analytics includes data mining, predictive analytics, applied analytics and statistics, and is delivered as an application suitable for a business user. These analytics solutions often come with prebuilt industry content that is targeted at an industry business process (for example, claims, underwriting or a specific regulatory requirement).


Analysis

#Wikipedia - Analysis
Analysis is the process of breaking a complex topic or substance into smaller parts to gain a better understanding of it.

#Business Dictionary - Analysis
A systematic examination and evaluation of data or information, by breaking it into its component parts to uncover their interrelationships. Opposite of synthesis.

An examination of data and facts to uncover and understand cause-effect relationships, thus providing basis for problem solving and decision making.


Business Analysis

#Babok - Business Analysis
Business analysis is the set of tasks and techniques used to work as a liaison among stakeholders in order to understand the structure, policies, and operations of an organization, and to recommend solutions that enable the organization to achieve its goals.

#Wikipedia
Business analysis is a research discipline of identifying business needs and determining solutions to business problems. Solutions often include a software-systems development component, but may also consist of process improvement, organizational change or strategic planning and policy development.


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So the final question, what is the difference between analytic and analysis?

Analysis = Process, Techniques, Action
Analytics = Technology, Solution, Application

Last, I really like how wikipedia explain analytics, and I think that's the purpose : 
 "the discovery and communication of meaningful patterns in data"

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