There are several branches of business analytics, each with its own set of techniques and tools. Some of the main branches of business analytics include:
Descriptive Analytics: This branch of business analytics focuses on describing what has happened in the past, using historical data to gain insights into trends and patterns.
Predictive Analytics: Predictive analytics uses statistical and machine learning techniques to analyze historical data and make predictions about future events or outcomes.
Prescriptive Analytics: This branch of analytics provides recommendations on what actions should be taken based on the results of analytics, using optimization and simulation techniques to identify the best course of action.
Diagnostic Analytics: Diagnostic analytics focuses on identifying the root cause of problems or issues in business operations, using data to understand why things happened and what can be done to prevent them from happening again.
Business Intelligence: Business intelligence involves the collection, analysis, and presentation of data to support decision-making in business. It includes dashboards, reports, and other tools for visualizing data and gaining insights into business operations.
Data Mining: Data mining involves the analysis of large data sets to identify patterns and relationships, using techniques such as association rule mining, clustering, and classification.
Text Analytics: Text analytics involves the analysis of unstructured data, such as customer reviews or social media posts, to gain insights into customer sentiment and preferences.
Overall, these branches of business analytics work together to provide a comprehensive approach to gaining insights and making data-driven decisions in business.