Business Analytics refers to the skills, technologies, applications and practices for the continuous exploration of data to gain insight that drive business decisions. Business Analytics is multi-faceted. It combines multiple forms of analytics and applies the right method to deliver expected results. It focuses on developing new insights using techniques including, data mining, predictive analytics, natural language processing, artificial intelligence, statistical analysis and quantitative analysis. In addition, domain knowledge is a key component of the business analytics portfolio. Business Analytics can then be viewed as the combination of domain knowledge and all forms of analytics in a way that creates analytic applications focused on enabling specific business outcomes.
In his “Building a Smarter Planet” Blog, Steve Hamm talks about Analyzing Data in Motion to save stroke victims. There is no better way to appreciate the power of emerging analytic technology than viewing it in the context of life saving applications. This example combines very powerful stream computing technology with predictive analytics and data mining. This combination enables high speed, scalable and complex analytics of data streams in motion. As the author describes, they are using this technology to look for patterns in data that could help them identify patients who are experiencing a severe complication to ruptured brain aneurysms.