Business Analytics - MIT ID Innovation
                     What is Business 
Analytics?
MITID Innovation
Gone are the days when product design and 
advertising helped make competition in the 
business sector. Data now plays a critical 
role in business. The amalgamation of 
business intelligence (BI) and data analytics 
has given rise to the fast-paced process of 
business analytics. It is a group of 
automated data procuring tools and 
services. It consists of applied and predictive 
analytics, statistics, data mining, and so on.
Business analytics helps you further 
understand your business and make 
more calculated decisions for the 
betterment of your business. Harvard 
Business School’s Professor 
Hammond says, “data analytics is a 
very effective way to influence an 
organization.”
There are three elementary types of 
business analyses.
Descriptive: Using historical data to help 
identify patterns and trends
Predictive: Statistics can be used to predict 
future results
Prescriptive: Using trial and error method to 
determine which method gives a better 
outcome
To understand how Business Analytics
 could benefit you and your business, here 
are a few reasons why this process of 
information procurement is essential.
Why is Business Analytics Important?
More efficient decisions
With increasing data volume, inspecting 
user trends and business data to make 
strategic decisions may become harder. 
With business analytics, customers have a 
better experience as well.
More efficient functioning
With more decisions, you can adjust your 
business activity as well. In a KPMG 
report from 2019.
Greater revenue and cost cuts
With an increase in business analytic usage, 
there are significant financial returns as well. 
According to IBM, companies using business 
and planning analytics have saved more than 
USD 1 million in clarifying their budget 
process.
According to a report by Harvard Business 
Review, 36% of respondents consider 
business analytic a top priority, and 69% have 
achieved an analytics-driven work ethic. 
How To Get Started With 
Business Analytics
Leadership establishment
Decision-makers and the higher-ups in 
the company need to establish their 
superiority to come to beneficial 
agreements. The leaders must be 
appropriately educated and invested in 
using business analytic to boost their 
company’s credibility and functionality.
Data publicization
Providing the employees with the 
opportunity to add to brainstorming 
sessions is today’s way of working. The 
idea of analytics being executives-only is 
outdated, and there can only be a 
successful career in Business Analytics if 
the entire company is involved.
Educating yourself about the world 
of business analytic is also one of the 
primary steps to kickstart your company. 
While it may seem troublesome at first, it is 
essential to expand your abilities regarding 
the field. This is where MIT ID Innovation 
comes into play. The MIT Institute of Design 
initially worked to connect with the industry 
better. To inculcate teamwork and 
collaborative efforts, the Innovation program 
was birthed.
How MIT ID Innovation Helps 
You in Starting with Business 
The best way to Abonosat lyyoutri casreer in 
innovative business-related fields is to find 
an institute that works for your benefit. At 
MIT ID Innovation, we strive for an 
ecosystemic grouping of work much more 
than different products and technology.
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Courses in Innovation 
and Design Thinking. 
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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