TAKE A VIRTUAL TOUR OF CAMPUS  Learn More...

REGISTER FOR FALL 2014   Learn More...

 

Business Analytics

What is Business Analytics?
Why Study Business Analytics?
Le Moyne's Business Analytics Major

 

What is Business Analytics?

Business analytics is the discipline of applying quantitative analytical models to convert data into useful information to help make better business decisions. Business analytics consists of:

  • Descriptive analytics: analyzing what has happened in the past,
  • Predictive analytics: predicting what could happen in the future, and
  • Prescriptive analytics: prescribing optimal actions that will result in the best outcomes.

By understanding what has happened in the past, business organizations can better predict the future and make decisions that will benefit the organization and their customers.

Competing on analytics

 

Why Study Business Analytics?

Business organizations of the 21st century maintain large databases with information about their customers, supply chain and competitors. These organizations strive to establish a competitive advantage by using this data to make better decisions.

In the YouTube video below, IBM describes business analytics as "turning information into insight and developing conclusive fact-based strategies to gain that competitive edge."

The insights gained through quantitative analysis allows a company to:

  • uncover lucrative business opportunities,
  • obtain necessary information to retain customers or improve research, or
  • inject certainty and predictability into the decision-making process.

Thus, the ability to analyze and interpret information extracted from the data to make sound managerial decision is a skill-set increasingly desired by employers.

 

Le Moyne's Business Analytics Major

The business analytics major introduces students to quantitative modeling and analysis. Students learn methods and techniques in the context of diagnosing and solving problems from different disciplines of business. Classes are held in a computer lab to provide hands-on real-world experience in the art of modeling and analytics.

Because of the interdisciplinary nature of the major, many students elect to pursue a dual major in business analytics and either finance, information systems or marketing.