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Business Analytics
The process of collecting, processing, and analyzing data to inform business decisions and strategies.
Implications
The use of data, statistical analysis, and predictive modeling to make informed business decisions and improve operational efficiency, marketing, and strategy.
Example
Example: A retail chain uses business analytics to analyze customer purchase data, optimizing inventory levels and improving sales forecasting.
Related Terms
Different from basic data analysis, business analytics involves more complex techniques like predictive modeling to drive decision-making.
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