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Wrap-Up, Overview, Notes on Implementation, and Current State of Business Analytics

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Business analytics is an emerging area in modern business decision-making, gaining interest and popularity. This book discusses the models based on fact-based data to measure past business performance in order to guide organizations in visualizing and predicting future business performance and outcomes. Bringing terms, tools, and methods of analytics together, a comprehensive overview of analytics is given with an emphasis on predictive analytics. The book provides an introduction to and types of business analytics, the importance of analytics, and business intelligence. It also discusses the most widely used predictive models, including regression analysis, forecasting, data mining, and an introduction to recent applications of predictive analytics - machine learning, neural networks, and artificial intelligence. The current state, job outlook, and certifications in analytics are also examined. This chapter offers an overview of the text as a whole, describing business analytics and how it relates to business intelligence and statistical analysis. Data analytics, its applications, and business analytics models are all reviewed as are artificial intelligence, machine learning, and deep learning. Business analytics can be divided into descriptive analytics, predictive analytics, prescriptive analytics, and advanced analytics models. This book focuses on predictive analytics, the techniques of which use mostly statistical models and algorithms to predict future business trends. The ultimate goal of business analytics is to improve business performance by making data-driven decisions through helping businesses increase revenues and profitability, improve operational efficiency, optimize marketing campaigns and respond quickly changing market trends, improve customer service efforts, address the needs and requirements of customers, gain a competitive edge over the competition, and increase market share.
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