Analytics - also known as "business analytics" or "data analysis" - refers to the software and methods that organizations use to understand data. Organizations generate and collect large amounts of data in many forms (for example: text, statistical data, qualitative data, big data) and from many internal and external sources including social media.
Organizations use predictive analytics and other kinds of analytics software to gain insights into their financial and operational performance and from their customer behaviors. With these insights, they can make accurate predictions and better-informed decisions about emerging opportunities, competitive threats and shifts in their markets to increase competitive advantage.
Studies show that organizations that apply analytics outperform their peers. Further, those with a broad-based, analytics-driven culture perform, on average, three times better. Not only do they drive more top-line growth and control costs, they take timely corrective action to reduce risks that derail their plans.