Business Analytics: Process and Practical Applications

Abstract

Today, automation of business processes and devices like IoT for monitoring/activating services generate massive raw data, though they stand alone may not look useful but together carry domain specific signatures that are immensely useful for decision making. The problem of deducing strategic information in detecting patterns, analyzing, reasoning over it, and learning on business trends is popularly known as business analytics and uses artificial intelligence and machine intelligence techniques. This chapter while introducing basics of characteristics of business data analytics, presents types and uses of analytics, and standard processes. Further, this chapter would include an approach to design a recommendation system (with techniques such as content-based filtering, collaborative filtering, and Hybrid recommendations methods). This chapter would do a comparative analysis as well between process of business analytics, various types, and choice of recommendation systems.