Business Intelligence and Analytics

Program Summary

The rapid development of information technologies facilitated continuous data inflow to institutions from their macro environment of other institutions, competitors, customers, stakeholders, and a variety of other market actors.

Today's corporations need specialized managers equipped with knowledge that will transform large amounts of data into meaningful and effective strategies, and increase business performance.

Business Intelligence (BI) is mostly related to the evaluation of past performance, while Business Analytics (BA) is focused on prescriptive and predictive techniques that seeks the answers for questions such as “What should be done?” and “What is going to happen?”.

Business Analytics often utilizes data mining practices in order to reach specific business goals, such as increasing profit.

BI is a retrospective approach that is used to develop business strategies based on historical data.

BI answers questions such as “What happened?”, “How many?”, and “How often?”.

On the other hand, applies statistical modelling techniques to predict future events in order to answer “Why is this happening?”, “What will happen if these trends persist?”, “What is the best case scenario under current circumstances?”.