Business Analytics (BA) is an evolving phenomenon that showcases
the increasing importance of using huge volumes of data to generate
value for businesses. Advances in BA have offered great
opportunities for organisations to improve, innovate, and develop
existing or new processes, products, and services. BA is the
process of transforming data into actionable insight by using
statistical and mathematical analysis, descriptive, prescriptive,
and predictive models, machine learning, information systems and
network science methods, among others, along with a variety of
data, expert knowledge, and fact-based management to support better
and faster decision-making. BA and Business Intelligence (BI)
generate capabilities for companies to compete in the market
effectively and has become one of the main functional areas in most
companies. BA tools are used in diverse ways, for example, to
identify consumer behaviour patterns and market trends, to derive
valuable insights on the performance of stocks, to find information
on the attrition rate of employees, to analyse and solve healthcare
problems, to offer insight into inventory management and supply
chain management, to analyse data from social networks, and to
infer traffic behaviour and develop traffic management policy,
among others. BA and BI have become one of the most popular
research areas in academic circles, as well as in the industry,
driven by the increasing demand in the business world. This book
aims to become a stimulus for innovative business solutions
covering a wide range of aspects of business analytics, such as
management science, information technology, descriptive,
prescriptive, and predictive models, machine learning, network
science, mathematical and statistical techniques. The book will
encompass a valuable collection of chapters exploring and
discussing computational frameworks, practices, and applications of
BA that can assist industries and relevant stakeholders in
decision-making and problem-solving exercises, with a view to
driving competitive advantage.
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