What is Business Analytics?
Business analytics refers to the skills, technologies, applications, and practices, which businesses use to gain insight, to make informed and optimal decisions in all areas, to manage uncertainty, and to improve outcomes. Business analytics makes extensive use of data, quantitative methods (from statistics, operations research/management science, and artificial intelligence), explanatory and predictive models, and data-driven management to drive decision-making.
The mission of the center is to advance the science and practice of business analytics by bringing together corporate executives, faculty, and students, to promote research, outreach, and teaching, in the areas of business analytics.
- Regarding research, our goals are to develop new techniques and push the limits of existing techniques, build models for solving complex business problems, and help businesses manage uncertainties by mining data and studying business processes.
- Regarding outreach, our goals are to engage with businesses and help them with their big data and other decision-making issues in order to achieve significant bottom line improvements. The scope of business analytics spans across the functional areas of an organization, and can help with solving decision making problems in diverse areas, such as digital marketing and electronic commerce, prediction, diagnosis and explanation of customer behaviors and trends, optimal decision-making under uncertainty, managing demand and supply side uncertainties, and revenue management.
- Regarding teaching, our goals are to educate and develop the next generation of business leaders proficient in business analytics. To this end, we plan offer courses to our undergraduate and graduate students, and to our corporate associates, with the latest methods and tools of business analytics developed in the last two decades in the artificial intelligence, operations research, management sciences, and statistics communities.