The five stages of business analytics

Abstract

Purpose: The goal of the paper is to analyze the main features, benefits and problems with the business analytics usage. Design/methodology/approach: Critical literature analysis. Analysis of international literature from main databases and polish literature and legal acts connecting with researched topic. Findings: The paper explores the main concepts of business analytics, including descriptive, real-time, diagnostic, predictive, and prescriptive analytics. Each stage of development builds upon the previous one, addressing specific needs in data analysis and decision-making. The paper also presents a detailed comparison of the five types of business analytics, showcasing their unique characteristics, techniques, and applications. Understanding these differences helps organizations select the appropriate analytics type to suit their requirements and drive success. As technology and data processing capabilities advance, business analytics continues to evolve. Embracing the power of data and analytics grants organizations a competitive advantage, unlocking opportunities and driving innovation. Integrating analytics into decision-making processes is essential for thriving in a data-driven world, ensuring sustained growth and success in an ever-changing marketplace. Originality/value: Detailed analysis of all subjects related to the problems connected with the prospective analytics. Keywords: Industry 4.0; diagnostic analytics, business analytics, data analysis. Category of the paper: literature review.

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