Webster’s Revised Unabridged Dictionary defines analytics as “the science of analysis,” and analysis as “the tracing of things to their source, and the resolving of knowledge into its original principles.” From a business perspective, these definitions imply that analytics is about understanding the root causes of business events and conditions. The upshot, of course, is that business people, armed with insights, will make the right decisions and take the appropriate actions to further their organizations’ tactical and strategic goals.
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