what is the difference between business analytics and data analytics ?
In context of the diagram, optimization of drilling operations is considered to be a part of data science which is outside the scope of business analytics. Can you please explain me why? or may be any other simple example to understand. I’m very new to the subject, pardon me for my basic questions.
Thanks for reaching out. Very interesting question.
I myself get very confused by these burzzwords.
What we probably intended here is that business analytics is the process of analyzing business metrics – Key Business Indicators (KBIs). Some examples for these can be ‘how fast did we carry out a specific process’, ‘how many resources were utilized to complete a specific task’, etc. So, these metrics combine business know-how and quantitative analysis.
At the same time when we say ‘data analytics’ we are closer to the realm of statistics (fundamental and advanced stats). And things become a bit more quantitative. You will still hopefully come up with a conclusion about your business, but it would be less related to some business logic and more correlated to data analysis and the application of statistical methods.
Hope this clarifies this a bit.
Thanks again for the interesting question!