Applications of Business Analytics in Contemporary Business Issues

• In Event: Research and Effective Learning Strategies Forum

Abstract

We are facing and witnessing a new age, which is highly data-driven (“Big Data”). Data is the driver and motivator of business analytics research and practice. These developments pose huge challenges, present new opportunities, and demonstrate the importance and role of business analytics in responding to and aiding in this new economy. Business Analytics consists of four overlapping areas: Data Mining, Business Process Optimization, Applied Business Statistics, and Business Intelligence/Information systems. Business Analytics focuses on developing new insights and understanding into business performance as a result of different methods and techniques. This has been increasingly recognized by organizations for their potential value and is considered a new path towards transforming insights into action. This paper attempts to identify the contemporary business issues today. They include audit quality, fraud detection, corporate social responsibilities, risk management, quality of accounting information, etc. This paper then offers applications of Business Analytic techniques to solving these problems, such as data mining, business intelligence, simulation techniques, theory of constraints system, logistic regression analysis, simultaneous equation system, content analysis, etc.

Authors

• Zhongxian Wang, Montclair State University

• James Yang, Montclair State University