ABSTRACT
Data generation, storage, and analysis have become more affordable especially in the last decade. Data are being produced at large quantities and high speeds thanks to devices such as sensors or channels such as social media. These factors coupled with the increase in the power and affordability of computing resources, make statistical and data mining methods an integral part of the business processes in many industries. Different buzzwords are used to describe this emergence of analytical methods. One of them, so-called business analytics, can be defined as involving the use of quantitative methods to reveal information from data and create value for businesses. When the data are too large or complex that they cannot be handled with traditional software, it is also referred to as “big data analytics.”
