What is the definition of business analytics?

Business analytics is defined as a data-driven approach to decision-making. This involves the systematic analysis of past data to gain insights and inform future strategies and business decisions. By utilizing statistical analysis, predictive modeling, and data visualization, organizations can uncover patterns, trends, and correlations that may not be immediately evident. This process helps businesses to make informed decisions that are based on evidence rather than intuition alone, ultimately leading to improved performance and competitive advantage. Such an approach is essential in today's data-rich environments where organizations need to leverage information effectively to succeed.

The other options do not align with the comprehensive nature of business analytics. Storing large data sets relates more to data management practices, generating random data does not contribute to informed decision-making, and archiving business documents is a function of record-keeping rather than active analytical processes.