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Business analytics

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business analytics ppt

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Business analytics

  1. 1. BUSINESS ANALYTICS Presented by : Silla Rupesh
  2. 2. MEANING OF BUSINESS ANALYTICS Business analytics (BA) is the practice of iterative, methodical exploration of an organization’s data with emphasis on statistical analysis. Business analytics is used by companies committed to data-driven decision making.
  3. 3. HISTORY OF BUSINESS ANALYITCS  5000 BC: Grog uses two sticks and four rocks to graph the upward trend in sales of his new invention, the wheel.  1969: Woodstock ends in financial disaster after organizers rely on spreadsheets to estimate attendance. Hippies dance anyway.  1976: Analysts’ predictions that this will be the bicentennial of the United States are fulfilled. World gains sudden interest in the power of predictive analytics.  1976-TO PRESENT: SAS is formed and begins to give businesses The Power to Know.
  4. 4. TYPES OF BUSINESS ANALYITCS  Decisive analytics: supports human decisions with visual analytics the user models to reflect reasoning.  Descriptive Analytics: Gain insight from historical data with reporting, scorecards, clustering etc.  Predictive analytics (predictive modelling using statistical and machine learning techniques)  Prescriptive analytics recommend decisions using optimization, simulation etc.
  5. 5. ADVANTAGES OF BUSINESS ANALYITCS  ELIMINATE GUESSWORK  GET FASTER ANSWER TO YOUR QUESTION  GET INSIGHT INTO CUSTOMER BEHAVIOR  IDENTIFY CROSS SELLING AND UP SELLING OPPORTUNITES  Get key business metrics reports when and where you need them
  6. 6. USERS OF BUSINESS ANALYITCS  Students  Business man  Accountants  Organization  Companies  Group of industries  Small firm  Auditors
  7. 7. MAIN SOFTWARE USED FOR BUSINESS ANALYITCS  SPSS- SPSS Statistics is a software package used for statistical analysis. Long produced by SPSS Inc., it was acquired by IBM in 2009. The current versions (2014) are officially named IBM SPSS Statistics.  MS-EXCEL- Microsoft Excel is a spreadsheet application developed by Microsoft for Microsoft Windows and Mac OS. It features calculation, graphing tools, pivot tables, and a macro programming language called Visual Basic for Applications.
  8. 8. CHALLANGES FOR BUSINESS ANALYITCS  Business analytics depends on sufficient volumes of high quality data.  The difficulty in ensuring data quality is integrating and reconciling data across different systems, and then deciding what subsets of data to make available.  Analytics was considered a type of after-the-fact method of forecasting consumer behavior by examining the number of units sold in the last quarter or the last year.  This type of data warehousing required a lot more storage space than it did speed.  Now business analytics is becoming a tool that can influence the outcome of customer interactions.  When a specific customer type is considering a purchase, an analytics-enabled enterprise can modify the sales pitch to appeal to that consumer.  This means the storage space for all that data must react extremely fast to provide the necessary data in real-time.

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