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Business analytics
The document provides an overview of business analytics, highlighting its importance for data-driven decision making in organizations. It discusses the need for analytics to eliminate guesswork, gain insights into customer behavior, and generate key metrics, while also outlining challenges such as data volume and integration. Various types of analytics are detailed, including descriptive, predictive, prescriptive, and decisive analytics, along with techniques for selecting appropriate tools and strategies for developing business cases.
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Business analytics
- 1. Business Analytics Krupasindhu MD krupa.md@res.christuniversity.in Researchscholar, Christ University, Central Campus Assistant Professor, Vijaya College, R. V. Road
- 2. What is BusinessAnalytics • Using Tools and techniques to turn data into meaningful business insights Data Data Data Tools & Techniques Business Insights
- 3. In theoretical sense Businessanalytics 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.
- 4. Why do weneed Business Analytics? • Eliminate guesswork • Get faster answer to your question • Get insight into customer behaviour • Identify cross selling and up selling opportunities • Get key business metrics reports when and where you need them
- 5. Difficulties relating tobusiness analytics • huge volume of high-quality data. • integrating and reconciling data across different systems, and then deciding what subsets of data to make available. • considered an after-the-fact method of forecasting consumer behaviour • requires a lot of storage space and must react extremely fast to provide the necessary data in real-time
- 6. Types of Analytics •Descriptive analytics – what happened? • Predictive analytics- what would happen? • Prescriptive analytics- what should we do? • Decisive analytics – which technology (e.g. visual analytics) to select for supporting the business decisions
- 7. Selecting the techniques •Type of hardwares and softwares requirements • Usage – Analysis, modeling, communication • Audience-Shared or Private • Documentation - Core or support
- 9. Role of BusinessAnalyst
- 10. Investigating the situation •Questionnaires • Interviewing • Workshops • Special-purpose records • Activity sampling • Work measurement • Business Record searching • Document analysis
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- 14. Developing the businesscases • Confirm the opportunity. Describe the situation and the business opportunity that your proposal will impact. ... • Analyse and develop shortlisted options. ... • Evaluate the options. ... • Implementation strategy. ... • Recommendation.
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