This document discusses modern business analytics and its applications. It defines analytics as using data, technology and analysis to help managers make better decisions. It outlines common analytics tools like Excel, SPSS and R. It traces the history and evolution of analytics from the 1950s to today. It describes the three main disciplines of analytics as business intelligence, quantitative methods, and statistics. It discusses descriptive, predictive and prescriptive analytics approaches. Finally, it discusses challenges and advantages of modern analytics for quality and strategic management.
Business Analytics to solve your Business ProblemsVishal Pawar
Business Analytics Solution in 12 Steps
What is Business Analytics ?
Why we need it ?
Identify your Focus Area and Target Applications
Importance of Business Analytics with different Roles
Confirming your Business Goal with value of Business Analytics
Differentiating Business Analysis , Analyst & Intelligence
What world is doing for Business Analytics Problems
Segregate solution with Data Discovery , Analytics & Science
Gathering information with All Available Data Source
Developing Business Analytics Framework & Components
Developing Visualization with Best User Experience
Improvising Maturity Level of Business Analytics
Get Connected with Expert Team , Who know technology !
Moving from data to insights: How to effectively drive business decisions & g...Cloudera, Inc.
Firms have become obsessed with data. But the key to competitive advantage is not just more or bigger data or big data technology, it is finding actionable insights from all the data as well as embedding insight in processes and applications. This requires a change in your approach - modernized architecture and embedding insights and data in you business decisions It also requires a change in how your people work systematically to find, test and implement insights. In this webinar, Forrester Vice President and Principal Analyst Brian Hopkins will present results from two years of research into these ideas and recommend to attendees how they can get the most out of their data and analytics to drive effective business decisions and gain competitive advantage.
Building an Effective & Extensible Data & Analytics Operating ModelCognizant
Building an effective and scalable operating model requires a strong basis in data and analytics management. Creating such an operating model is a step-by-step process, as outlined here.
Business Analytics to solve your Business ProblemsVishal Pawar
Business Analytics Solution in 12 Steps
What is Business Analytics ?
Why we need it ?
Identify your Focus Area and Target Applications
Importance of Business Analytics with different Roles
Confirming your Business Goal with value of Business Analytics
Differentiating Business Analysis , Analyst & Intelligence
What world is doing for Business Analytics Problems
Segregate solution with Data Discovery , Analytics & Science
Gathering information with All Available Data Source
Developing Business Analytics Framework & Components
Developing Visualization with Best User Experience
Improvising Maturity Level of Business Analytics
Get Connected with Expert Team , Who know technology !
Moving from data to insights: How to effectively drive business decisions & g...Cloudera, Inc.
Firms have become obsessed with data. But the key to competitive advantage is not just more or bigger data or big data technology, it is finding actionable insights from all the data as well as embedding insight in processes and applications. This requires a change in your approach - modernized architecture and embedding insights and data in you business decisions It also requires a change in how your people work systematically to find, test and implement insights. In this webinar, Forrester Vice President and Principal Analyst Brian Hopkins will present results from two years of research into these ideas and recommend to attendees how they can get the most out of their data and analytics to drive effective business decisions and gain competitive advantage.
Building an Effective & Extensible Data & Analytics Operating ModelCognizant
Building an effective and scalable operating model requires a strong basis in data and analytics management. Creating such an operating model is a step-by-step process, as outlined here.
Industry researchers at Gartner announced in April 2012 that the worldwide business intelligence, analytics, and performance management software market surpassed the US$12 Billion level in 2011, a 16.4% increase over the previous year. This statistic is among many pointing to the need for both groups to apply what management guru Peter Senge proclaimed decades ago in The Fifth Discipline: the need for a learning organization. This presentation focuses on three learning areas for anyone in the business analytics profession. First, we analysts need to learn what the markets and industries are saying today. We discuss recent trends which show how analytics will shape the future. Second, we need to learn what group learning options are available. From industry conferences (such as the PASS BA Conference, and virtual PASS sessions) to free MOOCs (massive open online courses), we have more options available to improve our knowledge. Finally, we need to learn what leadership roles our groups can have. We can leverage social networks (including PASS) and social media -- both individually and as organizations -- to communicate passion.
In this new paper, I explore the organisational and cultural challenges of implementing information governance and data quality. I identify potential problems with the traditional centralised methods of data quality management, and offer alternative organistional models which can enable a more distributed and democratised approach to improving your organisations data. I also propose a simple four-step approach to delivering immediate business value from your data.
3 Frequent Mistakes in Healthcare Data AnalyticsHealth Catalyst
Healthcare organizations are recognizing the value of healthcare analytics, especially in their Big Data, population health management, or accountable care initiatives. This is good because without analytics it is difficult to impossible to run these programs successfully. That said, analytics are not the magic bullet and proper process must be in place. The three most common mistakes health systems makes with their healthcare analytics are: 1. Analytics Whiplash- when the analytics goes from one project to another without being able to fully understand the data and what it’s saying. 2. Coloring the Truth- When analysts don’t feel like they can be completely forthcoming with information and only give leadership the news they want to hear. 3. Deceitful Visualizations- Manipulating charts, graphs, and the like to reflect what the analyst or leadership wants the data to say, rather than what it actually says.
Business intelligence- Components, Tools, Need and Applicationsraj
As part of the research project for the course Technical Foundations of Information Systems at the University of Illinois, our team worked on the topic, Business Intelligence. The presentation focuses on what is Business Intelligence, its various components, latest tools, the need of BI as well as applications of this technology. This project deals with the latest development of BI technologies (hardware or software) and includes comprehensive literature survey from Journals, and the Internet.
Targeting towards the health and human services communities, this presentation covers the importance of a data-driven culture, how to identify areas where data can be used to innovate and how to recognize the operational processes you must have in place to fully utilize your data.
GDPR is coming for you whether you’re ready or not. Companies must show compliance by May 25, 2018. Take a look at the presentation to learn more about the new law that is going to change the way data is handled across the world. Read about the how it affects you and the steps you can take to make sure you’re GDPR ready!
About Extentia Information Technology:
Extentia is a global technology and services firm that helps clients transform and realize their digital strategies. With a focus on enterprise mobility, cloud computing, and user experiences, Extentia strives to accomplish and surpass your business goals. Our team is differentiated by an emphasis on excellent design skills that we bring to every project. Extentia’s work environment and culture inspire team members to be innovative and creative, and to provide clients with an exceptional partnership experience.
www.extentia.com
An Overview of the new GDPR regulations including:
• Data Protection Frame Work
• GDPR – Responsibilities
• GDPR – Changes
• GDPR - Exemptions
• GDPR – Rights
• Penalty
• Ten High Level Steps
The right approach to data governance plays a crucial role in the success of AI and analytics initiatives within an organization. This is especially true for small to medium-sized companies that must harness the power of data to drive growth, innovation and competitiveness.
This guide aims to provide SMB organizations with a practical roadmap to successfully implement a data governance strategy that ensures data quality, security and compliance. Use it to unlock the full potential of your data assets.
Business Analytics
Business Intelligence
OLAP
OLTP
BI
BA
architecture of BI
techniques of BI and BA
star schema
online analytical processing
online transactional processing
The majority of organizations (54%) use people analytics to improve HR effectiveness today. Organizations more frequently rely on people analytics to improve business outcomes, organizational performance and achieve labor cost savings.
People Analytics allows HR to gain a more strategic role in the organization and clearly show its impact.
Advanced organizations use data to analyze the workforce proactively, make predictions, and create and monitor comprehensive workforce plans to achieve financial success.
HR data has become an strategic priority, but it takes efforts in order to enable the usage of it.
Industry researchers at Gartner announced in April 2012 that the worldwide business intelligence, analytics, and performance management software market surpassed the US$12 Billion level in 2011, a 16.4% increase over the previous year. This statistic is among many pointing to the need for both groups to apply what management guru Peter Senge proclaimed decades ago in The Fifth Discipline: the need for a learning organization. This presentation focuses on three learning areas for anyone in the business analytics profession. First, we analysts need to learn what the markets and industries are saying today. We discuss recent trends which show how analytics will shape the future. Second, we need to learn what group learning options are available. From industry conferences (such as the PASS BA Conference, and virtual PASS sessions) to free MOOCs (massive open online courses), we have more options available to improve our knowledge. Finally, we need to learn what leadership roles our groups can have. We can leverage social networks (including PASS) and social media -- both individually and as organizations -- to communicate passion.
In this new paper, I explore the organisational and cultural challenges of implementing information governance and data quality. I identify potential problems with the traditional centralised methods of data quality management, and offer alternative organistional models which can enable a more distributed and democratised approach to improving your organisations data. I also propose a simple four-step approach to delivering immediate business value from your data.
3 Frequent Mistakes in Healthcare Data AnalyticsHealth Catalyst
Healthcare organizations are recognizing the value of healthcare analytics, especially in their Big Data, population health management, or accountable care initiatives. This is good because without analytics it is difficult to impossible to run these programs successfully. That said, analytics are not the magic bullet and proper process must be in place. The three most common mistakes health systems makes with their healthcare analytics are: 1. Analytics Whiplash- when the analytics goes from one project to another without being able to fully understand the data and what it’s saying. 2. Coloring the Truth- When analysts don’t feel like they can be completely forthcoming with information and only give leadership the news they want to hear. 3. Deceitful Visualizations- Manipulating charts, graphs, and the like to reflect what the analyst or leadership wants the data to say, rather than what it actually says.
Business intelligence- Components, Tools, Need and Applicationsraj
As part of the research project for the course Technical Foundations of Information Systems at the University of Illinois, our team worked on the topic, Business Intelligence. The presentation focuses on what is Business Intelligence, its various components, latest tools, the need of BI as well as applications of this technology. This project deals with the latest development of BI technologies (hardware or software) and includes comprehensive literature survey from Journals, and the Internet.
Targeting towards the health and human services communities, this presentation covers the importance of a data-driven culture, how to identify areas where data can be used to innovate and how to recognize the operational processes you must have in place to fully utilize your data.
GDPR is coming for you whether you’re ready or not. Companies must show compliance by May 25, 2018. Take a look at the presentation to learn more about the new law that is going to change the way data is handled across the world. Read about the how it affects you and the steps you can take to make sure you’re GDPR ready!
About Extentia Information Technology:
Extentia is a global technology and services firm that helps clients transform and realize their digital strategies. With a focus on enterprise mobility, cloud computing, and user experiences, Extentia strives to accomplish and surpass your business goals. Our team is differentiated by an emphasis on excellent design skills that we bring to every project. Extentia’s work environment and culture inspire team members to be innovative and creative, and to provide clients with an exceptional partnership experience.
www.extentia.com
An Overview of the new GDPR regulations including:
• Data Protection Frame Work
• GDPR – Responsibilities
• GDPR – Changes
• GDPR - Exemptions
• GDPR – Rights
• Penalty
• Ten High Level Steps
The right approach to data governance plays a crucial role in the success of AI and analytics initiatives within an organization. This is especially true for small to medium-sized companies that must harness the power of data to drive growth, innovation and competitiveness.
This guide aims to provide SMB organizations with a practical roadmap to successfully implement a data governance strategy that ensures data quality, security and compliance. Use it to unlock the full potential of your data assets.
Business Analytics
Business Intelligence
OLAP
OLTP
BI
BA
architecture of BI
techniques of BI and BA
star schema
online analytical processing
online transactional processing
The majority of organizations (54%) use people analytics to improve HR effectiveness today. Organizations more frequently rely on people analytics to improve business outcomes, organizational performance and achieve labor cost savings.
People Analytics allows HR to gain a more strategic role in the organization and clearly show its impact.
Advanced organizations use data to analyze the workforce proactively, make predictions, and create and monitor comprehensive workforce plans to achieve financial success.
HR data has become an strategic priority, but it takes efforts in order to enable the usage of it.
Lecture 1.13 & 1.14 &1.15_Business Profiles in Big Data.pptxRATISHKUMAR32
The presentation contain the business profiles in big data analytics. through this ppt user can learn about the different case studies such as facebook and walmart. This ppt contain the information and seven characteristics that are required to learn the basics of big data.
Introduction to Analytic fields. Data Analytics. What is Analytics. What it takes to be a Analyst, Different Profiles in Analytics fileds, Data science, data analytics, big data profiles, etc
While the interests in analytics and resulting benefits are increasing by the day, some businesses are challenged by the complexity and confusion that analytics can generate.
Companies can get stuck trying to analyze all that’s possible and all that they could do through analytics, when they should be taking that next step of recognizing what’s important and what they should be doing — for their customers, stakeholders, and employees.
Discovering real business opportunities and achieving desired outcomes can be elusive.
Data analytics courses are educational programs designed to teach individuals the skills and techniques needed to work with data, analyze it, and extract meaningful insights.
For More Details: https://datamites.com/data-analytics-certification-course-training-pune/
Making advanced analytics work for you.
Big data and analytics have rocketed to the top of the corporate agenda. Executives look with admiration at how Google, Amazon, and others have eclipsed competitors with powerful new business models that derive from an ability to exploit data....
Similar to Modern Analytics And The Future Of Quality And Performance Excellence (20)
KING ASOKA AND THE ART OF GOVERNANCE
by
Prof. Sanjeev Sareen
Assoc. Dean & Dy ACO
Faculty - Marketing & Operations
ICFAI Business School,
Gurgaon
Landline: 0124-4980950 Extn. 206
Email: sanjeev.sareen@ibsindia.org
web : www.ibsindia.org
facebook: https://www.facebook.com/GurgaonIBS/
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
"Talent wins games, but Teamwork wins Championships" - Micheal Jordan
Samvaad brings you "The Magic of Team Work" in it's July 2018 issue. Learn how an effective team work can create wonders in your career from IBS Gurgaon faculties prospective.
Read about the academic, extracurricular events happened in IBS Gurgaon during April-June 2018. Know your surroundings through Samvaad.
#IBSAT2018 #IBSGURGAON #IBSINDIA #SAMVAAD
Introduction to Financial Management
By. Prof Navneet Saxena
IBS Gurgaon
Objective:
At the end of this session you should be able to understand
Objectives
Functions and Scope
Evolution
Interface of Financial Management with Other Functional Areas
Environment of Corporate Finance
Introduction to Accounting
By. Prof Navneet Saxena
IBS Gurgaon
Objective:
At the end of this session you should be able to understand
Distinction among Financial Accounting, Cost Accounting and Management Accounting
Evolution of Accounting
Basic Concepts of Financial Accounting
Conventions of Accounting
Stages of Preparing Accounting Statements
From Input to Output
Users of Financial Statements
Advantages of Accounting
Generally Accepted Accounting Principles
International conference on management imperative for sustainable growth.ICFAI Business School
International conference on management imperative for sustainable growth. A call for papers in the area of marketing, human resource, finance, economics and business analytics.
All the information about registration is further mentioned in the pdf.
Learn some tips and tricks to prepare a good resume, Cv, Biodata.
Tips to crack different type of aptitude test.
#interviewtips #resume #ibsgurgaon #ibstips
By Dr Reshmi Manna
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Modern Analytics And The Future Of Quality And Performance Excellence
1. Modern Analytics And The
Future Of Quality And
Performance Excellence
IBS
GURGAON
2. INTRODUCTION
What is Analytics?
• Analytics is the use of data, information technology, statistical analysis,
quantitative methods and other tools to help managers gain improved insight
about their business operations and make better, fact-based decisions.
• Almost all organisations are using modern analytics to improve customer
relationships, financial and marketing activities, supply chain.
3. Users Of Business Analytics-
• Banks- to predict and prevent credit fraud
• Manufactures- for production, planning purchasing and inventory
management.
• Retailers- to recommend products to customers
• Pharmaceutical Firms- to get life saving drugs to market
• Business Man- to make business strategies
• Auditors
• Students
4. Tools Used For Business Analytics
MS Excel- It is a spreadsheet application developed by Microsoft. It
features calculation, graphing tools, pivot tables and a macro
programming language called visual basic.
SPSS- SPSS Modeller is a data mining software tool by SPSS Inc., an IBM
company. It was originally named SPSS Clementine. It is a software used
for Statistical Analysis.
R- It is a programming language and software environment for
statistical computing and graphics. The R language is an open source
tool and is widely used by the academia.
5. ORIGIN OF BUSINESS
ANALYTICS
• The term was first used by H. P. Luhn in an article entitled “A Business
Intelligence System,” published in an IBM research journal in 1958.
• Work done throughout this period was focused on technologies, standards,
processes and tools to support the collection, storage rationalization and
retrieval of data and the creation of reports.
• Statistical methods include the basic tools of description, exploration,
estimation, and inference, as well as more advanced techniques like
regression, forecasting, and data mining.
History-
6. • Technology did not advance to the point where it could be considered an
agent of business analytics until well into the 20th century.
• It was with the 1958 publication of a landmark article on the subject,
written by IBM computer scientist Hans Peter Luhn, that the potential of
BI was recognized.
• With the advent of computers in the business world, companies finally
had an alternative to storing data on paper.
• IBM’s invention of the hard disk in 1956 revolutionized data storage.
Floppy discs, laser discs, and other storage technologies meant that just as
more and more data was being created, so too were there more and more
places to store it.
7. • As business intelligence became a commonly known phrase in the late
1990’s and early 2000’s, dozens of new vendors hit the market.
• Statistical methods include the basic tools of description, exploration,
estimation, and inference, as well as more advanced techniques like
regression, forecasting, and data mining.
• Many operation research and management system applications use
modelling and optimization to find the best solutions and decision.
• Decision support systems (DSS) began
to evolve in the 1960s by combining
business intelligence concepts with
OR/MS models to create analytical-
based computer systems to support
decision making
8. SCOPE OF MODERN
ANALYTICS
Modern Analytics have 3 fundamental disciplines-
1. Business intelligence/ Information systems (BI/IS)
2. Quantitative methods/ Operations research
3. Statistics
9. Modern analytics is often characterized from three
perspectives-
1. Descriptive analytics- The use of data to understand past and current
performance and make informed decisions. Descriptive analytics summarizes data
into meaningful charts and reports, for example, about budgets, sales, revenues,
or cost.
2. Predictive analytics- Analyzing past performance in an effort to predict the
future by examining historical data, detecting patterns or relationships in these
data, and then extrapolating these relationships forward in time.
3. Prescriptive analytics- Using optimization to identify the best alternatives
to minimize or maximize some objective. The mathematical and statistical
techniques of predictive analytics can also be combined with optimization to
make decisions that take into account the uncertainty in the data
10. • Modern analytics is often associated with “big data.” Big data provide
an opportunity for organizations to gain a competitive advantage—if the
data can be understood and analyzed effectively to make better
decisions.
• Big data come from many sources, and can be numerical, textual, and
even audio and video data.
• Big data are captured using sensors, click streams from the Web,
customer transactions, emails, tweets and social media, and other ways.
• Processes such as fraud detection must be analyzed quickly to have
value.
11. ANALYTICS IN BALDRIGE &
STRATEGIC MANAGEMENT
Today analytics driven environment to include more fact based decission as
opposed to judgement and intitution.
These principles have been reflected in the Baldrige Criteria for many years.
The 2015-2016 Baldrige Excellence Framework (Baldrige Performance
Excellence Program 2015) notes the importance of data and analytics in
the Core Value of Management by Fact.
Various research studies have discovered strong relationships between a
company’s performance in terms of profitability, revenue, and shareholder
return and its use of analytics.
12. Application of Baldrige
For all organizations, turning data into knowledge and knowledge into useful
strategic insights is the real challenge of big data. While the volume of data an
organization must assimilate and use in decision making may vary widely, all
organizations are faced with using data from different sources and of varying
quality.
13. Various elements of the Baldrige Criteria explicitly address both
descriptive and predictive analytics implicitly:
• Strategy considerations- How do you collect and analyze relevant
data and develop information for your strategic planning process?
Performance projections- what are your performance projections for
your short- and longer-term planning horizons?
• Performance measures. How do you use data and information to
track daily operations and overall organizational performance?
• Future performance. How do you project your organization’s future
performance?
14. ANALYTICS & THE QUALITY
PROFESSION
• Extensive amount of activity surrounding analytics in business and
academia, the quality profession appears to be lagging behind
analytic trends.
• 70 percent of executives think they are incapable of leveraging
what data are saying.
•More than 50 percent of organizations do not knowhow to make
business decisions based on predictive Analytic
• Only traditional tools such as fishbone and affinity diagrams for
analysis.
15. • Data visualization represents one of the most effective tools for
communicating analytic information.
• Following are the categories
I. space and time,
II. multivariate,
III. text, graph
IV. network
• Data visualizations are often summarized in “dashboards”and “scorecards”
to report key performance measures.
• The use of dashboards has been reported by many Baldrige recipients
Data Visualisation-
16. • One of the most powerful methods of modern analytics is data and
text mining.
• It is the extraction of hidden predictive information from large
databases, is a powerful new technology with great potential to
help companies focus on the most important information in their
data warehouses.
• Data mining tools predict future trends and behaviors, allowing
businesses to make proactive, knowledge-driven decisions.
• Data mining can be considered part descriptive and part
prescriptive.
Data Mining-
17. Some common approaches in data mining
• Data exploration and reduction
• Cluster analysis
• Classification.
• Discriminant analysis
• Logistic regression.
• Association
• Cause-and-effect modeling
18. CONCLUSION
• The amount of data that is generated in the business world is doubling every year.
Therefore the demand for business analytics will grow in near future.
• By combining data, statistical analysis and predictive modelling, business analytics
enables more accurate, objective and economical decision making.
• Business analytics is moving from looking at reports generated by a business
intelligence (BI) system to an algorithm that will make decisions for you.
• Five trends that have changed the future of business analytics are-:
Cloud Computing
Big Data
Social Media
Mobile
Predictive Analytics
19. Challenges For Business
Analytics-
1. Depends on sufficient volume of high quality data.
2. Lack of understanding of how to use analytics, competing business
priorities, insufficient analytical skills, difficulty in getting good data and
sharing information.
3. In the past, business users relied on statisticians to analyze the data and to
report the results.
4. The growing variety in data, organization’s need to determine the types of
data they want to analyze.
5. Data warehousing requires a large storage capacity to store huge amount
of data.
20. Advantages of Modern
Analytics-
1. Improves the decision making process.
2. Responding to user needs for availability of data on timely basis
3. Sharing information with a wider audience.
4. Increase the quality of decision making.