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The document discusses how the Fourth Industrial Revolution requires technical skills like Business Analytics to analyze large amounts of data and help companies make data-driven decisions. Business Analytics solves business problems and identifies trends using insights from big data, helping companies become more innovative, productive, and competitive by transforming data into useful information through techniques like data mining, predictive analytics, and statistical analysis.
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SP101-ppt.pptx
- 1. SP101
- 4. The Fourth Industrial Revolution is here. Believe it or not, technologies like AI, Big Data, and Quantum Computing require a sophisticated understanding that only technical education can bring. Business Analytics is one such branch of technical education that is gaining importance and demand in a world that needs people to keep up with the rapid pace of data creation and analysis..
- 5. 5 In simple language, Business Analytics solves business problems or helps make data-driven decisions using insights from big data to help companies become more innovative, productive, and competitive. It also means utilizing “data mining, predictive analytics, and statistical analysis to analyze and transform data into useful information, identify and anticipate trends and outcomes, and ultimately make smarter, data-driven business decisions,” as OmniSci quotes.
Editor's Notes
- The term “data value chain” describes the process of turning raw data into something of value. Ultimately, organizations use data value chains to uncover vast volumes of information spread across their operations and make it available and useful to the areas of the organization that require this intelligence.
- A value chain is a set of activities that a company performs in order to deliver a product to customers. All the stages involved in moving a product from its ideation to distribution, including design, manufacturing, distribution, and marketing, make up a value chain.