Presentation of Unit I for MBA students

1. Introduction to Business
Analytics
Unit - I

2. Business Analytics
• Study of data through statistical
• Operations analysis
• Applying optimization techniques
• Two main areas
• Business intelligence – examining how a team performed in a span of work
• Statistical analysis – checking future performance
• Existing since long back earlier to World war 2

3. Scope (Purpose) of BA
• Helping organizations know their customers
• Reputation management
• Improve operational efficiency
• Financial management
• Manage waste, fraud and abuse
• Proactive risk management
• Analytics in education

4. Why Business Analytics?
• Making strong decisions
• Functional efficiency of various departments
• Enhances decision

5. Components of Business Analytics
• Data mining
• Text mining
• Forecasting
• Predictive analysis
• Optimization
• Visualization
• Visual analysis
• Dashboards & scorecards
• Virtual reality

6. Techniques of Business Analytics - Types
• Descriptive Analytics
• Predictive Analysis
• Prescriptive Analysis

7. Terminologies of business analytics
• Artificial Intelligence
• Big data
• Business Intelligence
• Behavioral analytics
• Balanced scorecard
• Contextual data
• Data analytics
• Descriptive analytics
• Dashboard
• Data cleansing
• Data processing
• Data translation
• Data visualization
• Database
• Gap analysis
• Geospatial analytics
• Key performance indicator
• Metadata
• Metrics
• Multipolar analytics
• Predictive analytics
• Prescriptive analysis
• Pivot table
• Statistical analysis
• Time series forecasting
• Variety, velocity, volume

8. Process
of
business
analytics
Define the
business
need
Explore the
data
Analyse
the data
Predict
what’s
likely to
happen
Optimise
the best
soln.
Make
decision &
measure
outcome
Update
system
with
results

9. Advantages of BA
• Enhance customer experience
• Make informed decisions
• Reduce employee turnover
• Improve efficiency
• Identify frauds
• Cut mfg. costs
• Make most of your investment
• Improved advertising
• Better pdt. Management
• Tackle problems
• Accelerate through uncertainity
• Conduct competitor analysis

10. Tools of BA
• MS excel
• SAS
• SPSS modeler
• Salford systems
• KXEN
• MATLAB
• R
Challenges of BA
• Lack of tech. skills employees
• Data security and maintenance
• Integrity of data
• On time completion
• Inability to address issues
• Costs
• Lack of strategy

11. Application areas of BA
• Financing
• Human resource
• Marketing
• Customer relationship management
• Manufacturing
• Credit card companies

12. Competitive advantage
• Price leadership
• Sustainability
• Operation efficiency
• Service effectiveness
• Innovation
• Product differentiation