(ANALYTICS IMPROVE BUSINESS
Social Media Analytics
In total we call it as “Business Analytics” or “Data
Integration of disparate data sources from
inside and outside the enterprise that are
required to answer and act on forward-looking
business questions tied to key business
Big data and Little Data
Big data: Data from Web behavior, mobile
phone usage patterns, in-store shopping
activity, public surveillance videos, GPS
tracking data, automotive driving patterns,
physical fitness data, social media data,
satellite imagery, video streams, or car
telematic data, and the list goes on and on.
Big data and Little Data…
Little Data: It is for anything not considered big
data. Although big data is in vogue, little data
sources are just as crucial for successful
business analytics and answering the critical
Criteria For Analytics
Business challenges. Align business analytics initiatives to the most
pressing business problems your organization needs to address.
Data foundation. The data foundation that will support the business
analytics process must be strong in terms of reliability, validity, and
Analytics implementation. Ensuring that business analytics solutions are
developed and provided to the enterprise with the end goals in mind is
crucial for success.
Insight. Business analytics must transform data from information into
intelligence and insight for the organization.
Execution and measurement. Business analytics must be put to work and
must lead to organizational action, as well as provide guidance on how to
track the results of the actions taken.
Distributed knowledge. Business analytics must be communicated in an
effective and efficient manner, as well as made available to as broad a
group of stakeholders as is appropriate.
Innovation. Business analytics must be relentlessly innovative, both in
analytical approach and in how it affects the organization, by developing
solutions that will "wow" customers.
Future Of Analytics
Every company must cope with big data, must have a
data strategy, and must use various data assets and
tools to augment the data it collects internally. Days are
gone simply talking benefits of data analytics. This
is implementation time.
Data management will become separate department in
every organization. In the same way that most
companies have strategies for human capital, marketing,
product, and technology, they will also have a formal
strategy for analytics.
Yet decisions are not always based on data.
The other factors are Fear, bias, greed,
ignorance, arrogance, and other human foibles
Descriptive analysis - tells us what happened.
Predictive analysis - tells us what will happen.
Prescriptive analysis - tells us how to make it
The definition of competency is the possession
of the skills, knowledge, and capacity to fulfill
The definition of capability is the qualities,
abilities, capacity, and potential to be
developed. Note the word potential. While
competence deals with the current state,
capability focuses on the ability to develop and
flex to meet FUTURE NEEDS