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Emerging Concepts & Trends in Business Analytics

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32 views15 pages

Emerging Concepts & Trends in Business Analytics

Uploaded by

vishalsingh9669
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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EMERGING CONCEPTS & TRENDS IN

BUSINESS ANALYTICS
MACHINE LEARNING
Area of artificial intelligence (AI).
Built on the concept that a computer program can learn and adapt to new data with no human
intervention.
Big data is becoming easily available and accessible due to the progressive use of technology,
advanced computing capabilities and cloud storage.
ML is being employed by different industries to gather, process, communicate, and share
useful information from data sets.

Machine learning Applications in Businesses:


To identify new investment opportunities.
E-Commerce platforms can be tuned to provide personalized recommendations to their users.
Information hubs can use ML to cover huge amounts of news stories from all corners of the world.
NEURAL NETWORKS
Neural networks can help computers make intelligent decisions with limited human assistance.

Neural networks have several uses across many industries, such as the following:
Medical diagnosis by medical image classification.
Targeted marketing by social network filtering and behavioural data analysis.

Computer vision
Computer vision is the ability of computers to extract information and insights from images and
videos.

Speech recognition
Can analyze human speech despite varying speech patterns, pitch, tone, language, and accent.

Natural language processing


NLP is the ability to process natural, human-created text.
CONCEPT OF FLAT FILES
A flat file database stores data in plain text
format.

Flat files are widely used in data warehousing


projects to import data.

No manipulation is performed on the data they


store, but they are preferred due to the ease
with which they carry data from the server.

Flat files only serve as a bare means of storing


table information, but do not hold any relations
between the tables included within them.
DATA WAREHOUSING
Single Source of Truth.
Structuring all the best quality data in one place.
Multiple files keep getting modified and revised from time to time, leaving you with a lot of
ambiguity.
Data Warehouse is where valuable data assets are stored - Customer Data, Sales Data and
Employee Data.
Few of the top data warehouses in the present market are Teradata, Oracle, Amazon Web
Series, Cloudera, and MarkLogic.

It is subject oriented,
It is integrated,
It is time variant,
It is summarized.
DATA MINING
Data mining is the process of searching and analysing a large batch of raw data in order to
identify patterns and extract useful information.
Companies use data mining software to learn more about their customers.
Data mining relies on effective data collection and data warehousing.

Data mining process involves four steps:


I) Data is collected and loaded into data warehouses on-site or on a cloud service.
II) Business analysts access the data and determine how they want to organize it.
III) Custom application software sorts and organizes the data.
IV) The end user presents the data in an easy-to-share format, such as a graph or table.

Applications:
Credit risk management: Predicting the chances that an account may turn into an NPA.
Fraud detection: A company can use data mining to identify outliers or correlations that
should not exist.
HOW DATA MINING WORKS?
To do this, classify data into these groups:

I) Classes: Classes are groups where the data shares characteristics


Example- A class for a company like Netflix would be the customers who all watched a movie.

II) Clusters: Similar to classes but with additional attributes (logical relationships & preferences)
Example- Product recommendations, people who bought this product also bought.

III) Associations: Use data to find relationships/patterns that would often go unnoticed.
Example: finding a connection between buying two unrelated products

IV) Sequential Patterns: Sequential patterns uses past data to form a predictive model. Produces
projected trends of what the data shows a consumer will buy.
Example: Target could predict a consumer will buy diapers if they are/have purchased baby
clothes and pacifiers in the past.
DATA DELUGE

Most companies today have massive


amounts of data at their disposal.

Data deluge is result of the prevalence of:


Automated Data Collection
Online Data Processing
Market Research Data
There is a growing recognition of the
untapped value of these databases.
This recognition is driving the development
of business analytics.
DATA MART
A data mart is a subset of a data warehouse oriented to a specific business line.
Data marts contain repositories of summarized data collected for analysis on a specific
section or unit within an organization, for example, the sales department.
Useful for allocation of responsibility.
DATA LAKE

A data lake is a storage repository that holds a


vast amount of raw data in its native format
until it is needed.
While a hierarchical data warehouse
stores data in files or folders, a data lake uses
a flat architecture to store data.
Example of data lake - Azure Data Lake and
Amazon S3.
DATA LAKE VS DATA WAREHOUSE

Data Lake Data Warehouse


Raw and Semi-Structured Processed and Structured
No determined purpose yet Already in Use.
Users include data scientists Users include business professionals
Low Cost Storage Expensive for large volumes of data
Storage – Decoupled from Compute function. Storage – Tightly Coupled with other functions
DATABASE
A database is an organized collection of structured information, or data, typically stored
electronically in a computer system.

A database is usually controlled by a database management system (DBMS). Together, the


data and the DBMS are referred to as a database system, often shortened to just database.

Databases and spreadsheets (Excel) are both convenient ways to store information. The primary
differences between the two are: How the data is stored and manipulated and How much data can
be stored.

Databases are of generally four major categories:


Hierarchical Databases
Relational Databases
Non-Relational Databases
Object oriented Databases
TEXT ANALYSIS: WHAT?
Also called as text mining.

Text analysis (TA) is a technique used to automatically extract valuable insights from unstructured text
data.

Companies use text analysis tools to quickly analyse online data and transform them into actionable
insights.

You can use text analysis to extract specific information, like: Keywords, Names, Entities, or Categorize
survey responses by sentiment and topic.

Huge amounts of unstructured data are created by businesses in the form of text: Emails, Social media
conversations, Chat bot Scripts.

Manually processing and organizing text data takes time. It’s tedious, inaccurate, and it can be
expensive if you need to hire extra staff to sort through text. This is where text analysis comes in.
MAJOR ELEMENTS
Sentiment Analysis: To automatically read and classify for opinion polarity (positive, negative,
neutral).

Topic Analysis: To automatically organize text by subject or theme. For example: "The app is really
simple and easy to use”. If we are using topic categories, like Pricing, Customer Support, and Ease of
Use, this product feedback would be classified under Ease of Use.

Intent classification: To automatically associate words or expressions with a particular intent.


However, intent classifiers need to be trained with text examples first.

Keyword Extraction: Keywords are the most used and most relevant terms within a text, words and
phrases that summarize the contents of text. It can be used to generate word clouds (a visual
representation of text data).

Word Frequency: A text analysis technique that measures the most frequently occurring words or
concepts in a given text. Similar or related words are then clubbed to create themes. Themes can be
ranked based on overall frequency count.
TEXT ANALYTICS VS TEXT ANALYSIS
Text analysis delivers qualitative results; text analytics deliver quantitative results.
If a machine performs text analysis, it identifies important information within the text itself, but if it
performs text analytics, it reveals patterns across thousands of texts, resulting in graphs, reports,
tables etc.
Example: If a customer support manager wants to know how many support tickets were solved by
individual team members, they would use text analytics to create a graph that visualizes individual ticket
resolution rates.
By analysing the text within each ticket and subsequent exchanges, customer support managers can see
how each agent handled tickets.

Text analysis is decoding the ambiguity of human language.


Text analytics is detecting patterns and trends from the numerical results.

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