BUSINESS ANALAYTICS NOTES

Q. WHAT IS ANALYTICS?

Analytics is the process of discovering, interpreting and communicating significant

patterns in data. Analytics helps us see insights and meaningful data that we might
not otherwise detect. Business analytics focuses on using insights derived from
data to make more informed decisions that will help organizations increase sales,
reduce costs, and make other business improvements.

Q. WHAT IS BUSINESS ANALYTICS?

Business analytics is the process of transforming data into insights to improve

business decisions with the help of data management, data visualization, predictive
modeling, data mining, forecasting simulation & optimization.

Business analytics means examine something using statistical tools.

Business analytics is the combination of skills, Technologies & Practices.

Q. TYPES OF BUSINESS ANALTYTICS?

Q. WHAT IS BUSINESS INTELLIGENCE?

Business intelligence (BI) is a set of strategies and technologies enterprises use to

analyze business information and transform it into actionable insights that inform
strategic and tactical business decisions.

Q. WHAT IS DATA SCIENCE?

Data science is the study of data to extract meaningful insights for business.
It is a multidisciplinary approach that combines principles and practices from
the fields of mathematics, statistics, artificial intelligence, and computer
engineering to analyze large amounts of data.
Q. DELPHI METHOD
The Delphi method is a process mostly used in research and economics, that aims
to collect opinions on a particular research question or specific topic, to gain
consensus. The opinions are collected from a group of experts that are not
physically assembled, normally through questionnaires.
Q.FIVE V’S OF BIG DATA

BIG DATA isa collection of data from many different sources and is often
describe by five characteristics: volume, value, variety, velocity, and
veracity.

Volume: the size and amounts of big data that companies manage and
analyze

Value: the most important “V” from the perspective of the business, the
value of big data usually comes from insight discovery and pattern
recognition that lead to more effective operations, stronger customer
relationships and other clear and quantifiable business benefits

Variety: the diversity and range of different data types, including

unstructured data, semi-structured data and raw data

Velocity: the speed at which companies receive, store and manage data –
e.g., the specific number of social media posts or search queries received
within a day, hour or other unit of time

Veracity: the “truth” or accuracy of data and information assets, which often
determines executive-level confidence
Q. EVALUTION OF BUSINESS ANALYTICS
Q.DATA VISUALIZATION
Data visualization is the graphical representation of information and data.
By using visual elements like charts, graphs, and maps, data visualization
tools provide an accessible way to see and understand trends, outliers, and
patterns in data

5 STEPS IN DATA VISUALIZATION

Step 1 — Be clear on the question. ...
Step 2 — Know your data and start with basic visualizations. ...
Step 3 — Identify messages of the visualization, and generate the most informative.
Step 4 — Choose the right chart type. ...
Step 5 — Use color, size, scale, shapes and labels to direct attention to the key.

Some of the best data visualization tools include Google Charts, Tableau, Grafana,
Chartist, FusionCharts, Datawrapper, Infogram, and ChartBlocks etc. These tools
support a variety of visual styles, be simple and easy to use, and be capable of
handling a large volume of data.

Q. DATA MINING
Data mining is the process of sorting through large data sets to identify
patterns and relationships that can help solve business problems through data
analysis. Data mining techniques and tools help enterprises to predict future
trends and make more informed business decisions.
Q. WHAT IS DATA WAREHOUSE?
A data warehouse is a data management system that store current and
historical data from multiple sources in a business friendly manner for
easier insights and reporting. Data warehouses are typically used for
business intelligence analytics, reporting, data application, and preparing
data for machine learning and data analysis.
Data warehouses make it possible to quickly and easily analyze business
data uploaded from operational system such as point of sale systems,
inventory management systems or marketing or sales database data may
pass through as operational data store and require data cleaning to ensure
data quality before it can be used in the data warehouse for reporting.
Q. SWOT ANALYSIS

Q. Growing role of business Analytics?

The growing role of analytics in India is a reflection of the country's increasing adoption of
data-driven decision-making across industries. As India continues its rapid technological,
economic, and digital transformation, analytics has become a crucial enabler for businesses,
governments, and even individuals to make informed, actionable decisions. Below are key
factors contributing to the rising role of analytics in India:

1. Digital Transformation and Data Explosion

India has seen a massive increase in internet penetration, mobile device usage, and
digital content consumption, resulting in an exponential rise in data generation.
According to various reports, India’s data consumption per user is among the
highest in the world. This vast pool of data is being

Harnessed through analytics to gain insights, drive efficiencies, and optimize

processes across sectors.

2. Growing Demand for Data-Driven Decision Making

Businesses in India are increasingly adopting data-driven decision-making to

enhance competitiveness, improve operational efficiency, and meet customer
expectations. Whether it’s in e-commerce, banking, retail, or manufacturing,
organizations are leveraging analytics for:

 Customer insights and personalized experiences: Analytics helps

companies understand consumer behavior, preferences, and buying patterns,
allowing them to offer personalized products and services.
 Supply chain optimization: Companies use predictive analytics to forecast
demand and optimize inventory management.
 Fraud detection and risk management: Financial institutions rely on
advanced analytics and machine learning models to detect fraudulent
activities and mitigate risks.

3. The Rise of Artificial Intelligence and Machine Learning

Analytics is no longer just about descriptive statistics; it's increasingly being

augmented with AI and machine learning to provide predictive and prescriptive
insights. India is witnessing growth in areas such as:

 Natural Language Processing (NLP) for customer support and sentiment

analysis.
 Predictive maintenance in manufacturing using IoT (Internet of Things)
data.
 Chatbots and virtual assistants to enhance customer service.

The proliferation of AI and ML tools is democratizing analytics, enabling

businesses of all sizes to implement sophisticated solutions without needing deep
technical expertise.
4. Start-up Ecosystem and Innovation

India has become a global hub for start-ups, with the analytics industry forming a
core part of this ecosystem. Numerous Indian start-ups and SMEs are leveraging
analytics to disrupt traditional industries like healthcare, education, logistics, and
finance. These start-ups are driving:

 Innovation in product design and service delivery, using data insights to

develop products that meet specific consumer needs.
 Data-centric models that challenge established players, creating
competitive pressure in established markets.

5. Government Initiatives and Smart Cities

The Indian government is increasingly recognizing the potential of analytics for

public governance and infrastructure development. Some key initiatives
include:

 Digital India: This initiative aims to transform India into a digitally

empowered society, creating vast amounts of public data that can be
analyzed for better governance and policy-making.

 Smart Cities Mission: Analytics plays a crucial role in optimizing city

planning, traffic management, energy consumption, and urban mobility by
processing data from sensors, social media, and IoT devices. Aadhaar:
India's national biometric identity system has created massive data sets,
which are analyzed for public welfare schemes, financial inclusion, and
government subsidies.

6. Talent and Education in Analytics

India has a rich pool of skilled professionals in fields like engineering, computer
science, and statistics. Universities, business schools, and online platforms are
offering specialized courses in data science, analytics, and AI, creating a
workforce that is increasingly equipped to handle the growing demand for data
analysis. This has led to:

 A boom in analytics consulting services, both in India and globally.

 A rise in analytics-as-a-service platforms that cater to small and medium
businesses, offering
  them access to cutting-edge analytics tools without the need for large capital
investments.

7. Adoption Across Industries

Analytics has permeated virtually every sector of the Indian economy, with
industries leveraging it for a range of applications:

 Retail: Retailers are using data analytics to track consumer behavior,

optimize inventory, and predict demand. E-commerce giants like Flipkart
and Amazon India are major players in this space.
 Healthcare: In healthcare, predictive analytics is used for disease detection,
hospital resource management, and improving patient outcomes. For
instance, hospitals use data to predict patient admissions and manage
operations.
 Banking and Finance: Banks use analytics to improve customer
satisfaction, detect fraud, offer personalized services, and manage risks.
Analytics-driven credit scoring models are becoming popular in the fintech
space.

8. Challenges and Opportunities

While the growth of analytics in India is promising, there are also challenges:

 Data privacy and security: As analytics and AI become more pervasive,

concerns about the security of personal data and privacy issues are
increasingly coming to the fore. The government is addressing this with
regulations such as the Personal Data Protection Bill.
 Infrastructure gaps: While metropolitan areas are well-equipped for
analytics adoption, rural areas still face challenges in terms of access to
technology and data infrastructure.
 Talent shortage: Despite the increasing number of data science
professionals, there is still a significant gap between the demand for skilled
analysts and the supply of qualified talent.

9. Future Outlook

The future of analytics in India looks highly promising, with the potential for
deeper integration of AI-driven analytics across industries. Some key trends
include:
  Edge computing: With the rise of IoT devices and remote sensors, edge
computing will enable real-time analytics at the point of data collection,
reducing latency.
 Augmented analytics: This combines AI, machine learning, and data
visualization to make analytics more accessible to business users, removing
the need for advanced technical expertise.
 Sustainability analytics: Companies and governments will increasingly use
data to drive sustainability efforts, optimizing energy usage, reducing waste,
and promoting environmental conservation.

In conclusion, the growing role of analytics in India is a pivotal driver of the

nation's digital transformation. From business to government to everyday life, data
and analytics are shaping how decisions are made, problems are solved, and value
is created across industries. With the right infrastructure, talent, and regulatory
support, India is poised to become a leader in the global analytics ecosystem.
Q.
Q. Below is a table of differences between Data Science and Business
Intelligence:

S.
No. Factor Data Science Business Intelligence

It is basically a set of
It is a field that uses
technologies, applications
mathematics, statistics and
1. Concept and processes that are
various other tools to discover
used by the enterprises for
the hidden patterns in the data.
business data analysis.

It focuses on the past and

2. Focus It focuses on the future.
present.

It deals with both structured as It mainly deals only with

3. Data
well as unstructured data. structured data.

It is less flexible as in case

Data science is much more
of business intelligence
4. Flexibility flexible as data sources can be
data sources need to be
added as per requirement.
pre-planned.

It makes use of the scientific It makes use of the

5. Method
method. analytic method.

It has a higher complexity in

It is much simpler when
6. Complexity comparison to business
compared to data science.
intelligence.

7. Expertise It’s expertise is data scientist. It’s expertise is the

S.
No. Factor Data Science Business Intelligence

business user.

It deals with the questions of It deals with the question

8. Questions
what will happen and what if. of what happened.

The data to be used is

Data warehouse is utilized
9. Storage disseminated in real-time
to hold data.
clusters.

The ETL (Extract-

The ELT (Extract-Load- Transform-Load) process
Integration Transform) process is generally is generally used for the
10.
of data used for the integration of data integration of data for
for data science applications. business intelligence
applications.

It’s tools are

InsightSquared Sales
It’s tools are SAS, BigML,
11. Tools Analytics, Klipfolio,
MATLAB, Excel, etc.
ThoughtSpot, Cyfe,
TIBCO Spotfire, etc.

Companies can harness their Business Intelligence

potential by anticipating the helps in performing root
12. Usage future scenario using data cause analysis on a failure
science in order to reduce risk or to understand the
and increase income. current status.
S.
No. Factor Data Science Business Intelligence

Business Intelligence has

Greater business value is lesser business value as
achieved with data science in the extraction process of
Business
13. comparison to business business value carries out
Value
intelligence as it anticipates statically by plotting charts
future events. and KPIs (Key
Performance Indicator).

The technologies such as

The sufficient tools and
Hadoop are available and
Handling technologies are not
14. others are evolving for handling
data sets available for handling
understandingItsItsarge data
large data sets.
sets.

Q. FIVE V’S OF BIG DATA?

BIG DATA isa collection of data from many different sources and is often
describe by five characteristics: volume, value, variety, velocity, and
veracity.

Volume: the size and amounts of big data that companies manage and
analyze

Value: the most important “V” from the perspective of the business, the
value of big data usually comes from insight discovery and pattern
recognition that lead to more effective operations, stronger customer
relationships and other clear and quantifiable business benefits

Variety: the diversity and range of different data types, including

unstructured data, semi-structured data and raw data
Velocity: the speed at which companies receive, store and manage data –
e.g., the specific number of social media posts or search queries received
within a day, hour or other unit of time

Veracity: the “truth” or accuracy of data and information assets, which often
determines executive-level confidence
Q.Types of Data Analytics
Data analytics is broken down into four basic types:

1. Descriptive analytics: This describes what has happened over a given

period of time. Have the number of views gone up? Are sales stronger
this month than last?

2. Diagnostic analytics: This focuses more on why something happened. It

involves more diverse data inputs and a bit of hypothesizing. Did the
weather affect beer sales? Did that latest marketing campaign impact
sales?

3. Predictive analytics: This moves to what is likely going to happen in the

near term. What happened to sales the last time we had a hot summer?
How many weather models predict a hot summer this year?

4. Prescriptive analytics: This suggests a course of action. For example,

we should add an evening shift to the brewery and rent an additional
tank to increase output if the likelihood of a hot summer is measured as
an average of these five weather models and the average is above
58%,
Q.What is business Analytics Tools?

1) Tableau – Business Analytics Tools

 Tableau is considered as an 8th consecutive leader in analytics and
business intelligence platforms in Gartner’s Magic Quadrant 2020 report
 Business intelligence platforms in Gartner’s Magic Quadrant 2020 report
Analysis with a presentation in a proper workflow
 Tableau provides a fast and robust kind of functionality to give insights.
 It can connect to many cloud-based and local business services.
 All three types of analytics is suited to Tableau.
 It is capable of handling recurring reports
 It is capable of handling recurring reports
 It provides geospatial functionality and have an integrated statistic for the
same and thus supports advanced self-service.
 It uses the technologies for application such as single sign-in function and JavaScript
APIs that can embed Tableau in simple and standard business applications
 Start Learning Tableau Analytics Too
2) SAS – Business Analytics Tools
 SAS stands as the best in Data Science & Machine Learning for the 7th year
in a row in Gartner’s Magic Quadrant
 It is the best software for forecasting and correlation
 It interprets complex statistical data
 SAS helps everyone including Business Analysts, Data Analysts,
and Data Scientists
 SAS is the best statistical analysis software that can make new
Discoveries from the available data.

3) MS Excel – Business Analytics Tools

 Excel is the traditional tool for Data Analytics
 It is used for Data Analytics before the advent of any other top business
Analyst was made in the market
 There is an option of Data Analysis tools in Excel that can be accessed
Under Data Tab on the ribbon.
 In short, a total tool pack for business analysis is there in Excel software
 Functions such as LEN, COUNTA, SUMIF, and many more are
available in Excel to support data or business analytics
4) KNIME – Business Analytics Tools
 KNIME is the leader in Data Science and Machine Learning by Gartner’s
Magic Quadrant
 It is an open-source platform to perform analytics
 It is designed in such a way that a data scientist will connect with it in a
single glance
 It has nodes that can perform anything, including both extracting to
presenting data.
 Its virtual interface provides nodes for integration and performs actions.
 It is capable of integration with a wide range of other data science tools.
  These tools include Python, R, Hadoop, including
unstructured and structured data types.
 KNIME is supportive of the leading data science cases. E.g., medical claim
outline detection, text mining, market basket analysis, social media
sentiment analysis, etc.
 Join KNIME Crash Course & Become Pro in Business Analytics.

5) QLIK SENSE

 It is 10th time leader in a row in Analytics and Business Intelligence

Platforms in Gartner’s Magic Quadrant.
 It is designed to provide speedy insight discovery
 It helps in determining the relationships among data at the time of data
preparation and acquisition.
 It can automatically segregate the data from all the identifier
links, inbound sources and the combined data set is shown to the user
rather than the old query-based part of receiving the data
 Qlik Possess in-memory architecture that aids many users to work on a
diverse range of data simultaneously and seamlessly
 It also includes functions such as dynamic calculation, binary indexing, and
logical functions.
 It supports HTML5, JavaScript and APIs
 It can well integrate all platforms like mobile platforms, web-based, and
business applications.
 QlikSense Course for Beginner (Hands-on Training)
6) Power BI

 It is 13th time in a row proved as a leader in Gartner’s Magic Quadrant

 Microsoft Power BI supports a lot of data sources
 It is a business intelligence platform that helps the users to create and
Share dashboards, visualizations, and reports.
 You can merge more reports and documents in a single Power BI
application for more natural distribution.
 It helps in building machine Learning Models with ease.
 It integrates well and works seamlessly with the Azure Machine learning
model.
 Learn Visual Storytelling with Power BI Course.

Q.Business Analytics Process

BIG QUESTIONS (10 MARKS)
Q.1.Define healthcare analytics their role?
Q.2.Define agribusiness analytics and their role?
Q.3. Define Operational Analytics & how he increase efficiency?
Q.4.Define H.R. analytics & explain role of HR?
Q.5.Define financial analytics & their role?
Q.6. Define marketing analytics & explain their role?
Q.7. Explain type of data collection methods?
Q.8.Seven steps of the analytical decision making process?
Q.9.Explain relationship between Segmentation, targeting and
positioning?
Q.10. what is Agri business management Analytics? Give an overview
of some key areas where business analysis is applied in agribusiness?
Q.11. what are the Characteristics of good question and skill of a good
business analyst?