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Analytics PPT

The document provides an overview of analytics, including its history, architectural framework, and types such as descriptive, predictive, and prescriptive analytics. It highlights the importance of data in business decision-making and outlines various applications of analytics in fields like finance, marketing, HR, and healthcare. Additionally, it emphasizes the distinction between analysis and analytics, showcasing how predictive analytics builds on descriptive insights to inform proactive decisions.

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DR. PREETI JINDAL
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8 views11 pages

Analytics PPT

The document provides an overview of analytics, including its history, architectural framework, and types such as descriptive, predictive, and prescriptive analytics. It highlights the importance of data in business decision-making and outlines various applications of analytics in fields like finance, marketing, HR, and healthcare. Additionally, it emphasizes the distinction between analysis and analytics, showcasing how predictive analytics builds on descriptive insights to inform proactive decisions.

Uploaded by

DR. PREETI JINDAL
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Introduction

to Analytics
Content Index
01 02
Introduction to Analytics: Analysis and
a. History of the term Analytics
‘Business Analytics’ Difference table
b. Architectural framework showing major
for ‘Business Analytics’ differences.

03 04
Types of Analytics Applications of Analytics
a. Descriptive Analytics a. In the field of ‘Finance’
b. Predictive Analytics b. Field of ‘Marketing’
c. Prescriptive Analytics c. Field of ‘HR’
d. And the ‘Healthcare’ field.
Peter
Peter Ferdinand Drucker (1909-2005) was an Austrian-born
American management consultant, educator, and author who is
often called the "Father of Modern Management"

Drucker He quoted “If you can't measure it, you can't manage it.”
Highlighting the importance of data and analytics in the field of
management.

Branches
History of term
‘Business Analytics’
The primary role of business analytics is to transform raw data into meaningful or
actionable insights, enabling businesses to make data-driven decisions that
improvise customer experience, optimize its processes, enhance profitability, and
minimize risks. It involves the collection, cleaning, and transformation of data from
various sources into one integrated document. Various statistical analysis and data
mining techniques are then applied to explore correlations, patterns, and trends
within the data, if any.

Scientific Management Hawthrone studies by Operations research


by F.W. Taylor Elton Mayo by George B. Dantzig
Architectural
Framework of
Business
Analytics
Figure provides the architectural
framework of business analytics. It
depicts the various components and
how they interact to enable analytics.
The framework contains four key
elements. Sources Data Tools Application
Analysis And
Analytics
The distinction between analysis and
analytics is blurred and often
misunderstood.
Engineers may think that analytics is for
marketers, while engineers do analysis.
As analytics can be used to help with
manufacturing and reliability as well.
Descriptive
Analytics 70

60

50

40

30

20 20

10

15 Descriptive 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Insights
10

0
2031 2032 2033

Raw Data
Predictive Analytics

Predictive

Descriptive
analytics
Predictive analytics uses statistical models and machine learning to forecast future outcomes based on
historical data. It builds on descriptive analytics, which summarizes past events and identifies patterns through
78%
data aggregation and visualization. By understanding these patterns and relationships, predictive analytics
applies techniques like regression and classification to project future trends or behaviors.
Stock Growth For example, insights
Financial Growth
Company Growth
from descriptive analytics might show sales spikes on weekends, enabling predictive models to forecast future
sales volumes. Thus, descriptive analytics lays the foundation by revealing trends, which predictive analytics
leverages to make data-driven predictions, helping organizations make proactive decisions.
Prescriptive
Analytics
Prescriptive analytics recommends optimal
actions based on predictive insights. One
example is Google Maps which utilizes it by
analyzing real-time and historical traffic data to
simulate various routes. It then prescribes the
best path, considering distance, current traffic,
and road conditions. This ensures users receive
efficient, turn-by-turn directions, adapting
dynamically to changes for minimal travel time
and maximum efficiency. Prescriptive analytics Maps
Application of Analytics
01 Finance Predicts market trends, assesses credit risk, and detects fraud using data
models to optimize investments and manage financial performance.

Analyzes customer behavior, personalizes campaigns, and predicts


02 Marketing trends to improve targeting, enhance customer experience, and
boost conversion rates.

Assesses employee performance, predicts attrition, and optimizes


03 HR recruitment strategies to enhance workforce planning and
improve talent retention.

Diagnoses diseases, personalizes treatment plans, and predicts patient


04 Healthcare outcomes to improve care quality, reduce costs, and enhance operational
efficiency.
Thank
You!

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