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Unit I 220106090034

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23 views37 pages

Unit I 220106090034

file on management

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FGEFG
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© © All Rights Reserved
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BUSINESS DATA ANALYTICS USING EXCEL

M.VADIVEL
ASSISTANT PROFESSOR
SRI RAMAKRISHNA COLLEGE OF ARTS AND SCIENCE,
COIMBATORE
UNIT – I

BUSINESS ANALYTICS BASICS


DEFINITION OF ANALYTICS
Analytics is the scientific process of discovering
and communicating the meaningful patterns which can
be found in data.
It is concerned with turning raw data into insight
for making better decisions.

According to Wayne Winston: “using data for


better decision making.”
How is data analytics used in
business?
How is data analytics used in business?

Data Scientists and Analysts use data


analytics techniques in their research,
and businesses also use it to inform their
decisions. Data analysis can help companies
better understand their customers, evaluate
their ad campaigns, personalize content,
create content strategies and develop
products.
Evolution of Business Analytics

The advent of business computers back in the

1970s led to a range of applications tailored


for corporate use. This probably led Gartner
to define 'Business analytics' as a range of
solutions 'used to build analysis models and
simulations to create scenarios, understand
realities and predict future states
Why do we need analytics ?
Why do we need analytics ?

Data analytics is important because it helps

businesses optimize their performances.


 A company can also use data analytics to

make better business decisions and help


analyze customer trends and satisfaction,
which can lead to new—and better—products
and services
Why do we need business analytics ?
Why do we need business analytics ?

Business analytics help organizations to

reduce risks. By helping them make the


right decisions based on available data such
as customer preferences, trends, and so on, it
can help businesses to reduce short and long-
term risk.
Four Major Fields

1. Information Management
2. Descriptive Analytics
3. Predictive Analytics
4. Prescriptive Analytics
Four major fields:
1. Information Management
Information management deals with storing, extracting, transforming, and
loading data and information from operational databases into data warehouses.
Once the information is made available in data warehouses.

2. Descriptive Analytics
Business Analysts can use a series of descriptive analytics tools to
understand what has happened in the organization regarding its key performance
indicators.

3. Predictive Analytics
Predictive Analytics tools can be used to forecast and estimate future
behavior based on past performance.

4. Prescriptive Analytics
Prescriptive Analytics to identify the best courses of actions and optimal
decisions.
What is Data Analytics?
Scope of Business
Analytics
Scope of Business
Analytics
Retail Markdown Decisions
 Most department stores clear seasonal inventory
by reducing prices.
 The question is:
When to reduce the price and by how much?
 Descriptive analytics: examine historical data
for similar products (prices, units sold,
advertising, …)
 Predictive analytics: predict sales based on price
 Prescriptive analytics: find the best sets of
pricing and advertising to maximize sales revenue
Data for Business Analytics

DATA
- collected facts and figures
DATABASE
- collection of computer files
containing data
INFORMATION
- comes from analyzing data
Difference between Business Analysis and Business
Analytics
Let’s learn about the key differences between the two
disciplines:
Business Analysis
1. Focuses on processes, techniques and functions
2. Used to solve complex business problems and
bring out positive change
3. Performed by Business Analysts, Systems Analyst, Functional
Analyst
4. Functional, business and domain knowledge is required to carry
out business analysis
5. Areas of Impact : Organization, Enterprise, Process, Business
and Technology

Business Analytics
6. Focuses on data and statistical analysis
7. Used to predict future states and drive business decisions
8. Performed by Data Analyst, Data Scientist
9. Statistical, mathematical and programming knowledge is
required for performing business analytics
1. Descriptive Analytics: Describing or
summarising the existing data using existing
business intelligence tools to better understand
what is going on or what has happened.
2. Diagnostic Analytics: Focus on past
performance to determine what happened and
why. The result of the analysis is often an analytic
dashboard.
3. Predictive Analytics: Emphasizes on predicting
the possible outcome using statistical models and
machine learning techniques.
4. Prescriptive Analytics: It is a type of predictive
analytics that is used to recommend one or more
course of action on analyzing the data.
Tools for Analytics

SLM (Service Life-Cycle Management)


SCM (Supply Chain Management)
ERP (Enterprise Resource Planning)
CRM (Customer Relationship Management)
Tools for Analytics

1. SLM (Service Life-Cycle Management)

LCM is a business management approach that can be used by all types of


business in order to improve their sustainability performance. LCM is about
making life cycle thinking and product sustainability operational for businesses
that are aiming for continuous improvement.
2. Supply chain management (SCM)
Supply chain management (SCM) is the process and activitity of sourcing the
raw materials or components an enterprise needs to create a product or service
and deliver that product or service to customers. The goal of SCM software is to
improve supply chain performance.
3. ERP (Enterprise Resource Planning)
Enterprise resource planning (ERP) refers to a type of software that
organizations use to manage day-to-day business activities such as accounting,
procurement, project management, risk management and compliance, and
supply chain operations.
4. Customer relationship management (CRM)
Customer relationship management (CRM) is a technology for managing all
your company's relationships and interactions with customers and potential
customers. A CRM system helps companies stay connected to customers,
streamline processes, and improve profitability.
BUSINESS ANALYTICS TOOLS

1. SAS Business Analytics (SAS BA)

The high-grade text analytics capabilities of the SAS-based business


analytics software allow users to inspect and transform unorganized text
data into relevant information that analysts can explore to discover
meaningful insights.

2. QlikView

QlikView is one of the most preferred tools for business analytics because

of its unique features, such as patented technology and in-memory

processing, facilitating the delivery of ultra-fast business analytics reports.


Splunk

Splunk is one of the most widely used business analytics tools in small and
medium scale industries.
TIBCO Spotfire
TIBCO Spotfire, recognized as one of the most advanced tools for business
analytics, offers powerful and automated analytics solutions that allow data
professionals to run business analytics reports and analysis over a defined time
span.
Conclusion for Tools

today's state-of-the-art analytical tools for


business facilitate efficient data collection,
analysis, and presentation in real-time,
empowering enterprises to identify
trends/patterns in vast datasets and create
new business analytics models.
Concepts of Insights

Insight is gained by analyzing data and


information to understand what is going on
with the particular situation.

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