Analytics for Decision Making

This study presents a systematic literature review (SLR) of research on

blockchain applications in the healthcare domain. The review incorporated
few articles presenting state-of-the-art knowledge on current implications and
gaps pertaining to the use of blockchain technology for improving healthcare
processes. The SLR findings indicate that blockchain is being used to develop
novel and advanced interventions to improve the prevalent standards of
handling, sharing, and processing of medical data and personal health
records. The application of blockchain technology is undergoing a conceptual
evolution in the healthcare industry where it has added significant value
through improved efficiency, access control, technological advancement,
privacy protection, and security of data management processes.
 Business Analytics
Business analytics (BA) is a set of disciplines and technologies for
solving business problems using data analysis, statistical models
and other quantitative methods. It involves an iterative, methodical
exploration of an organization's data, with an emphasis on statistical
analysis, to drive decision-making.
What is the value of the data
collected by
Organizations?
Value of Data

Microsoft paid $26.2 billion to acquire LinkedIn.

Approximately
$260 per active user.
Not using the data can lead to a disaster.
By 2030, a major blockbuster film will be released with
90% of the film generated by AI (from text to video), from
0% of such in 2022.
 Business Analytics
Data-driven companies treat their data as a business asset and
actively look for ways to turn it into a competitive advantage.
Success with business analytics depends on data quality, skilled
analysts who understand the technologies and the business, and a
commitment to using data to gain insights that inform business
decisions.
 Business Analytics
How business analytics works
Before any data analysis takes place, business analytics starts with
several foundational processes:
•Determining the business goal of the analysis.
•Selecting an analysis methodology.
•Getting business data to support the analysis, often from various
systems and sources.
•Cleansing and integrating data into a single repository, such as a data
warehouse or data mart.
 Business Analytics
Types of business analytics
Different types of business analytics include the following:
•Descriptive analytics tracks key performance indicators (KPIs) to
understand the present state of a business.
•Predictive analytics analyzes trend data to assess the likelihood of
future outcomes.
•Prescriptive analytics uses past performance to generate
recommendations for handling similar situations in the future.
Some schools of thought include a fourth approach, diagnostic
analytics. It's similar to descriptive analytics, analyzing the state of a
business and diagnosing why certain events and outcomes happened.
 Business analytics vs. business
intelligence

The terms business intelligence (BI) and business analytics are often used
interchangeably. However, there are key differences.
Companies usually start with BI before implementing business analytics. BI
analyzes business operations to determine what practices have worked and
where opportunities for improvement lie. It uses descriptive analytics to do this.
In contrast, business analytics focuses on predictive analytics, generating
actionable insights for decision-makers. Instead of summarizing past data
points, business analytics aims to predict trends.
The data collected using BI lays the groundwork for BA.
From that data, companies can choose specific areas to analyze further using
business analytics.
 Business analytics vs. data analytics

Data analytics is the analysis of data sets to draw conclusions about

the information they contain.
Data analytics doesn't have to be used in pursuit of business goals or
insights. It's a broader practice that includes business analytics.
Business analytics involves using data analytics tools in pursuit of
fundamental business insights.
 Business analytics vs. data science

Data science uses analytics to inform decision-making.

Data scientists explore data using advanced statistical methods.
They allow the features in the data to guide their analysis. The more
advanced areas of business analytics resemble data science, but
there's a distinction between what data scientists and business
analysts do.
Even when advanced statistical algorithms are applied to data sets, it
doesn't necessarily mean data science is involved. True data science
uses custom coding and explores answers to open-ended questions.
In contrast, business analytics excels at solving a specific question or
problem.
Business analytics vs. data science
Benefits of business analytics
The key benefit of business analytics is that it can help organizations identify patterns in
data and generate new insights. With this information, they can improve existing
processes and identify new strategies. Some other benefits of business analytics
include the following:
•Improved decision-making. Business analytics provides actionable insights that spur
organizations to make more informed, data-driven decisions.
•Business optimization. Business analytics can identify and help mitigate recurring
issues that keep processes from operating smoothly, such as steps in a workflow that
take longer than they should. Also, resource allocation and use can be monitored to
identify ways to cut costs.
•Competitive advantage. Data on market trends can be analyzed to identify patterns
and trends that lead to better strategies for reaching customers and responding quickly
to demand trends.
•Personalized customer service and marketing. Business analytics provides metrics
on different types of customers and their buying preferences that can be used to create
more personalized service and marketing strategies that improve customer
engagement and provide a better customer experience.
challenges of business analytics
Common challenges of business analytics
Businesses might encounter both business analytics and BI challenges when
trying to implement a business analytics strategy:
•Too many data sources. There is an increasingly large spectrum of
internet-connected devices generating business data. In many cases, they're
generating different types of data that must be integrated into an analytics
strategy. However, the more complex a data set becomes, the harder it is to
use it as part of an analytics framework.
•Lack of skills. The demand for employees
with the data analytics skills necessary to process BA data has grown. Some
businesses, particularly small and medium-sized businesses, might have
difficulty hiring people with the expertise and skills they need.
•Data storage limitations. Before a business can begin to decide how it will
process data, it must decide where to store it. For instance, a data lake can
be used to capture large volumes of unstructured data.
Roles and responsibilities of a business analyst
Roles and responsibilities of a business analyst
Business analytics professionals' main responsibility is to collect and
analyze data to influence strategic decisions that a business makes.
Some initiatives they might provide analysis for include the following:
•Identifying strategic opportunities from data patterns.
•Identifying potential problems facing the business and coming up with
solutions.
•Creating a budget and business forecast.
•Monitoring progress with business initiatives.
•Reporting progress on business objectives back to stakeholders.
•Understanding KPIs.
•Understanding regulatory and reporting requirements.
Comparison: Data Scientist vs. Data Engineer vs.
Business Analyst
These three roles are distinct but interconnected, forming the backbone of data-driven
decision-making in organizations. Here’s a breakdown:

Data Scientist
•Role: Focuses on extracting insights and making predictions from complex datasets using
advanced analytics, machine learning (ML), and statistical models.
•Key Responsibilities:
• Build predictive and prescriptive models using ML.
• Analyze unstructured and structured data to identify trends and patterns.
• Develop algorithms and experiment with data to improve decision-making.
•Skills:
• Programming (Python, R, SQL).
• Machine Learning frameworks (e.g., TensorFlow, Scikit-learn).
• Data visualization (Matplotlib, Seaborn, Tableau).
• Strong mathematical/statistical foundation.
•Tools: Jupyter, Pandas, Hadoop, Spark, AWS, Azure ML
Comparison: Data Scientist vs. Data Engineer vs.
Business Analyst
Data Engineer
•Role: Focuses on designing, building, and maintaining the infrastructure and
pipelines that allow data scientists and analysts to work with clean and
organized data.
•Key Responsibilities:
• Build and optimize data pipelines and databases.
• Ensure data quality, availability, and security.
• Design scalable architecture for data storage and processing.
•Skills:
• Programming (Python, Java, Scala, SQL).
• Knowledge of big data tools (Hadoop, Spark).
• Expertise in cloud platforms (AWS, Azure, GCP).
• Database management (SQL, NoSQL).
•Tools: Apache Airflow, Kafka, Snowflake, Redshift.
Comparison: Data Scientist vs. Data Engineer vs.
Business Analyst
Business Analyst
•Role: Acts as the bridge between technical teams and business stakeholders,
using data to inform and optimize business decisions.
•Key Responsibilities:
• Gather, analyze, and interpret data to solve business problems.
• Develop dashboards and reports for stakeholders.
• Collaborate with teams to improve business processes.
•Skills:
• Business acumen and domain knowledge.
• Data analysis (Excel, SQL, Tableau).
• Communication and stakeholder management.
• Basic knowledge of data visualization and statistics.
•Tools: Python, Tableau, Power BI, Excel, SQL.
 Career in Business Analytics
Why Pursue a Career in Business Analytics?
•High Demand: Business analysts are crucial in industries like finance,
healthcare, retail, and technology.
•Low Barrier to Entry: You don’t need advanced technical expertise; many
analysts start with knowledge of tools like Excel and Tableau.
•Dynamic Role: You’ll work on a variety of projects, from optimizing
processes to evaluating business strategies.
 Skills to Acquire:
1.Technical Skills:
1. Proficiency in SQL, Excel, Tableau, or Power BI.
2. Basic understanding of Python or R can be an advantage.
2.Business Knowledge:
1. Domain-specific knowledge (e.g., healthcare, finance).
2. Ability to understand and translate business requirements into data solutions.