INTRODUCTION TO BUSINESS ANALYTICS – Dr S Urmela [Video]

Description:

Welcome to this lecture on Introduction to Business Analytics, we will discuss the following contents

• Business Analytics & Business Intelligence
• Key Process in Business Analytics
• Need for Business Analytics
• Business Analytics Process
• Types of Business Analytics
Business Analytics (BA) and Business Intelligence (BI) are both data-driven approaches used by organizations to enhance decision-making. BA focuses on using statistical analysis, predictive modeling, and optimization to analyze data. It aims to uncover trends, predict future outcomes, and make proactive decisions that align with business goals.

Business Intelligence (BI) is primarily concerned with the descriptive aspect of data, helping organizations understand historical data and real-time operations.

KEY PROCESS IN BUSINESS ANALYTICS

Data Collection: Gathering relevant data from various sources.

Data Processing and Cleaning: Preparing data by cleaning, transforming, and organizing it to ensure accuracy and consistency.

Data Analysis: Applying statistical methods and models to interpret data, find patterns, and draw insights.

Data Visualization: Presenting insights in visual formats like charts and graphs to facilitate understanding.

Insight Generation: Generating actionable insights that align with business objectives.

Decision-Making: Using insights to inform strategic, operational, and tactical decisions that improve business outcomes.

NEED FOR BUSINESS ANALYTICS

Enhanced Decision-Making: Provides data-driven insights, helping organizations make informed and strategic decisions.

Competitive Advantage: Allows businesses to stay ahead of competitors by quickly adapting to market trends and customer needs.

Operational Efficiency: Helps identify inefficiencies and optimize resources, saving time and reducing costs.

Improved Customer Understanding: Insights into customer behavior allow for personalized experiences and improved satisfaction.

Risk Mitigation: Predictive models can help identify potential risks and allow businesses to take preventive measures.

TYPES OF BUSINESS ANALYTICS

Descriptive Analytics: Summarizes historical data to understand what happened in the past.

Diagnostic Analytics: Examines past data to understand the reasons behind certain outcomes or patterns.

Predictive Analytics: Uses historical data to predict future trends and outcomes.

Prescriptive Analytics: Provides recommendations on actions to take based on the insights gained from data.

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