Business Analytics

Business Analytics by Dr Hiriyappa B © 2020 by Dr Hiriyappa B. All rights reserved.

Smashwords Edition

ISBN:  9781370040704

No part of this book may be reproduced in any written, electronic, recording, or photocopying without written permission of the publisher or author. The exception would be in the case of brief quotations embodied in the critical articles or reviews and pages where permission is specifically granted by the publisher or author.

Although every precaution has been taken to verify the accuracy of the information contained herein, the author and publisher assume no responsibility for any errors or omissions. No liability is assumed for damages that may result from the use of information contained within.

Contents

Introduction to Analytics

Business Analytics

Evolution of business analytics

Scope of business analytics

Importance of business analytics

Data use for analytics

Challenges of Business Analytics

Benefits and advantages of implementing business analytics

Challenges in implementing business analytics in an organization

How Business Analytics Helps Companies

Business Analytics Process

Step 1: Defining the business needs and requirementStep 2:Explore the structured and unstructured data

Step 3: Analyze the dataStep 4:Predict what is likely to happen

Step 5:Optimize to find the best solution

Step 6: Make a strategic decision and measure the outcome

Step 7:Update the system with the results of the strategic decision

Types of Business Analytics

Descriptive analytics

Predictive analytics

Diagnostic analytics

Prescriptive analytics

Decision analytics

Business Analytics Tools for Business

Open-source analytics tools

R

Python

Apache Spark

Apache Storm

PIG and HIVE

Commercial analytics tools

SAS

Tableau

Excel

QlikView

Splunk

Other business analytical tools

Business analytics applications

Financial analytics

Human resource analytics

Marketing analytics

Health care analytics

Supply-chain analytics

Web analytics

CRM analytics

Career in Business Analytics

Need for business analytics

Careers in business analytics

1

Introduction to Analytics

Information is considered the lifeblood of any business, irrespective of its size. For the growth and development of the businesses, analysis of data becomes essential. An organization that makes large investments must invest time in data analytics to make better business decisions. Today, analytics has become an indispensable component for businesses and organization to stay competitive and relevant. Business analytics and big data has become one of the main functional areas in most business organizations. Business analytics consists in the study, analysis, and interpretation of big data of organizations and businesses. It is an important component of management science. In today’s age of the Internet, e-commerce and social media existence have increased the complexity of the data relating to business. Business analytics uses statistical operations research and management tools to drive business performance. Traditional systems lacked data analysis capabilities because of limited business transactions and data required for decision-making. On the other hand, today, business transactions have created problems due to limited ability of the human mind to analyze the various possibilities of solutions and the limited time available for decision-making. The biggest obstacle to adopting analytics is the lack of knowledge as to how to use it to improve business performance.

Analytics helps you understand how people use your