Business Analytics PDF

Business Analytics DR. CJ LEYBA  Introduction to Business Analytics Importance of data-driven decision-making Tools, techniques, and applications in business Learning Objectives: Understand the role of analytics in business. Learn the different types of analytics. Familiariz...

Business Analytics DR. CJ LEYBA  Introduction to Business Analytics Importance of data-driven decision-making Tools, techniques, and applications in business Learning Objectives: Understand the role of analytics in business. Learn the different types of analytics. Familiarize yourself with data and its role in decision-making.  What is Business Analytics? Business Analytics (BA) refers to the skills, technologies, practices for continuous iterative exploration, and investigation of past business performance to gain insight and drive business planning. Why is it important? Helps in making data-driven decisions. Provides a competitive advantage. Enhances business processes and efficiency. The Role of Business Analytics in Modern Businesses Key Aspects: Business performance improvement - Operational optimization - Enhancing customer experiences - Forecasting and predicting trends - Making better strategic decisions Examples: Amazon uses predictive analytics for personalized recommendations. Netflix uses data to optimize content recommendations. Walmart uses analytics to manage inventory and supply chains. Types of Analytics Descriptive Analytics: Analyzing historical data to understand trends. Examples: Monthly sales reports, financial statements. Predictive Analytics: Uses historical data to predict future outcomes. Examples: Sales forecasting, customer behavior prediction. Prescriptive Analytics: Recommends actions based on predictive analysis. Examples: Optimization of inventory, marketing strategies. The Data-Driven Decision-Making Process Steps in the Process: Data Collection: Gathering relevant data. Data Analysis: Identifying patterns and insights. Decision-Making: Making informed decisions based on data. Action and Monitoring: Implementing and tracking the outcomes. What is Data? Raw facts and figures collected for analysis. Can be structured (tables, Data and spreadsheets) or unstructured (text, images). Its Role in Business Data Sources: Internal: Sales data, Analytics customer feedback, employee data. External: Market reports, social media, third-party data providers. Importance of Data in Decision- Importance of Data in Decision- Making Making Business Insights: Identifying opportunities for growth. Spotting inefficiencies and risks. Key Benefits: Increased operational efficiency. Improved customer satisfaction. Enhanced forecasting and Overview of Business Analytics Overview of Business Analytics Tools and Techniques Tools and Tools for Business Analytics: Excel: Basic data analysis, statistics, Techniques and visualization. Python/R: Advanced analysis and modeling. Tableau/Power BI: Data visualization tools for reporting. Techniques: Data cleaning, exploratory data analysis (EDA), and statistical modeling End