Introduction to Business Analytics PDF

INTRODUCTION TO BUSINESS ANALYTICS PROF. MARLYN P. BUENDIA COLLEGE OF BUSINESS ADMINISTRATION www.ue.edu.ph What is Analytics? ▪ Focuses on developing new insights and understanding business performance based on data and statistical methods (Source: Wikipedia) ▪ Use of quantitati...

INTRODUCTION TO BUSINESS ANALYTICS PROF. MARLYN P. BUENDIA COLLEGE OF BUSINESS ADMINISTRATION www.ue.edu.ph What is Analytics? ▪ Focuses on developing new insights and understanding business performance based on data and statistical methods (Source: Wikipedia) ▪ Use of quantitative methods for diagnosing the past to predict the future for better business decision making (Source: SAS) 2 www.ue.edu.ph What is Datafication? Datafication – More Data Every Day Data on every aspect of our life is now tracked and stored in databases and analytics allows us to turn this data into insights. 3 www.ue.edu.ph What is Datafication? EXAMPLES 4 www.ue.edu.ph What is Datafication? EXAMPLES Our conversations on phone, emails, social media are recorded Business daily activity in a company are recorded Our activities on internet are tracked Smart phones, CCTV, cars, wearable devices collect data 5 www.ue.edu.ph ANALYTICS APPLICATIONS 6 www.ue.edu.ph ANALYTICS APPLICATIONS 7 www.ue.edu.ph ANALYTICS APPLICATIONS 8 www.ue.edu.ph  Key Players in Analytics Lifecycle IDENTIFY / BUSINESS FORMULATE MANAGER EVALUATE / PROBLEM DATA MONITOR DATA ANALYST RESULTS PREPARATION Data Visualization Domain Expert Data Exploration Makes Decisions Data Analysis Evaluates Processes and ROI DEPLOY MODEL DATA EXPLORATION IT SYSTEMS / DATA MANAGEMENT VALIDATE MINER MODEL TRANSFORM Data Preparation & SELECT Descriptive Segmentation Model Validation BUILD Predictive Modeling Model Deployment MODEL Forecasting Analysis 9 www.ue.edu.ph  Careers in Business Analytics ▪ Database Developer ▪ Site Analyst ▪ Report Developer ▪ Risk Analyst ▪ Data Engineer ▪ Financial Analyst ▪ Data Warehouse ▪ Supply Chain Analyst Developer ▪ Human Resource ▪ Junior Data Analyst Analyst ▪ Junior Business ▪ Accounting Data Analyst Analyst 10 www.ue.edu.ph Careers in Business Analytics 11 www.ue.edu.ph ANALYTICS APPLICATIONS 12 www.ue.edu.ph Software Tools in Business Analytics ▪ Data ▪ SAS Data Integration Studio management ▪ SAS Data Flux ▪ Data cleaning ▪ Data mining ▪ SAS Enterprise Miner ▪ Forecasting ▪ SAS Forecast Server ▪ Optimization ▪ SAS OR ▪ Reporting ▪ SAS Visual Analytics www.ue.edu.ph Software Tools in Business Analytics www.ue.edu.ph BUSINESS ANALYTICS www.ue.edu.ph DATA ANALYSIS Data analysis is the process of evaluating data using analytical and statistical tools to discover useful information and aid in business decision making. There are a several data analysis methods including data mining, text analytics, business analytics and data visualization www.ue.edu.ph BUSINESS ANALYTICS Business analytics is the process of collating, sorting, processing, and studying business data, and using statistical models and iterative methodologies to transform data into business insights. www.ue.edu.ph BUSINESS INTELLIGENCE www.ue.edu.ph BUSINESS INTELLIGENCE Business intelligence (BI) combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations to make more data-driven decisions. www.ue.edu.ph Getting the right information to the right people at the right time to support better decision making and gain competitive advantage www.ue.edu.ph BUSINESS ANALYTICS www.ue.edu.ph BUSINESS ANALYTICS PROCESS www.ue.edu.ph BUSINESS ANALYTICS PROCESS Data preparation: Compiling multiple data sources, identifying the dimensions and measurements, preparing it for data analysis. Data mining: Using databases, statistics and machine learning to uncover trends in large datasets. Reporting: Sharing data analysis to stakeholders so they can draw conclusions and make decisions. www.ue.edu.ph BUSINESS ANALYTICS PROCESS Descriptive analytics: Using preliminary data analysis to find out what happened. Querying: Asking the data specific questions, BI pulling the answers from the datasets. Statistical analysis: Taking the results from descriptive analytics and further exploring the data using statistics such as how this trend happened and why. www.ue.edu.ph BUSINESS ANALYTICS PROCESS Data visualization: Turning data analysis into visual representations such as charts, graphs, and histograms to more easily consume data. Visual analysis: Exploring data through visual storytelling to communicate insights on the fly and stay in the flow of analysis. Performance metrics and benchmarking: Comparing current performance data to historical data to track performance against goals, typically using customized dashboards. www.ue.edu.ph