Module 1: Overview of Big Data and Business Analytics PDF

MODULE 1: OVERVIEW OF BIG DATA AND BUSINESS ANALYTICS  Introduction Everyone who runs a business would tell you that making decisions is the most important task in the role. Business managers are always faced with questions on what to sell, how much to sell, to wh...

MODULE 1: OVERVIEW OF BIG DATA AND BUSINESS ANALYTICS  Introduction Everyone who runs a business would tell you that making decisions is the most important task in the role. Business managers are always faced with questions on what to sell, how much to sell, to whom, through what mode. Learning Objectives After completing this course, you should be able to: 1.Discuss the basic concepts on business intelligence, big data and business analytics; Trace the evolution of business analytics  Business Analytics and Business Intelligence In the era of knowledge economy, getting the right information to decision makers at the right time is critical to their business success, and one such attempt includes the growing use of business analytics (Min, 2017). Business Analytics (BA) What goes through your mind when you hear the word Business Analytics? Below are some of the definitions of business analytics. 1. Business Analytics is the art of assembling the data gathered through Business Intelligence in such a way that it can be analyzed by people. It is comprised of the tools with which people can disseminate the data that’s been collected, to produce meaningful conclusions (Fulton, 2013). 2. Business Analytics is the use of data, information technology, statistical analysis, quantitative methods, and mathematical or computer-based models to help managers gain improved insight about business operations and make better, fact- based decisions (Evans, 2012).  Business Intelligence (BI) Now, let's look at what Business Intelligence (BI) is. 1. Business Intelligence as the process of collecting information from all sources to make data-driven decisions in an organization (Fulton, 2013, Galleto, 2018). 2. Business Intelligence as the process of combining aspects of reporting, monitoring and alerting, dashboards, scorecards, and ad hoc query data exploration (Capistrano, 2018, Galleto, 2018). https://mixpanel.com/blog/business-intelligence-vs-business- analytics/#:~:text=The%20primary%20distinction%20between%20business,to%20happen% 20in%20the%20future. 1.2. Origin of Business Analytics https://www.cyfe.com/blog/history-evolution-business-analytics/ Big Data and Business Analytics What is the difference? Business Analytics is said to focus on financial and operational analytics of the business while big data involved machine automation to analyze data. The importance of big data is not on how much data you have, but what you do with those data. There are four aspects that define big data which are volume, variety, velocity and veracity. 1. Volume is about how huge the data sets are. 2. Variety includes how many pieces of data we gather together from social media data, government data, financial data, banking data, all sorts of transactions all combined together to make one or more profiles for your customers. 3. Velocity is the speed of data. 4. Veracity means that there is a lot of uncertainty, meaning, there is all of these different data coming together, but the problem is we don’t know what to do with them. https://networks.upou.edu.ph/11628/introduction-to-big-data-and-business- analytics-prof-erik-paolo-capistrano/?cn-reloaded=1  Support Activity Watch "Introduction to Big Data and Business Analytics" by Dr. Eric Capistrano Read articles by Fulton (2013), Min (2017), and Galleto (2018). Read an article on "The Origin and Evolution of Business Analytics" by Hokey Min (2017). Read an article on "The Evolution of Business Analytics" by Jess Hasson (2015) MODULE 2: BUSINESS ANALYTICS FRAMEWORK