Lesson 1. ENTREP-ELEC2.pdf

Introduction to analytics and digital analytics Lesson 1 What is Analytics? Analytics Analytics is the systematic examination of data through the application of mathematical, statistical, and computer methods in order to identify patterns, trends, and other relevant informa...

Introduction to analytics and digital analytics Lesson 1 What is Analytics? Analytics Analytics is the systematic examination of data through the application of mathematical, statistical, and computer methods in order to identify patterns, trends, and other relevant information. In order to come to conclusions, make wise judgments, and improve processes, it entails analyzing data from a variety of sources. Analytics can be used to help data-driven problem-solving and decision-making in a variety of industries, including business, finance, healthcare, marketing, and sports. It covers a broad range of methods, including data mining, data visualization, predictive modeling, and business intelligence, to draw out important knowledge and insights from data. Importance of Analytics In today's data-driven world, analytics is essential to many corporate, scientific, and decision-making processes. It also plays a vital part in these processes. To take advantage of the massive volumes of data already available, both individuals and companies need analytics. It increases productivity, lowers risks, equips decision-makers with practical insights, and ultimately fosters success and innovation across a range of sectors and domains. 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 and Business Intelligence Business analytics is one of the most talked-about topics in the field of business and information technology. And as expected, business analytics is becoming one of the most sought-after courses in the academe. Business Analytics (BA) 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). Business Analytics (BA) 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, factbased decisions (Evans, 2012) Business Analytics (BA) Business analytics is comprised of solutions used to build analysis models and simulations to create scenarios, understand realities and predict future states including data mining, predictive analytics, applied analytics and statistics (https://www.gartner.com/it- glossary/business-analytics). Business Analytics (BA) Business Analytics is the study of data through statistical and operations analysis, the formation of predictive models, application of optimization techniques, and the communication of these results to customers, business partners, and college executives (Galleto, 2018). Business Analytics (BA) Business analytics refers to a broad use of various quantitative techniques such as statistics, data mining, optimization tools, and simulation supported by the query and reporting mechanism to assist decision makers in making more informed decisions within a closed- loop framework seeking continuous process improvement through monitoring and learning (Min, 2017). Business Intelligence (BI) Business Intelligence as the process of collecting information from all sources to make data-driven decisions in an organization (Fulton, 2013, Galleto, 2018). 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).