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Transcript of Business Analytics
- Winston Churchill Business Analytics (BA) is the process of analyzing past data to make informed decisions and predict future trends. http://public.dhe.ibm.com/common/ssi/ecm/en/gbe03382usen/GBE03382USEN.PDF
http://www.information-management.com/news/business_analytics_challenges_linger-10017138-1.html Analysis is the examination of things.
It can be performed through tools, such as Softwares, Charts, Graphs, etc. References: Business Analytics is the evolution of Business Intelligence Data are informations that provide facts about something.
In this context, past data are collected informations from database, research, feedback, etc. challenges when using BA
misread sales and demand (human errors)
additional cost to the company
inaccurate past data
gathering and analyzing data is time consuming
Inconsistencies & error in data collected pros when using BA
learn from mistake
//The company then embarked on more relevant analysis, //scaled down production and attacked the market from a //different segment. The product then went on to //dominate its market sector and became a highly //profitable market leader.
able to model and predict behavior If Business Analytics is so good, why do you think some companies do not employ this even though they have the resources to do so?
The benefits of Business Analytics will take to time reap. (company may prioritise immediate benefits)
Lack of analytical talent
Data stored at various places (especially so in big companies) http://www.information-management.com/blogs/BI-cloud-SaaS-Forrester-ROI-10021385-1.html
this is on BI but can see for more knowledge on BA Q: Is over-reliance on software tools a risky move, as following decision made by the software might not always be reliable
A: Business Analytics is a decision making support tool, it provides information that support our business decision making. It can also be used to monitor changes and alert us when there is a cause for concern. Therefore we should always treat it as a support tool rather than let our decision hinge on it.
this qn from last year i felt the qn n ans is quite good Q: How costly is the business analytics software? Is it for everyone?
A: SMEs are typically reluctant to purchase business analytics software because of their small volume of data as there may be cheaper but less sophisticated software around for analyzing data and generating performance reports such as Microsoft Excel
from last year i felt quite good Why is BA important? Case: DC Water Strengths & Weaknesses To understand:
What is happening right now?
What is Business Analytics?
How BA help companies?
Future of BA
Conclusion IBM leader
Today, nearly 95 percent of IBM analytics engagements with mid-sized organizations are driven by a network of analytics-focused IBM business partners that has grown to nearly 1,000 companies.
IBM provides its 120,000 business partners with the specific skills and resources they need to help them grow their businesses. With these new initiatives, IBM sharpens its focus on cloud computing and business analytics as two substantial opportunities where its partners can help customers transform into smarter businesses in 2011. Analyze Data Provide Insights Make Decisions Database Feedback Research Survey Why analytics is better? Challenges of BA What's new?
Big Data What are they doing? What softwares?
particular example What are they using these softwares for? What is happening right now? What is BA? What is happening right now? Why BA now? How BA help companies? Future of BA Conclusion Business Analytics (BA) is the process of analyzing past data to make informed decisions and predict future trends. What is BA? 1 million +6 millions - 1 million success failure BA helps to evaluate the outcome evolved into How BA help companies?
DC water example. What is happening right now? Knowledge Management E - Commerce Big Data the process of BA analytical techniques Performance Management & Analytics
Modeling & Simulation
Transactional Automation Confusing?
Let's use an example Let's recall the scenario mentioned by prof. jason last lesson. Big
Data Mobile Commerce Globalization Social Media Web 2.0 collect information Un-Structured Data Structured Data using Facebook as an example Google Analytics — a service that gives Web site owners detailed information about how many people visit the site, where they come from, and what pages are most popular. Data mining:
research types of data what are the analytical tools? Data Purchasing Conclusion
Business Analytics can help company improve nearly any aspect of its business by connecting people and processes across functions and information systems. Thus, offering them more complete information and insights to improve their decision-making. Any Questions? Regardless of the size of business, BA can still contribute to the success as it provides valuable insights. 7m - 1m = 6 millions