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bda unit-1-3

The document discusses the concept of Business Data Analytics (BDA), its evolution, importance, and applications in various business domains. It outlines different types of analytics, including descriptive, diagnostic, predictive, prescriptive, and real-time analytics, along with their respective examples. The session aims to provide insights into how BDA can enhance decision-making and operational efficiency in organizations.

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8 views

bda unit-1-3

The document discusses the concept of Business Data Analytics (BDA), its evolution, importance, and applications in various business domains. It outlines different types of analytics, including descriptive, diagnostic, predictive, prescriptive, and real-time analytics, along with their respective examples. The session aims to provide insights into how BDA can enhance decision-making and operational efficiency in organizations.

Uploaded by

elaizerb7177
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business Data Analytics

COMM C 105
Lecture-4
SAKTI RANJAN DASH
(Assistant Professor)
P.G. Department of Commerce
Berhampur University
Before Starting the
session, lets be
Silent for a moment
to align our
Body, Mind and Soul
in one direction.
It help us to get right
direction for our
Energy Level.
Objective of Today’s Session
• To Discuss Concept of Business Data Analytics
Unit-I
• Introduction to Business Data Analytics:
Changing Face of Business Statistics: Business
Analytics, Big Data, Role of Software in
Statistics, Data Analysis vs. Data Analytics
• Business Data Analytics (BDA) and Its Evolution,
Importance of BDA, Application of Data
Analytics in Business
• Classification of BDA: Descriptive Analytics,
Predictive Analytics and Prescriptive Analytics,
Framework of BDA
• Step-Wise Process of BDA, Scope of BDA.
Flash back of Last Session
Statistics Vs. Statistic
Statistics is a broader field that deals with collection, organization,
visualization, analysis, interpretation of data where as statistic is a
specific numerical value calculated from a dataset.
Analytics: What is it?
• Analytics refers to the process of examining and interpreting
data to discover meaningful patterns, draw conclusions, and
make informed decisions.
• It involves the systematic and often quantitative analysis of
data to gain insights, solve problems, and improve decision-
making.
• Data→Information →Knowladge→Insights→Business Intellegence →
Wisdom
• Analytics can be applied to a wide range of fields and
domains, including business, science, healthcare, sports,
finance, and more.
Types of Analytics
Descriptive Analytics
Diagnostic Analytics

Predictive Analytics

Prescriptive Analytics

Real-time Analytics
Descriptive Analytics
• This type of analytics focuses on summarizing historical
data to understand what has happened in the past.
• It often involves the creation of reports, dashboards,
and data visualizations to present information in a clear
and easily digestible format.
• It basically convert the Data to meaningful Information
Example: - Sales Reports: Retailers generate descriptive
reports to review sales performance over a specific
period, including total sales, sales by product category,
and sales by location.
Diagnostic Analytics
• Diagnostic analytics goes beyond describing past events
and aims to answer why certain things happened.
• It involves identifying the root causes of specific outcomes
or issues by analysing historical data.
Example: Customer Churn Analysis:
- Problem: A telecommunications company notices a
significant increase in customer churn (customers
cancelling their subscriptions).
- Diagnostic Analytics: The company performs diagnostic
analysis to identify the factors leading to increased
churn. They find that the most common reasons are
poor customer service and frequent billing issues.
Predictive Analytics
• Predictive analytics uses historical data and statistical modeling to
make predictions about future events or trends.
• Machine learning techniques are often employed to build predictive
models that can forecast outcomes and trends.

Example: Customer Churn Prediction:


-Problem: A subscription-based streaming service wants
to identify customers at risk of cancelling their subscriptions.

-Predictive Analytics: By analyzing customer behavior, usage


patterns, and customer service interactions, the company
builds a predictive model to flag customers likely to churn.
This allows for proactive retention efforts.
Prescriptive Analytics
• This advanced form of analytics provides
recommendations for future actions.
• It leverages data and mathematical models to
suggest optimal decisions or strategies to
achieve specific goals.
• It's used for decision optimization and
automation.
Example of Prescriptive Analytics
Supply Chain Optimization:
• - Problem: A logistics company wants to
optimize its supply chain to reduce transportation
costs while ensuring timely deliveries.
• - Prescriptive Analytics: The company uses
prescriptive models to recommend the most
cost-effectiveroutes, shipping methods, and
inventory levels to achieve the desired service
levels at minimum cost.
Real-time Analytics
• Real-time analytics involves analyzing data as it is
generated, providing immediate insights and responses.
• It is crucial in domains like finance, cyber security, and
online advertising.
• Example:Fraud Detection:
-Problem: A credit card company wants to
identify potentially fraudulent transactions as
they occur.
-Real-time Analytics: The company uses machine
learning and real-time transaction data to detect
suspicious activities and can trigger alerts or block
transactions in real time.
Example of Real-time Analytics
Online Advertising:
• Problem: An online advertising platform needs
to make instant decisions on which ads to
display to users based on their behavior.
• Real-time Analytics: The platform uses user
clickstream data, bidding algorithms, and ad
targeting criteria to serve the most relevant
ads in real time.
Application of Analytics
It can be applied in different domains such as
• Business and Finance →Business / Financial Analytics
• Marketing and Advertising → Marketing Analytics
• Accounting & Auditing →Accounting Analytics
• Human Resource Management→ HR Analytics
• Healthcare → Healthcare Analytics
• Retail and E-commerce →Retail Anlytics
• Sports→ Sports Analytics
• Education→ Education Analytics
• Manufacturing and Operations→ Opeation Analytics
• Government and Public Policy →Policy Analytics
• Environmental Science →Environment Analytics
• Social media →Social Media Analytics
Business Data Analytics
• Business data analytics is the process of
examining and analyzing data to make informed
decisions and gain valuable insights in the context
of business operations.
• It involves the use of various techniques and tools
to collect, process, and interpret data to help
organizations understand their performance,
identify trends, and make data-driven decisions
to improve their overall efficiency and
competitiveness.
Differences between analytics in
general and business data analytics
• Business Data Analytics" is a specific subset of
analytics that focuses on using data analysis
and statistical techniques to address business-
related problems and objectives.

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