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01 Introduction To Business Analytics

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01 Introduction To Business Analytics

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i21020791
Copyright
© © All Rights Reserved
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INTRODUCTION

TO
BUSINESS ANALYTICS
IBM 2201

Business Analytics – The


1 Introduction

1
2 Overview

 This unit introduces the concept of Business Analysis and


Optimization and provides an understanding of role of Business
Analysis in Business Optimization. It gives an glimpse of the
reference architecture in Business Analytics

‹#›
2 Objectives
 Get an overview of big data that covers:
 What is BA
 Objective of BA
 BA user & Options
 Introduction to Business Analytics and Optimization.
4 Introduction to Business
Analytics and Optimization
 Analytics reveals hidden patterns in the data, answering
previously unidentified questions.
 Optimization further extends the power of analytics by helping
decision makers handle the difficult trade-offs that arise when
limited resources force choices among alternative options.
 Optimization provides better decision-making when there are
an overwhelming number of factors to consider with complex
inter-relationships among them.

‹#›
5 Business Analytics
 With business analytics, you can improve your business and help
manage risk in the following ways:
 Take advantage of all types of data and information, using
different views to form a complete picture of your business
environment
 Empower employees to explore and interact with information and
deliver insights to others
 Streamline decisions by individuals or automated systems based
on analytics results
 Provide insights from various perspectives and time horizons
whether based on historic reporting, real-time analysis, or
predictive modeling.

‹#›
BA- Approaches to help maximize
6 profitability and returns

‹#›
Business Analytic Capabilities
7

 Business intelligence
 Performance management
Planning, analysis, and forecasting
Profitability modeling and optimization
Performance reporting and scoring
 Predictive analytics
 Analytical decision management techniques such as-
 Combined and integrated predictive models
 What-if simulations
 A user interface that supports intuitive development
 Risk Analysis.
 Operational analytics

‹#›
Business Drivers for Analytics
Current Business Problems Provide Opportunities for Organizations to
Become More Analytical & Data Driven

Driver Examples
1
Desire to optimize business
Sales, pricing, profitability, efficiency
operations

2
Desire to identify business risk Customer churn, fraud, default

3
Predict new business opportunities Upsell, cross-sell, best new customer prospects

4
Comply with laws or regulatory
Anti-Money Laundering, Fair Lending, Basel II
requirements

Copyright © 2011 EMC Corporation. All Rights Reserved.


7 Key Business Drivers -

Business
 Opportunity to enable innovative new business models
 Potential for new insights that drive competitive advantage

Technical
 Data collected and stored continues to grow exponentially
 Data is increasingly everywhere and in many formats
 Traditional solutions are failing under new requirements

Financial
 Cost of data systems, as a percentage of IT spend, continues to grow
 Cost advantages of commodity hardware & open source software

Copyright © 2011 EMC Corporation. All Rights Reserved.


Three Key Roles of the New Data Ecosystem

Role Role Description


Data Scientists
People with advanced training in
Projected U.S. Deep Analytical quantitative disciplines, such as
talent gap: Talent mathematics, statistics, and machine
140,000 to learning.
190,000
People with a basic knowledge of statistics
Data Savvy
and/or machine learning, who can define
Professionals
key questions that can be answered using
Analysts & Data advanced analytics
Savvy Managers
People providing technical expertise to
Projected U.S.
Technology & Data support analytical projects. Skills sets
talent gap: 1.5 Enablers including computer programming and
million database administration

Note: Figures above reflect a projected talent gap in US in 2018, as shown in McKinsey May 2011 article Big Data: The next frontier for innovation,
competition, and productivity

Copyright © 2011 EMC Corporation. All Rights Reserved. Module 1: Introduction to BDA 10
Key BAO Concept
 Key B

Copyright © 2011 EMC Corporation. All Rights Reserved. Module #: Module Name 11
Need of BAO
 The application of business analytics is opening up important new possibilities
for clients and promises to transform the way consulting is practiced.

 BAO has defined the following competency areas that bring together critical
skills that are necessary to define and drive IBM leadership in the growing
analytics market.

 Through these competencies, our clients can operate at a new level of


intelligence

Copyright © 2011 EMC Corporation. All Rights Reserved.


Check Point
1. What is Business Analytics?
2. How Business Analytics helps business in their daily tasks?
3. Is it necessary for all types of businesses to venture into analytics? Why?

Get into Groups and discuss the following:

Identify a healthcare industry and the possible need of this organization to venture
into business analytical solutions. Discuss your finding and proposed ideas.

Copyright © 2011 EMC Corporation. All Rights Reserved.


Summary

 You have been introduced to the module learning outcome with


general overview of
 The concept of Business Analytics
 Purpose of Business Analytics
 BA user & Options and the roles involved
 Introduction to Key business drivers towards Business analytics
 Introduction to Business Analytics and Optimization

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