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Business Analytics Course

Business Analytics Course by Henry Harvin

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Business Analytics Course

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  1. Business Analytics What is Business Analytics?? Business Analytics is the process by which businesses use statistical methods and technologies for analysing historical data in order to gain new insight and improve strategic decision-making. It can help improve profitability of the business, increase market share and revenue and provide better return to a shareholder. In other words, refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. Business analytics makes extensive use of analytical modelling and numerical analysis, including explanatory and predictive modelling, and fact-based management to drive decision making. Analytics may be used as input for human decisions or may drive fully automated decisions. Business Analytics versus Business Intelligence Here is a useful way to differentiate business intelligence (BI) from business analytics and decisions. Analytics simplify data to amplify its value. The power of analytics is to turn huge volumes of data into a much smaller amount of information and insight. BI mainly summarizes historical data typically in table reports and graphs as a means for queries and drill downs. But reports do not simplify data nor amplify its value. They simply package up the data so it can be consumed.

  2. In contrast to BI, decisions provide context for what to analyse. Work backwards with the end decision in mind. Identify the decisions that matter most to your organization and model what leads to making those decisions. By understanding the type of decision needed, then the type of analysis and its required source data can be defined. To clarify, BI consumes stored information. Analytics produces new information. Predictive business analytics leverages data within an organizational function focused on analytics and possessing the mandate, skills, and competencies to drive better, faster, decisions and achieve targeted performance. Queries using BI tools simply answer basic questions. Business analytics creates questions. Further, analytics then stimulate more questions, more complex questions, and more interesting questions. More importantly, business analytics also has the power to answer the questions. Finally predictive business analytics can display the probability of outcomes based on the assumptions of variables. The importance to apply Business Analytics Today many business people do not really know what predictive modelling, forecasting, design of experiments or mathematical optimization mean or do. However, over the next ten years the use of these powerful techniques will become standard. This is no different from applying financial analysis and computers for businesses that want to thrive and survive in a highly competitive and regulated marketplace. Executives, managers and employee teams who do not understand, interpret and leverage these assets will be challenged to survive. Predictive business analytics is arguably the next wave for organizations to successfully compete. This will result not only from being able to predict outcomes but also to reach higher to optimize the use of their resources, assets and trading partners.

  3. It may be that the ultimate sustainable business strategy is to foster analytical competency and eventually mastery of analytics among an organization’s work force. In short, the use of business analytics is a skill that is gaining mainstream value due to the increasingly thinner margin for decision error. Emergence of Business Analytics Analytics have been used in business since the management exercises were put into place by Frederick Winslow Taylor in the late 19th century. Henry Ford measured the time of each component in his newly established assembly line. But analytics began to command more attention in the late 1960s when computers were used in decision supporting systems. Since then, analytics have changed and formed with the development of Enterprise Resource Planning(ERP) systems, data warehouses, and a large number of other software tools and processes. In later years the business analytics have exploded with the introduction to computers. This change has brought analytics to a whole new level and has brought about endless possibilities. Scope of Business Analytics Cost-optimization and reduction, Maximizing customer satisfaction, Boosting profits, Synchronizing financial and operational strategies, Responding to customer/client demands in real-time, Keep pace with the latest industry trends to gain a competitive edge etc are the goals of Business Analytics.

  4. Tools for Business Analytics R, Python, Apache Spark, Apache Storm, PIG & HIVE, SAS, Tableau, Excel, QlikView, Splunk etc. If you are interested to know more about the business analytics, join the Business Analytics Course by Henry Harvin®.

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