Essay on Introduction To Analytics

Submitted By deepanbaalan
Words: 2303
Pages: 10
Open Document
Introduction to Analytics

Copyright 2014 RESTRICTED CIRCULATION

What, Why & Where

Copyright 2014 RESTRICTED CIRCULATION

What is analytics?
 Analytics is the application of: computer technology, statistics and domain knowledge to solve problems in business and industry, to aid efficient and effective decision making
 Analytics is simply the scientific process of converting raw data into knowledge to support decision making
 Analytics involves finding patterns in data
 The goal of analytics is to improve business, society or personal performance by gaining knowledge from data

 Analytics is moving decision making from gut feel and guesstimates to better, more informed ones driven by data
So why is analytics so important all of a sudden?

Copyright 2014 RESTRICTED CIRCULATION

3

Why is analytics used?
Decision making is now fact and performance based
Intuition is out, metrics are in
Intense competition, shorter time-to-market, demanding customers

Make each and every dollar count and increase return on investment

Take real-time decisions

Copyright 2014 RESTRICTED CIRCULATION

Industries using analytics
Banks
IT
Education
Investment funds Sales &
Marketing

Media
Human
Resources

Social
Networking
Sites
Credit Cards

Transport
Defense
Tourism

Copyright 2014 RESTRICTED CIRCULATION

FMCG

Retail

Consumer
Research

Hospitals

Supply Chain
& logistics
Manufacturing

Ecommerce

Stock Markets

Sports
Hotels

Insurance

Health Care
NGOs
Airlines
Telecom

Investment Banking

Uses of Analytics
Marketing
• Customer segmentation
• Upselling/cross-selling
• Market basket analysis
• Marketing media mix analysis

Financial Sector
• Credit risk management
• Credit scorecard modeling
• Fraud detection
• Stock market analysis

Copyright 2014 RESTRICTED CIRCULATION

Uses of Analytics
Management of Customer Relationship
• Analysis of customer feedback data
• Analysis of loyalty / membership benefits
• Churn management

Manpower Resource Planning
• Long term / short term planning for resources
• Hiring strategy
• Profitability management

Copyright 2014 RESTRICTED CIRCULATION

Uses of Analytics
Retail analytics
• Shelf-space allocation
• Analysis of customer preference for store-brand or brand names
• Pricing decisions
• Promotions and product bundle offerings

Media Analytics
• Decision making on allocation of air-time of a new
TV show
• Primetime rate for advertisement
• Analysis of channel viewership

Copyright 2014 RESTRICTED CIRCULATION

How : Tools Used in
Analytics

Copyright 2014 RESTRICTED CIRCULATION

Some Analytics Tools and Technologies

Copyright 2014 RESTRICTED CIRCULATION

10

What Businesses consider before they choose a tool?
Cost
Compliance
Support
Ease of Use
Capabilities
Efficiency
Legacy
In what order these will be considered very much varies with industries to domains to organisations. Copyright 2014 RESTRICTED CIRCULATION

11

How: Analytics
Methodology

Copyright 2014 RESTRICTED CIRCULATION

Business analytics process

Copyright 2014 RESTRICTED CIRCULATION

Defining the Business Problem
Identify the problem to solve
What you observe is the result of the problem. This may not be the problem itself

Two quick examples:
A particular bank has recently gone into retail loan market and is accumulating losses due to defaulters
There are too many diet programs to choose from!

Copyright 2014 RESTRICTED CIRCULATION

14

Convert Business Problem to Analytics Problem
What is an analytics problem?
Form of the problem which identifies targets in terms of numbers, definite outcome values
Identifies factors affecting the outcome as numbers
, definite outcome values
Identifies data contents needed to solve the problem Copyright 2014 RESTRICTED CIRCULATION

15

Data Requirement
Identify ways to quantify factors which you considered in the business problem
Identify data sources and gather data
Plan Data collection if data is not present/available currently
Decide preferable formats for the data
Show More

Related Documents: Essay on Introduction To Analytics

Business to Business Marketing Essay

Group 10.       Introduction to B2B Market B2B Content Marketing Micro Targeting Rise of Smarketing Predictive Analytics. Paid Placements  Definition:“Business Marketing is the practice of individuals, or organizations, including commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that in turn resell them, use them as components in products or services they offer, or use them to support their operations”…

Words 464 - Pages 2

Nt1310 Unit 3 Assignment

Assignment 1: Data Analytics Report – Spotify. A. Introduction This report delves into the workings of Spotify’s use of data to unveil insights crucial for strategic decision-making. By analyzing Spotify's use of their vast pool of data, the report aims to uncover patterns, challenges, and opportunities within the music streaming industry. The scope of this report attempts to provide a comprehensive understanding of Spotify's data-driven approach, elucidating its strategies for growth in an ever-evolving…

Words 1218 - Pages 5

IWM_Healthcare Reform - Big Data_1 Essay

1 HEALTHCARE REFORM BIG DATA, ANALYTICS AND THE EMERGING HEALTH INSURANCE MARKET Thought Leadership Series Insurance & Wealth Management Healthcare Reform Insurance & W 2 ealth Management The future of Healthcare Reform promises big changes, uncertainties and new challenges for health insurers, providers and customers. Although some final details and rules of healthcare reform legislation (HCR) are still to be determined, modified or clarified, as the market evolves, certain new realities…

Words 2931 - Pages 12

Organic Chemistry Essay

Cells, Tissues, and (4)|BIO 100 General Biology (4) Organs | (Lecture and Lab) -------------------------------------------------------------------------------LIFESCI 3 Introduction to (4)|No course articulated Molecular Biology | -------------------------------------------------------------------------------LIFESCI 23L Introduction to (2)|BIO 204 Foundations of Biology: (4) Laboratory and | Biochemistry, Cell Scientific Methodology | Biology, Genetics and | Molecular Biology ---------------------…

Words 604 - Pages 3

What Is Emerging Theme Paper

Running Head: Emerging Theme Paper 1 Emerging Theme Paper Business Analytics Michelle Gomez Marymount California University BUS 300.01 Emerging Theme Paper 2 Abstract An organization has a variety of ways to make business decisions. Most have heard of making a decision on a gut feeling but why place your business at risk because one lacks accurate and complete data? One thing is to know the process of your work and how to perform. Another thing is to know how to work with…

Words 2056 - Pages 9

procter & gamble Essay

9-613-045 APRIL 3, 2013 THOMAS H. DAVENPORT MARCO IANSITI ALAIN SERELS Managing with Analytics at Procter & Gamble Alan Torres, vice-president of North America Fabric Care at Procter & Gamble (P&G), watched and listened as his embedded IDS analyst, Julia Wright, graphically displayed the initial results. Torres leaned back to take in the complete set of 12 graphs and charts on the massive 8-foot by 32foot screens in a specialized meeting room called a Business Sphere at P&G’s headquarters…

Words 7920 - Pages 32

Counselling Assignment Essay

Compare and contrast one therapy from the Psychodynamic approach with one therapy from either the CBT, Humanistic or Integrative approach. The Psychodynamic theory was founded by Sigmund Freud who used it to suggest the idea that all human behaviour was a result of happenings in the unconscious and childhood experiences (McLeod, 2007). Since this theory was used to treat mental illnesses as well, Freud put forward a method of treating psychosis by proposing the therapy of psychoanalysis. However…

Words 2218 - Pages 9

Fraud In Health Care

worry about distinguishing the particular relations among the included variables. Insurance is an understanding in which an individual or a gathering gets security against misfortunes from an insurance agency. Insurance agencies are utilizing data analytics for fraud discovery. Henceforth, harnessing digitization is a critical variable. Handling of fraud manually has always been costly for insurance companies, even when few low incidences of high-value fraud were undetected. While developing machine…

Words 690 - Pages 3

Chronic Disease Model

not only chronic conditions a patient might be suffering from, but also external factors such as mode of admission into the health care facility, length of stay in the hospital, patient age, gender, ethnicity, and so on [2]. Further foray into analytics has provided tremendous advantages that assist in designing follow-up services specifically catering to chronic illnesses, thereby reducing costs significantly and improving health care services [2]. There are a few major data mining methods have…

Words 823 - Pages 4

Business Intelligence Essay

Table of Contents Title Page 1 Table of Contents 2 Introduction 3 Business Intelligence 4 Users 5 Data: Structured and Unstructured 6 Data Warehousing 7 OLAP 7 Business Intelligence Reporting Software 8 Business Analytics 9 Case Studies 10 Case 1: Multiple vendors, multiple contracts and limited line of sight into costs 10 Case 2: The Weather Channel 11 Conclusion 14 Bibliography 15 Bibliography Continued 16 Introduction According to Pat Roche, VP of Engineering at Magnitude…

Words 3748 - Pages 15