VARIOUS WAYS DURING WHICH
ANALYTICS HELP ENTERPRISES
DRIVE BUSINESS GROWTH
An Academic presentation by
Dr. Nancy Agnes, Head, Technical Operations, Statswork
Group www.statswork.com
Email: info@statswork.com
TODAY'S DISCUSSION
Outline
Introduction
EMERGENCE OF THE NEW CONCEPT OF TECH-BUSINESSANALYTICS (TBA)
Predictive analytics
Descriptive Analytics (DESCBA)
Prescriptive Analytics (PREBA)
Conclusion
INTRODUCTION
Business Analytics help in extracting necessary information
from all the data available to transform into a coherent
structure for further use. The process of data implementing
the advanced analytics techniques in the business domain
to derive and predict useful decisions is called BA
EMERGENCE OF
THE NEW
CONCEPT OF
TECH-BUSIN ESSANALYTICS
(TBA):
It is the mechanism by which organizations use
statistical tools and technology to examine historical
data to attain new insights and improve strategic
decision-making.
It needs managerial skill that integrates business
experience, recognizes market value opportunities, or
recognizes problems, with a great understanding of
analytical techniques required to align technical talent
with functional managers to drive business change.
A new model industry 4.0 technology is founded on
business analytics using a recently developed
analysis framework called predictive analysis [7].
Contd...
PREDICTIVE
ANALYTICS
This uses statistics and network analytics to forecast future
models.
Predictive business analytics uses various statistical
techniques to build predictive models that extract data from
databases, detect trends, and include a predictive score for a
range of organizational outcomes.
It uses quantitative techniques (e.g., propensity, segmentation,
network analysis and econometric forecasting) and technology
(such as models and rule-systems) that use past data for the
future
Predictive analytics generates information from historically available datasets to
determine and predict future trends and outcomes. The predictive analysis system
encompasses 4 steps:
Gathering data on present trends
Develop postulates based on present trends
Generate argument based description
Predict the future.
Contd...
DESCRIPTIVE
ANALYTICS
(DESCBA):
This uses data mining, data intelligence and web analytics
to present the trending information of the near past and
current events, helping business models know the demands
and drawbacks of the markets.
It provides access to historical and current data. It provides
the ability to alert, explore and report using both internal
and external data from various sources.
Descriptive analytics is the procedure of parsing historical
data to understand the changes in a business to make it
better in future.
Contd...
Using a range of historical data and benchmarking, decision-makers obtain a holistic
view of performance and trends to base business strategy.
Descriptive analytics can help to recognize the areas of strength and weakness in an
organization.
Examples of metrics used in descriptive analytics comprise year-over-year pricing
modifications, the number of users, month-over-month sales growth, or the total
revenue per subscriber.
Descriptive analytics is now being used in conjunction with newer analytics, such as
predictive and prescriptive analytics.
In its simplest form, descriptive analytics answers the question, "What happened?"
Contd...
A mixture of a descriptive-analytical process that provides insight into what
happened and a predictive analytical process that provides insight into what
might happen helps users predict what will happen, when it will happen and why
[8].
Contd...
PRESCRIPTIV
E ANALYTICS
(PREBA):
This uses AI, optimization, and reasoning to provide the
most suitable set of models for the organization to choose
from, indicating the pros and cons of each.
These layers also contain two interconnected analytics:
Inquisitive analytics and Preemptive Analytics.
The inquisitive analytics uses statistical and factor
analysis to approve/reject prepositions, while theof three
combination
layers
is
essential
for the proper
functioning and application of Business analytics
architecture.[5]
CONCLUSION
The analysis conducted by most published studies shows that
IoT has massive potential on businesses across many
sectors.
The data collected from IoT implementation allows
businesses to increase productivity, which benefits sales and
marketing, resource management, growth potential, and
profitability.
Since many applications can be accessed on mobile devices,
IoT makes users' day-to-day activities much more convenient.
It also helps with inventory management, tracking product
use, and tracking sales rates and locations.
Contd...
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