SampleSchool of Business

Recorded Lecture - I
Course Name: Introduction to Buisness Analytics

School of Business

Program Name: MBA

Course Name: INTRODUCTION TO Business Analytics

Name of the Faculty: GARIMA RATHI

 Introduction

• Business Analytics is a field that leverages data, statistical analysis, and

predictive modeling to provide insights and support decision-making in a
business context. It involves the use of various tools and techniques to
analyze data and extract valuable information that can help organizations
make informed and strategic decisions.
• The main objectives of business analytics are to identify trends, patterns,
and correlations within data, and to use these insights to optimize business
processes, improve performance, and gain a competitive advantage. This
field encompasses a wide range of methodologies, including statistical
analysis, data mining, predictive modeling, machine learning, and other
advanced analytical techniques.

Name of the Faculty: GARIMA RATHI

 Introduction

• Here are key components and concepts associated with Business Analytics:
1.Data Collection and Integration: Gathering and combining relevant data
from various sources, such as transaction records, customer interactions,
social media, and other internal and external datasets.
2.Data Cleaning and Preprocessing: Preparing and cleaning the data to
ensure accuracy, consistency, and completeness. This step is crucial for
reliable analysis.
3.Descriptive Analytics: Examining historical data to understand what has
happened in the past. This often involves creating visualizations and reports
to summarize key performance indicators (KPIs) and trends.

Name of the Faculty: GARIMA RATHI

 Introduction

4. Predictive Analytics: Using statistical models and machine learning

algorithms to forecast future trends and outcomes based on historical data.
Predictive analytics helps in making proactive decisions and anticipating
future scenarios.
5.Prescriptive Analytics: Recommending specific actions to optimize
outcomes. This involves using advanced algorithms to suggest the best
course of action to achieve desired goals.
6.Data Visualization: Representing data in visual formats such as charts,
graphs, and dashboards to make it easier for stakeholders to understand
complex information and draw meaningful insights.

Name of the Faculty: GARIMA RATHI

 Introduction

7.Business Intelligence (BI): Integrating analytics tools and

technologies to provide interactive and user-friendly interfaces for
decision-makers to explore and analyze data.
8.Big Data Analytics: Handling and analyzing large volumes of data,
often in real-time, to uncover insights that were not possible with
traditional data processing methods.
9.Data-driven Decision-Making: Using data and analytics to inform
and guide decision-making processes across various business functions,
from marketing and finance to operations and human resources.

Name of the Faculty: GARIMA RATHI

 Introduction

• Meaning of Business Analytics:

• Business Analytics involves the use of data analysis tools and
techniques to gain insights, make informed decisions, and improve
business performance. It encompasses a range of activities, from data
collection and cleaning to advanced statistical modeling and machine
learning, all aimed at transforming raw data into actionable
intelligence

Name of the Faculty: GARIMA RATHI

 Introduction:Basic Concepts of Business Analytics:
• Descriptive Analytics:
• Definition: Describes what has happened in the past using historical data.
• Example: Summarizing sales figures, creating reports on customer behavior
• Predictive Analytics:
• Definition: Forecasts future trends and outcomes based on historical data and
statistical algorithms.
• Example: Predicting future sales, identifying potential customer churn
• Big Data Analytics:
• Definition: Analyzing large volumes of complex and unstructured data, often in
real-time.
• Example: Processing and analyzing social media data to understand customer
sentiment.
Name of the Faculty: GARIMA RATHI
 Introduction

• Prescriptive Analytics:
• Definition: Recommends actions to optimize outcomes based on predictive
analytics.
• Example: Recommending marketing strategies to maximize ROI,
suggesting supply chain optimizations.
• Data Visualization:
• Definition: Representing data visually through charts, graphs, and
dashboards for easy understanding.
• Example: Creating a visual representation of sales trends over time.

Name of the Faculty: GARIMA RATHI

 Introduction

• Evolution of Business Analytics:

1.Traditional Reporting:
1. Basic reporting tools to generate static reports.
2.Business Intelligence (BI):
1. Interactive dashboards and tools for exploring historical data.
3.Advanced Analytics:
1. Integration of statistical models and predictive analytics.
4.Big Data Analytics:
1. Handling large and diverse datasets beyond the capacity of traditional databases.
5.Machine Learning and AI:
1. Utilizing advanced algorithms for predictive and prescriptive analytics.

Name of the Faculty: GARIMA RATHI

 Introduction:Business Analytics for Business Decision-Making:
1.Informed Decision-Making:
1. Utilizing data insights to make well-informed and strategic decisions.
2.Optimizing Processes:
1. Identifying areas for improvement and streamlining business processes.
3.Risk Management:
1. Predicting and mitigating risks by analyzing historical and current data.
4.Customer Insights:
1. Understanding customer behavior for targeted marketing and improved customer
experiences.
5.Competitive Advantage:
• Gaining an edge by leveraging data for business strategies.

Name of the Faculty: GARIMA RATHI

 Introduction

• Basics of Business Analytics Models:

1.Regression Analysis:
1. Modeling the relationship between dependent and independent variables.
2.Classification Models:
1. Categorizing data into predefined classes or groups.
3.Clustering:
1. Grouping similar data points together based on certain characteristics.
4.Time Series Analysis:
1. Analyzing data points collected over time to identify trends.
5.Machine Learning Algorithms:
1. Using algorithms to enable computers to learn and make predictions without explicit
programming.
Name of the Faculty: GARIMA RATHI
 Introduction

Latest Tools and Techniques for Business

Analytics:
1.Power BI:
1. A Microsoft tool for data visualization and business intelligence, enabling
users to create interactive reports and dashboards.
2.Tableau:
1. A leading data visualization tool that allows users to create and share
interactive and shareable dashboards.
3.Python and R:
1. Programming languages with extensive libraries for statistical analysis,
machine learning, and data manipulation.

Name of the Faculty: GARIMA RATHI

 Introduction: Latest Tools and Techniques for Business Analytics:

4.Google Data Studio:

1. A free tool by Google for creating customizable and interactive dashboards and reports.
5.Alteryx:
2. A platform for data blending and advanced analytics, allowing users to prepare and analyze
data without extensive coding.
6. Looker:
3. A business intelligence and data exploration platform that integrates with various
databases.
7.SAS (Statistical Analysis System):
4. A software suite used for advanced analytics, business intelligence, and data management.

Name of the Faculty: GARIMA RATHI

 Introduction: Latest Tools and Techniques for Business Analytics:

8.KNIME:
1. An open-source platform for data analytics, reporting, and integration.
9.Domo:
2. A cloud-based business intelligence and data visualization platform.
10.Microsoft Excel (with Power Query and Power Pivot):
3. Widely used for basic data analysis and reporting, and enhanced with Power
Query and Power Pivot for advanced analytics.

Name of the Faculty: GARIMA RATHI

 Introduction:Key Benefits of Using Business Analytics:
1.Informed Decision-Making:
1. Provides data-driven insights for better decision-making.
2.Optimized Operations:
1. Identifies areas for process improvement and efficiency gains.
3.Cost Savings:
1. Helps in identifying cost-saving opportunities through better resource allocation.
4.Competitive Advantage:
1. Enables organizations to stay ahead by leveraging data for strategic advantages.
5.Customer Insights:
1. Understands customer behavior, preferences, and needs for targeted marketing and
improved customer experiences.

Name of the Faculty: GARIMA RATHI

 Introduction:Key Benefits of Using Business Analytics:

6.Risk Management:
1. Identifies and mitigates risks through predictive analytics.
7.Improved Forecasting:
2. Enhances accuracy in predicting future trends and outcomes.
9.Enhanced Productivity:
3. Streamlines workflows and reduces manual efforts in data analysis.

Name of the Faculty: GARIMA RATHI

 Introduction: Business Analytics as a Business Function/Division in Organizations:

1.Strategic Decision Support:

1. Assisting top-level management with data-driven insights for strategic planning.
2.Cross-Functional Collaboration:
1. Collaborating with various departments to address specific business challenges
through analytics.
3.Data Governance:
1. Ensuring data quality, security, and compliance with regulations.
4.Training and Skill Development:
1. Providing training programs to enhance data analytics skills across the
organization.

Name of the Faculty: GARIMA RATHI

 Introduction: Business Analytics as a Business Function/Division in Organizations:

5.Technology Integration:
1. Managing the integration of analytics tools and technologies into existing systems.
6.Performance Measurement:
2. Establishing key performance indicators (KPIs) and metrics for evaluating the
impact of analytics initiatives.
7.Continuous Improvement:
3. Iteratively refining analytics processes and models for ongoing improvements.
8.Communication and Reporting:
4. Communicating insights effectively to stakeholders through reports, dashboards,
and presentations.

Name of the Faculty: GARIMA RATHI

 Introduction: Use of Business Analytics in Business Verticals :
• Business Analytics plays a crucial role in various industry verticals, helping
organizations in different sectors make informed decisions, optimize operations,
and gain a competitive edge. Here's how Business Analytics is utilized in some
key business verticals:
• 1. Retail:
• Customer Segmentation and Targeting:
• Analyzing customer data to identify segments and tailor marketing strategies for improved
customer targeting.
• Inventory Optimization:
• Predictive analytics to optimize inventory levels, reduce stockouts, and minimize overstock
situations.
• Demand Forecasting:
• Using historical data and trends to forecast demand, aiding in effective supply chain
management. Name of the Faculty: GARIMA RATHI
 Introduction: Use of Business Analytics in Business Verticals :
• 2. Banking:
• Fraud Detection:
• Utilizing advanced analytics to detect and prevent fraudulent activities in transactions.
• Credit Scoring:
• Assessing creditworthiness of individuals and businesses using predictive modeling.
• Customer Retention:
• Analyzing customer behavior to identify potential churn and implementing retention
strategies.

Name of the Faculty: GARIMA RATHI

 Introduction: Use of Business Analytics in Business Verticals :

• 3. Insurance:
• Risk Assessment:
• Utilizing predictive analytics to assess and manage risks associated with
insurance policies.
• Claims Analytics:
• Analyzing claims data to identify patterns, detect fraudulent claims, and
improve claims processing.
• Customer Lifetime Value:
• Calculating the long-term value of customers to optimize marketing and
customer retention strategies.

Name of the Faculty: GARIMA RATHI

Introduction: Use of Business Analytics in Business Verticals :

• 4. Healthcare:
• Patient Outcomes:
• Analyzing patient data for predictive modeling to improve treatment
outcomes and patient care.
• Operational Efficiency:
• Optimizing hospital and healthcare facility operations through data-driven
insights.
• Disease Surveillance:
• Monitoring and predicting disease outbreaks through the analysis of
healthcare data.

Name of the Faculty: GARIMA RATHI

Introduction: Use of Business Analytics in Business Verticals :

• 5. Education:
• Student Performance Analytics:
• Analyzing student data to identify areas of improvement, personalize learning
experiences, and enhance academic outcomes.
• Resource Allocation:
• Optimizing resource allocation based on data to improve educational
efficiency.
• Predictive Analytics for Dropout Prevention:
• Identifying students at risk of dropping out and implementing intervention
strategies.

Name of the Faculty: GARIMA RATHI

Introduction: Use of Business Analytics in Business Verticals :

• 6. Automobile:
• Supply Chain Optimization:
• Optimizing the supply chain for efficient manufacturing and delivery
processes.
• Predictive Maintenance:
• Using sensor data and analytics to predict equipment failures and schedule
preventive maintenance.
• Market Demand Forecasting:
• Analyzing market trends and consumer behavior for better production
planning.

Name of the Faculty: GARIMA RATHI

Introduction: Use of Business Analytics in Business Verticals :

• 7. Telecommunication:
• Network Performance Optimization:
• Analyzing network data for optimizing performance, reducing downtime, and
enhancing user experience.
• Customer Churn Prediction:
• Identifying factors leading to customer churn and implementing strategies to
retain customers.
• Product and Service Development:
• Analyzing customer feedback and usage data to improve and introduce new
products and services

Name of the Faculty: GARIMA RATHI