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    Unit 5 Data Analytics

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    Unit 5 Data Analytics

    Uploaded by

    Tinku The Blogger
    62 views10 pages
    True exports of data often contain data in raw formats otherwise unreadable to end-users without the user interface that was designed to render it. Import and export of data shares semantic analogy with copying and pasting, in that sets of data are copied from one application and pasted into another.

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    True exports of data often contain data in raw formats otherwise unreadable to end-users without the user interface that was designed to render it. Import and export of data shares semantic analogy with copying and pasting, in that sets of data are copied from one application and pasted into another.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    62 views10 pages

    Unit 5 Data Analytics

    Uploaded by

    Tinku The Blogger
    True exports of data often contain data in raw formats otherwise unreadable to end-users without the user interface that was designed to render it. Import and export of data shares semantic analogy with copying and pasting, in that sets of data are copied from one application and pasted into another.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 10

    DATA ANAYTICS FOR BUSINESS

    DECISIONS

    Unit 5

    MBA/BBA/B.com /BCA/UGC Net

    By
    Dr. Anand Vyas
    Application of Business in Analysis Retail Analytics
    • Retail analytics is the process of providing analytical data on inventory levels, supply chain movement, consumer demand,
    sales, etc. that are crucial for making marketing, and procurement decisions. The analytics on demand and supply data can
    be used for maintaining procurement level and also for taking marketing decisions. Retail analytics gives us detailed
    customer insights along with insights into the business and processes of the organisation with scope and need for
    improvement.

    • Descriptive Analytics
    Simply put, descriptive analytics uses data to describe “what” is happening in your business. But it doesn’t do much to answer
    the “why” unless combined with other types of data analytics that can show patterns and correlations.

    • Diagnostic Analytics
    The simplest form of “advanced” analytics diagnostic analytics helps retailers use data to answer the “why” of specific business
    problems.
    • Taking the same raw data used in descriptive analytics, diagnostic analytics uses statistical analysis, algorithms, and
    sometimes, machine learning, to drill deeper into the data and find correlations between data points.

    • Predictive Analytics
    If descriptive analytics shows you the “what” of what’s happening in your business, and diagnostic analytics tells you the “why”
    predictive analytics tells you “what’s next
    Data analytics is being used to disrupt retail today.

    • In-Store Experience Tracking


    • Understanding Customer Behaviors
    • Better Promotions
    • Operational and Supply Chain Improvements
    Marketing Analytics
    • Marketing analytics is the practice of measuring,
    managing and analyzing marketing performance to
    maximize its effectiveness and optimize return on
    investment (ROI). Understanding marketing analytics
    allows marketers to be more efficient at their jobs
    and minimize wasted web marketing dollars.
    Characteristics of Marketing Analytics
    • Ensure high-quality data
    • Get real-time insights
    • Choose the right analytics visualization
    • Perfect your dashboard
    • Use a tool featuring machine learning and AI to predict
    and prescribe
    Application of Business Analysis in Financial Analytics

    • Business analytics are a boon for the financial sector. Various


    divisions like investment banking, financial planning, portfolio
    management, budgeting, and forecasting can benefit greatly by
    implementing business analytics. The business analysts use
    data mining tools and statistics on the available financial data to
    observe the trends of similar products in case of a new product
    or observe the existing product to determine future actions.
    Types of financial analysis include the following:

    • Horizontal analysis refers to the side-by-side comparison of an organization’s financial performance for
    consecutive reporting periods. The aim is to determine major shifts in the data. Later, this information could
    be applied to a more detailed analysis of financial results.
    • Vertical analysis pertains to the proportional analysis of a financial statement. Each line item on a financial
    statement is listed as a percentage of another item for example, every line item on an income statement is
    provided as a percentage of gross sales, while every line item on a balance sheet is given as a percentage of
    total assets.
    • Short-term analysis provides a detailed review of working capital, involving the calculation of turnover rates
    for accounts receivable, inventory and accounts payable. Any differences from the long-term average
    turnover rate should be studied further because working capital is a significant user of cash.
    • Multi-company comparison entails tallying and comparing major financial ratios of two organizations, usually
    in the same industry sector. The aim is to determine the companies’ relative financial strengths and
    weaknesses.
    • Industry comparison contrasts the results of a specific business and the average results of an entire industry.
    The purpose is to determine any unusual results in comparison to the industry average.
    Application of Business Analysis in Healthcare Analytics

    • The health care industry produces large amounts of data on a daily basis. Most of
    these data used to be hard copies but, now organizations are gathering data
    electronically.

    • Electronic Health Records (EHR): Clinical records with patient details.


    • Laboratory Information Management system (LIMS): Contains lab results
    • Monitoring and diagnostic instruments: Data from instruments like MRI.
    • Pharmacy: Medication details of the patient
    • Instruments and human tracking system: Data contains location information of
    instruments and people.
    • Insurance claim and billing: Contains insurance claims and billing details
    • Hospital Resources: Employee list and hospital supply chain details.
    Application of Business Analysis in Supply Chain
    Analytics
    • Supply chain analytics refers to the processes organizations use to gain
    insight and extract value from the large amounts of data associated with
    the procurement, processing and distribution of goods. Supply chain
    analytics is an essential element of supply chain management (SCM).
    Challenges of Supply Chain Industry
    • Supply chain and logistics process transparency.
    • Managing Demand Volatility
    • Tackling cost fluctuations in Supply Chain
    Advantages (Benefits)
    • Better understand risks, Better understand risks and Prepare for the
    future

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