Professional Documents
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Business Analytics: Submitted By
Business Analytics: Submitted By
Business Analytics
Submitted by:-
Submitted to:-
Ms. Esha Pandya
Assistant Professor
S. R. Luthra Institute of Management
Surat
Table of Content
4. Bibliography 20
The Role of Business Analytics in Healthcare
Healthcare analytics is the collection and analysis of data in the
healthcare industry in order to gain insights and support decision-
making. From key areas like medical costs, clinical data, patient
behaviour, and pharmaceuticals, healthcare analytics can be used on
both macro and micro levels to effectively streamline operations,
improve patient care, and lower overall costs.
Healthcare data is the most complex of any industry. From electronic
health records (EHR) to monitoring real-time vital signs, data not only
comes from several sources but has to comply with government
regulations. It’s a difficult and delicate process and requires a level of
security and connectivity only an embedded analytics solution can
provide.
As with any industry, a Business Intelligence (BI) and reporting solution
can significantly improve operational efficiency, reduce costs, and
streamline processes through measuring and leveraging KPIs to spot
opportunities and inform decision-making. From patients and providers
to payers and suppliers, unlocking the value of data benefits everyone.
Disaster Planning
Both natural and manmade disasters will put tremendous pressure on
the health care systems in that area. During a disaster, the demand for a
particular service will increase way beyond its capacity. For example,
during a flu outbreak, demand for ventilators will increase. Knowing the
real-time location and availability of such facilities will be very helpful
for the authorities in managing such disasters. Using data analytics, it is
also possible to predict the outbreaks of some diseases and thus putting
the authorities in a better position to manage it.
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Patient Flow
Healthcare is a time critical service and data analytics plays a crucial
role in ensuring smooth patient flow and reducing waiting period.
Predicting patient surge will help the authorities take the necessary step
to reduce patient waiting time thereby giving timely treatment.
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use cost and outcome data to check the effectiveness of medicines and
stop prescribing medicines that are not effective.
Effective resource management: Location tracking technologies like
RFIDs are used to provide real-time management, identification, and
tracking of instruments within an organization. Along with tracking
instruments, now such technologies are increasingly being used to track
and manage patients and staffs. Data from such services can be used to
improve patient care, resource utilization, and staff management.
Pre-adjudication and fraud analysis: Hospitals receives large numbers of
insurance claims on a daily basis. Big data analytics can be employed to
process large numbers of claims to reduce fraud and abuse.
Improving decision making: For identifying and analyzing numerous
healthcare administration flaws and complexities, the need for BI
software is increasing.
Furthermore, progressed investigative capacities are important to
understand key difficulties and connections between patient, clinical,
and operational information.
BI software enables administrative heads to track Key Performance
Indicators (KPIs) that break down, oversee, and help healthcare
organizations to adjust their performance based on precise information
and examination based knowledge.
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Role of Business Analytics in Manufacturing Industry
Manufacturing Industry is amongst the most data-intensive business
vertical today. The industry is evolving and leveraging the available
tools and technology like IIoT and Cloud that allow them to connect
with the supply chain and customers like never before. Each and every
connection and communication are delivering access to massive
volumes of data, i.e., big data. Big data uncover hidden patterns,
unknown correlations, market trends, customer preferences, and other
useful information.
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The amount of profit a business obtain is considerably based on how
well the inventory is managed, from procurement of inventory to
inventory control & warehouse management to the shipping of goods
and finally the post-sales activities, such as customer service and returns
management. Whether an inventory is located in one warehouse or
multiple locations, businesses should keep a tight inventory control.
Data analytics allows you to understand how much inventory you have
as well as understand trends in your use. Accurate inventory can
enhance ordering and lower loss, making it possible to optimize your
inventory expenses fully.
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Big data of this particular business process helps here for predictive
analysis to plan better and set the right expectations internally and
externally. Real-time data analysis enables you to determine the
materials required for a master production schedule, where you easily
track when what and how much to buy and make.
With changing customer expectations, you can still deliver world-class
performance over shorter order lead times, last-minute order changes,
custom products orders, and perfect order deliveries. Connected supply
chain practices influence your financial and operational plans thus
enables growth and prioritizes investments.
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Ethical Issues in Business Analytics
Business analytics involves the use of detailed and often confidential
customer data.
Get Consent
The issue of consent is not just important from a customer perspective,
but also from a legal perspective. It is crucial to ensure that your users
are legally bound by your privacy policy, by giving them reasonable
notice of policy or terms and getting their clear agreement to it in some
way.
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Most websites use a method called browse wrap. Browse wrap is where
a link to the privacy policy is provided, but the user is expected to find it
themselves by browsing through the website. In most cases a browse
wrap agreement would not be legally binding on the customer, as they
have not had reasonable notice of the terms nor shown their agreement.
Public Relations
Public relations are an area where corporate ethics are essential.
Maintaining a good public appearance helps build consumer confidence
in your company and results in an increase in revenue. Using business
analytics to make business decisions without ethics can have disastrous
effects on your company's public relations efforts. For example,
choosing to open a manufacturing facility very close to a residential
neighborhood may be financially prudent, but the public outcry that
would come from such a move can permanently hurt revenue.
Competitive Analysis
Business analytics give you a statistical platform for comparing your
organization to the competition. When you compare your company to
others in your industry, keep an eye on the methods by which
competitors treat their clients and vendors. A company that has had
success marketing to specific target audience in the past may have been
offering products that were unsafe or at profit margins that were
artificially inflated. Include the ethical decisions made by your
competition in with your statistical analysis to develop a more
comprehensive picture.
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Unethical Accounting
Publicly-traded companies may engage in unethical accounting to
appear more profitable than they actually are. In other cases, an
accountant or bookkeeper may change records to skim off the top.
Privacy
Employees have recently found that the distinction between work life
and personal life has become less clear. This is mainly due to the
advances in technology.
For one thing, employers may punish for posts on social media,
particularly if they complain about work conditions or the company as a
whole. Employers may even fire workers who post controversial
statements that go against company values.
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Another ethical issue surrounds the use of devices belonging to the
company. Employers can now monitor all worker activity on laptops and
cell phones. Whereas this is supposed to check that employees are
sticking to work-related activities during the business day, some
employers take it further, tracking keystrokes and reading emails. The
question is where to draw the line between monitoring and spying.
Staff Retention
Business analytics produce information relevant to staff salaries,
production metrics and employment benefits. It is the responsibility of
the employer to provide a safe, productive and nurturing work
environment to employees. Decisions made about employee
development, workplace safety and staff compensation should not be
done strictly by the numbers. Using an ethical decision-making process
when analyzing personnel utilization will improve your return on
investment in the form of employee retention and an improved employee
skill set.
Product Development
Ethics are an important part of product development. Your client base
expects a certain level of quality from your products. That is one of the
elements of your product offering that helps you to capture and retain
client revenue. Business analytics may show that certain design changes
and materials substitutions can be made to lower your production cost
while improving profit margins. To remain loyal to your client base, you
need to use a code of ethics to determine how your manufacturing
processes will change and if those changes will affect customer
retention.
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Case Study
McDonald’s Optimizes Food Delivery Performance With
Data Analytics
Overview: As food delivery surges, McDonald’s improves operations
ahead of the curve
McDonald’s, the leading global foodservice retailer, partnered with Wavicle Data
Solutions to optimize the performance of its third-party food delivery providers in
40 markets across five continents. McDonald’s needed to measure and track the
performance of its growing third-party food delivery function and its effect on the
business to ensure: sufficient inventory for popular menu items, adequate staffing,
on-time deliveries, and ongoing customer satisfaction. Without these assurances,
the company was concerned about losing control of revenue and consumer brand
loyalty. An intelligence solution was critical for financial success in a highly
competitive market.
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Sales metrics by channel (in-store, drive-thru, and food delivery)
Total sales: in dollars, number of orders, percent by channel
Average check size: in dollars, number of items by channel
Refunded items, based on customer complaints: in dollars, number of orders
by channel
Uptime by restaurant location: hours per day each location accepted food
delivery orders
Customer analytics
Total sales in dollars, number of orders (new customers vs. existing food
delivery provider customers)
Market basket analysis to understand what items are selling the most via
food delivery, vs. differences from in-store purchase behavior
Customer satisfaction scores and feedback by food delivery order (delivered
via food delivery apps)
Fees metrics
Fees paid by restaurants to food delivery providers
Fees paid by customers to food delivery providers
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Q1. Perform the need assessment for the given business
problem and suggest what kind of business reporting will
help McDonald’s. (What parameters should be there in the
reports)
Ans: If the company is struggling to achieve their organizational objectives it can
be difficult to determine exactly what aspect of the company is holding it back.
This is where key performance indicators (KPLs) can help when applied
effectively. They are key objectives that a company can use to measure its
accomplishment towards organizational objectives. Think of KPIs as a compass
directing the company to take the right path toward achieving its objectives. Key
performance indicators are used at all levels of an organization to evaluate their
success and can be high-level KPLs. High-level KPIs evaluate the overall
performance of the company, while low-levels KPIs will focus on the processes in
individual departments from the call center to the warehouse.
Need assessment for the business problem and suggestion (Rapid delivery
data and analytics):
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Data visualization:
Our data scientists help industry leaders build, train and operationalize
machine learning and Al models to drive better business outcomes.
Cloud Engineering:
Data management:
Business Model:
The power of our franchisees, suppliers and employees working together toward a
common goal is what makes McDonald’s the world’s leading quick-services
restaurant brand.
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The company facilities learning and sharing across McDonald more than
36000 restaurants.
While a global brand, the vast majority of McDonald’s restaurants – more than
80% worldwide and nearly 90% in the U.S. , - are owned and operated by
approximately 5000 independent , small-and mis-sized businessmen and women.
We play special attention to how our customer is like – and how they are different
too. For that reason, markets and countries have latitude when it comes to menu,
marketing, community involvement and local business management. See
McDonald’s around the world.
Growth Strategy:
In March of 2017, they introduced our velocity growth plan, named as such
because they’re moving fast – and in a clearly defined direction.
Velocity makes the most of our competitive advantage, from them unmatched
global scales to our iconic brand to our tremendous presence in local markets
around the world.
Retain:
Retaining the customers they have, fortifying and extending their areas of strength
with focuses on breakfast and family occasions.
Regain:
Regaining the customers they had lost by improving the taste and quality of our
food, enhancing convenience and offering strong value.
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Convert:
Converting causal customers to more committed customers with coffee and snacks.
The purchase & improve selection of our website is designed to be a living reports
see how we’re doing year on and understand the impact we’re having. We provide
the updates on range of areas across:
The next step would then be to add the following to each of this scenario:
An assessment of McDonald’s ability to handle the resulting
solutions.
Value driver implications.
Probabilities (including join probabilities!)
But it goes beyond the scope of this case study to conduct a full
scenario analysis.
KPI partners completed a thought health check of McDonald’s exiting business
intelligence environment that had been customized for their finance department. A
strategies road map was customers to help guide McDonald’s along a path towards
achieving their goals:
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Q3. How does this system help McDonald’s in decision
making?
Ans: Information System used in McDonald’s:
An information system (IS) collect, process, stores, analyses, and
disseminates information for a specific purpose.
An information system includes input (data, instructions) and output (report,
calculations).
It process the inputs and produces outputs that are sent to users or to other
systems via electronic networks and a feedback mechanism that control the
operation.
Types of Information System:
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The elements of the sandwich are displayed for the kitchen staff to start
working on.
Conclusion:
The extensive research of McDonalds Corporation has been pursued. The company
being the major player in the fast food industry has a competitive edge over the
others within the industry. It has created great popularity amongst its customers
especially amongst the kids who are McDonalds key target customers. The
company does face a threat of expanding in the mature market and taking over by
the competitors which has been highlighted. It has several key strategies which if
maintained will continue to stay as the leader in the fast food industry. The key
points being its quick and fast service, quality food, easily accessible and fair
pricing of the food items. The Health factor towards which the trend is moving is
to be considered by the organization which will be added advantage to its growth
and expansion.
Bibliography
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https://www.logianalytics.com/what-is-healthcare-analytics/
https://www.knowledgenile.com/blogs/business-intelligence-healthcare-
industry/
https://www.sayonetech.com/blog/applications-data-analytics-healthcare-
industry/
https://medium.com/@alkajmc/scope-of-business-analytics-in-manufacturing-
dbd9f43f191d
https://smallbusiness.chron.com/business-analytics-ethical-decisions-21934.htm
https://s3-ap-southeast-
1.amazonaws.com/unisim.elearning.documents.prod/ANL309/others/ANL309_
ANL309_Su1_Ch4.pdf
https://sessioncam.com/the-ethics-of-data-analytics/
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