FUNDAMENTALS OF BIG DATA AND BUSINESS ANALYTICS

Ques 1.
Introduction:
Business analytics is a subset of business intelligence and a data management tool that
focuses on the application of methodologies like data mining, predictive analytics, and
statistical analysis to analyse data, transform it into information, identify trends, forecast
outcomes, and ultimately improve business decisions. Business analytics (BA), a group of
disciplines and technologies, uses data analysis, statistical modelling, and other quantitative
approaches. It entails a rigorous, iterative examination of the data within an organisation
with a focus on statistical analysis to inform decision-making. Businesses that are driven by
data actively look for ways to leverage their data to their advantage and view it as a valuable
corporate asset. Business analytics success depends on high-quality data, knowledgeable
analysts who comprehend the industry and technology, and a dedication to leveraging data to
uncover insights that guide business choices. The fundamentals of business analytics are
typically divided into three categories: descriptive analytics, predictive analytics, and
prescriptive analytics. Descriptive analytics analyses historical data to determine how a unit
may respond to a set of variables; predictive analytics examines historical data to determine
the likelihood of specific future outcomes; and prescriptive analytics combines the two.
Business analytics become a crucial tool for assessing the entire influence on the
organization's revenue chart once performance data for the marketing branch is at hand. The
investments in areas like media, events, and digital marketing are guided by these
understandings. These enable us to comprehend client results, such as lifespan, value,
acquisitions, profit, and revenue generated by marketing spend, in a straightforward and
understandable way.

Concept and Application:

Business analytics is the process by which organisations analyse historical data using
statistical techniques and technology in order to learn new things and make better strategic
decisions. Data analysis, statistical models, and other quantitative techniques are used in
business analytics (BA), a collection of disciplines and technology. It entails a rigorous,
iterative examination of the data within an organisation with a focus on statistical analysis to
inform decision-making. Data-driven businesses aggressively seek out ways to use their data
as a competitive advantage and see it as a valuable corporate asset. Business analytics success
depends on high-quality data, knowledgeable analysts who comprehend the industry and
technology, and a dedication to leveraging data to uncover insights that guide business
choices. Every area of your company will benefit from business analytics. Everyone involved
in the end-to-end process is in sync when data from several departments is combined into a
single source. Businesses nowadays are developing in a quick-paced world. More efficient
organisational solutions are now available than ever thanks to newer technology innovations.
One of the important elements that has helped direct firms toward greater success is business
analytics. The topic of analytics has developed from merely presenting data to more
collaborative business intelligence that forecasts outcomes and aids in making decisions for
the future. By ensuring there are no information or communication gaps, this opens the door
to advantages like:
 1. Facts-driven decisions: With the help of business analytics, difficult choices are made
wiser, which means they are supported by data. A more intelligent method to consider
an organization's future, whether it concerns HR expenditures, marketing initiatives,
manufacturing and supply chain requirements, or sales outreach activities, is to
quantify core causes and clearly define patterns.
2. Simple visualisation: Unmanageable volumes of data may be transformed into clear
visuals using business analytics software. Two goals are achieved in this way. The
first benefit is that business users now have much easier access to insights with only a
few clicks. Second, by presenting data visually, it becomes easier to discover new
ideas by just viewing the data in a different way.
3. What-if modelling: Predictive analytics builds models that users may use to search for
trends and patterns that will influence future outcomes. Prior to the advent of business
analytics software driven by machine learning, this was the purview of skilled data
scientists, but now these models can be created directly on the platform. Because of
this, business users don't need to develop complex algorithms in order to easily
modify the model by generating what-if scenarios with slightly changing variables.
4. Go augmented: Each of the aforementioned suggestions takes into account the ways
in which company data analytics accelerate user-driven insights. However, the power
of augmented analytics is unleashed when business analytics software is supported
with machine learning and artificial intelligence. The capacity of augmented analytics
to self-learn, adapt, and handle large amounts of data is used to automate procedures
and produce insights free from human bias.
The process of turning data into insights to enhance company choices is known as business
analytics. Some of the methods used to extract insights from data include data management,
data visualisation, predictive modelling, data mining, forecasting simulation, and
optimization. Although statistical, quantitative, and operational analysis play a significant
role in business analytics, creating data visualisations to explain your results and influence
business choices is the final goal. To succeed in this sector, it is crucial to combine a
technical background with effective communication abilities. The fundamentals of business
analytics are typically divided into three categories: descriptive analytics, predictive
analytics, and prescriptive analytics. Descriptive analytics analyses historical data to
determine how a unit may respond to a set of variables; predictive analytics examines
historical data to determine the likelihood of specific future outcomes; and prescriptive
analytics combines the two.
Businesses nowadays are developing in a quick-paced world. More efficient organisational
solutions are now available than ever thanks to newer technology innovations. One of the
important elements that has helped direct firms toward greater success is business analytics.
The topic of analytics has developed from merely presenting data to more collaborative
business intelligence that forecasts outcomes and aids in making decisions for the future.
Refining current or historical company data with the use of contemporary technologies is the
definition of business analytics. They are used to build intricate models that will support
future expansion. Data collection, data mining, sequence identification, text mining,
forecasting, predictive analytics, optimization, and data visualisation are all examples of
broad business analytics processes. Today, every organisation generates a sizable amount of
data in a particular way. Business analytics are currently using statistical technology and
methodologies to evaluate historical data. They utilise this to get new knowledge that might
help them make future strategic decisions. Business analytics is a collection of methods and
tools for archiving, analysing, and making data available so users may make better strategic
choices. Business analytics is a subset of business intelligence, which develops skills for
businesses to compete effectively in the market and is anticipated to become one of the
primary functional areas in most businesses. Analytics firms train their employees to use
analytical perspective to support choices. Analytics do have an impact on company since they
collect knowledge that can be used to improve or modify things. Business analytics has
several branches that may be separated into. For example, marketing analytics are crucial for
a sales and advertising organisation to identify which marketing techniques and tactics
worked and which didn't. Business analytics become a crucial tool for assessing the entire
influence on the organization's revenue chart once performance data for the marketing branch
is at hand. The investments in areas like media, events, and digital marketing are guided by
these understandings. These enable us to comprehend client results, such as lifespan, value,
acquisitions, profit, and revenue generated by marketing spend, in a straightforward and
understandable way.

Predictive Prescriptive
Analytics Analytics

Descriptive Diagnostic
Analytics Analytics
Business
Analytics

Descriptive Analysis: The analysis of historical data using descriptive analytics helps to
better comprehend changes that have taken place in a firm. The process of using a variety of
historical data to make comparisons is known as descriptive analytics. Descriptive analytics
produces the most often reported financial indicators, such as year-over-year price variations,
month-over-month sales growth, user count, or total revenue per subscriber. All of these
metrics give an account of what happened in a company over a specific time frame. Using
descriptive analytics, you may better understand how changes in a firm have changed by
analysing historical data. Decision-makers have a comprehensive understanding of
performance and trends on which to build corporate strategy by using a variety of historical
data and benchmarking. The strengths and weaknesses of an organisation may be determined
with the use of descriptive analytics. Descriptive analytics may employ data like year-over-
year price fluctuations, month-over-month sales growth, user count, or total revenue per
subscriber. Predictive and prescriptive analytics, two more recent types of analytics, are
increasingly employed in combination with descriptive analytics. To accurately depict what
has happened in a firm and how it varies from previous similar times, descriptive analytics
leverages a wide variety of data. To help guide management tactics, these performance
measures may be utilised to highlight areas of strength and weakness. Data aggregation and
data mining are the two basic ways that descriptive analytics data is gathered. Data must first
be obtained and then processed into understandable information before it can be understood.
Management may then utilise this data to understand the state of the company in a
meaningful way. One of the most fundamental types of business intelligence that a firm will
utilise is descriptive analytics. Analytics employ widely accepted measurements that are
ubiquitous throughout the financial business, despite the fact that descriptive analytics might
be industry-specific, such as the seasonal fluctuation in shipping completion times. Important
data is presented in a simple fashion using descriptive analytics. The demand for descriptive
analytics will never go away. However, emerging analytics disciplines like predictive and
prescriptive analytics are receiving greater attention. These analytics make use of descriptive
analytics and include extra data from other sources to estimate anticipated short-term
outcomes. These predictive analytics do more than just give information; they also help in
decision-making.
Predictive Analytics: Predictive analytics is the practise of predicting future outcomes and
performance using statistics and modelling techniques. Predictive analytics examines
historical and current data trends to determine their propensity to repeat. This makes it
possible for businesses and investors to alter how they spend their resources in order to
benefit from probable future events. Predictive analysis may also boost operational cost
savings and risk reduction. To predict future performance, predictive analytics use statistics
and modelling approaches. Predictive approaches are used in fields and industries like
insurance and marketing to make crucial choices. The development of video games, voice-to-
text message translation, customer service choices, and investment portfolios are all made
possible with the use of predictive models. Despite the fact that they are two distinct fields,
machine learning and predictive analytics are frequently confused. Decision trees, regression,
and neural networks are examples of several kinds of prediction models. A type of
technology called predictive analytics generates forecasts regarding some future unknowns. It
uses a variety of methodologies, including artificial intelligence (AI), data mining, machine
learning, modelling, and statistics to arrive at these conclusions. For instance, data mining is
analysing big data sets to find patterns in them. The same is done using text analysis, but not
for lengthy passages of text. Businesses may use them to manage their inventory, create
marketing plans, and project sales. Additionally, it aids in a company's survival, particularly
in sectors like healthcare and retail that are characterised by intense competition. This
technology may be used by investors and financial experts to create investment portfolios and
lower risk. These models find connections, patterns, and structures in the data that may be
used to make inferences about how adjustments to the underlying mechanisms that produce
the data would alter the outcomes. Building on these descriptive models, predictive models
use historical data to estimate the likelihood of certain future outcomes given the present
situation or a collection of anticipated future circumstances. Utilizing previous data,
predictive analytics forecasts future events. The technique of applying data analytics to create
predictions based on data is known as predictive analytics. Using data, analysis, statistics, and
machine learning methods, this procedure builds a predictive model for predicting future
occurrences. The use of a statistical or machine learning approach to provide a quantitative
future forecast is referred to as "predictive analytics." Starting with a commercial objective,
predictive analytics aims to utilise data to eliminate waste, gain time, or lower expenses. In
order to achieve that aim, the method makes use of heterogeneous, frequently enormous data
sets to create models that may produce definite, actionable results, such as decreased material
waste, less stored inventory, and manufactured goods that fulfil requirements.
Prescriptive Analytics: Prescriptive analytics is a subset of data analytics that seeks to
provide a solution to the query, "What must we do to accomplish this?" Through the
examination of raw data, technology is used to assist organisations in making better
decisions. Prescriptive analytics makes recommendations for a course of action or strategy
based on knowledge about potential situations or scenarios, available resources, historical
performance, and present performance. It may be applied to decision-making on any time
horizon, from the short term to the long term. Descriptive analytics, on the other hand, assess
choices and results after the fact. A kind of data analytics called prescriptive analytics seeks
to provide a response to the question, "What must we do to accomplish this?" It makes
decisions for organisations based on predictions made by a computer algorithm using
machine learning. Predictive analytics, which analyses data to forecast short-term outcomes,
collaborates with prescriptive analytics. When utilised properly, it may assist businesses in
coming to judgments based on facts and probability-weighted forecasts rather than gut
feelings. Computer systems automatically adapt to use new or extra data as it becomes
available, in a process that is considerably faster and more thorough than human capacities
could handle. Predictive analytics, which uses statistics and modelling to forecast future
performance based on current and past data, complements prescriptive analytics as a sort of
data analytics. But it does more than that; it also suggests a plan of action for the future based
on the predictive analytics' assessment of what is likely to occur. Analytics that are
prescriptive help cut through the confusion of current uncertainties and shifting
circumstances. It can aid in fraud prevention, risk management, efficiency improvement,
achieving company objectives, and fostering client loyalty. When properly used, it may assist
businesses in making decisions based on thoroughly researched information rather than
rashly drawing judgments. Prescriptive analytics helps companies better comprehend the
degree of risk and uncertainty they confront than they could by depending on averages. It can
simulate the likelihood of several scenarios and display the probability of each. By using it,
organisations may improve their awareness of the possibility of worst-case events and make
informed planning decisions. Prescriptive analytics, however, is not infallible. Organizations
must know what to ask and how to respond to the responses for it to be effective. So, it can
only be effective if the inputs it receives are true. The output findings won't be correct if the
input presumptions are false. Only temporary solutions should be addressed with this type of
data analytics. Prescriptive analytics shouldn't be used by organisations to make any long-
term decisions, according to this. This is due to the fact that if more time is required, it
becomes less trustworthy.
Diagnostic Analytics: The technique of analysing data to identify the reasons for trends and
connections between different variables is known as diagnostic analytics. You might think of
it as the natural progression from utilising descriptive analytics to find trends. Diagnostic
evaluation can be carried out manually, automatically, or using statistical tools (such as
Microsoft Excel). The methods you'll employ to inquire of your data: "Why did this happen?"
are referred to as diagnostic analytics. It is digging deeply into your data to look for insightful
information. The first phase in most businesses' data analysis is descriptive analytics, which
is a much easier procedure that records the facts of what has already occurred. By going one
step further, diagnostic analytics can explain the logic behind certain findings. In diagnostic
analytics, data mining, drill-down, correlations, and data discovery are often utilised
techniques. Analysts locate the data sources that will assist them in interpreting the findings
throughout the discovery phase. Focusing on a single aspect of the data or widget is known as
drilling down. The BI platform from Sisense makes it simple to perform this drill-down. Data
mining is an automated method for extracting information from a sizable quantity of
unprocessed data. Additionally, identifying recurring patterns in your data might help you
narrow down the investigation's scope. By posing the proper queries and delving deeply to
find the solutions, diagnostic analytics enables you to extract value from your data. A
flexible, agile, and configurable BI and analytics platform is necessary for this. You can then
receive responses that are tailored to your company's unique difficulties and prospects. A
subset of analytics called diagnostic analytics seeks to provide an explanation for why
something occurred. Businesses may learn more about the reasons behind the trends in their
data by employing diagnostic analytics. Data mining and data drilling are two examples of
the several strategies that may be used in diagnostic analytics. Companies may need to look
at various data sources, maybe including external data, to identify the underlying causes of
trends.

Conclusion:
Businesses nowadays are developing in a quick-paced world. More efficient organisational
solutions are now available than ever thanks to newer technology innovations. One of the
important elements that has helped direct firms toward greater success is business analytics.
The topic of analytics has developed from merely presenting data to more collaborative
business intelligence that forecasts outcomes and aids in making decisions for the future.
Data analysis, statistical models, and other quantitative techniques are used in business
analytics (BA), a collection of disciplines and technology. It entails a rigorous, iterative
examination of the data within an organisation with a focus on statistical analysis to inform
decision-making. Data-driven businesses aggressively seek out ways to use their data as a
competitive advantage and see it as a valuable corporate asset. Business analytics success
depends on high-quality data, knowledgeable analysts who comprehend the industry and
technology, and a dedication to leveraging data to uncover insights that guide business
choices. Business analytics is the process by which organisations analyse historical data using
statistical techniques and technology in order to learn new things and make better strategic
decisions. The fundamentals of business analytics are typically divided into three categories:
descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics
analyses historical data to determine how a unit may respond to a set of variables; predictive
analytics examines historical data to determine the likelihood of specific future outcomes;
and prescriptive analytics combines the two.
Ques 2.
Introduction:
Organizations are constantly looking for ways to extract value from their data. They create
massive data teams with specialists in many facets of a data-driven corporation as part of this
quest. The majority of businesses first gather data, then plan how to use it. As a result of this
strategy, the organization's data is dispersed widely. The ability to swiftly handle vast
volumes of data and the business acumen to define value from the standpoint of the customer
are both necessary for extracting value from such data. The words "Big Data" and "Business
Analytics" are frequently used when discussing how to extract insights from these dispersed
data. Both, one quite literally, show how the world of BI has transformed. Simply as a word,
"big data" personifies the paradigm change the industry endured. Simply said, there is more
data to work with. Additionally, more can be done with it because there are more resources
accessible. Despite the fact that the two words are different, they have a lot in common. Both
are seeking information through data analysis. Business analytics may be performed using
big data analytics technologies, which has drastically changed both the process and the
outcomes that can be obtained. However, there are some distinctions as well. Big data's
significance is not just dependent on the volume of data you have. Its worth depends on how
you utilise it. Any data source may be used to gather information, which can then be analysed
to discover solutions that 1) simplify resource management, 2) boost operational
effectiveness, 3) optimise product development, 4) provide new income and growth
prospects, and 5) facilitate wise decision-making. Business analytics is a subset of business
intelligence and a data management solution that focuses on the use of methodologies like
data mining, predictive analytics, and statistical analysis to analyse data, turn it into
information, spot trends, predict outcomes, and ultimately make better, data-driven business
decisions.

Concept and Application:

Big Data is a catch-all phrase that refers to gathering, handling, and analysing vast volumes
of data in order to enhance business outcomes. The development of parallel processing
systems, which could use inexpensive technology to process practically any quantity of data,
made big data famous. Volume, Velocity, Variety, and Veracity are commonly used to
describe big data. The amount, diversity, and velocity of the entering data are all quite high.
The many types of data that are flowing in are referred to as the variety in the context of big
data. The information might be audio, visual, log files, unstructured text, or even phrases
written in natural language. The term "veracity" relates to the accuracy of the data. A
significant difficulty is guaranteeing data quality with the volume of data coming in. So, in
order to maintain data governance and data integrity, processing large data requires checks
and balances. Big Data often comprises both the technical processing of the data and the
commercial gleaning of insights from the data. Definitions on how to get insights from the
data are suggested by the analysts. Then, data scientists provide recommendations and
conduct analyses of the data to draw conclusions. To make these insights available to the
decision-makers, the data engineering division develops the batch and real-time data
pipelines.
By considering their consumers' needs, firms may use business analytics to make better
decisions. It covers everything, from specifying application feature sets to setting
performance measures for the company or even customer satisfaction. The goal of business
analytics is to improve decision-making by monitoring and reporting data. Business analytics
helps to define the measurements and predictions that ultimately convert to consumer value
by interacting with the Big Data paradigm. Since it may function with less data, business
analytics can operate independently of the big data paradigm. To conduct an insightful study
of an event, all that is required is a relational database or an excel file. Business analytics
depends on understanding of the market and the target audience. It operates on a much
greater scale at a location that is quite close to both clients and the company. If the data that
serves as the basis is present in the vast data ecosystem—a massively parallel data warehouse
engine or a flat file in the data lake—then big data processing can be a component of business
analytics. Critical components of business analytics include visualisation and reporting. The
result of a business analytics assignment is frequently a dashboard, report, or collection of
metrics that depicts the state of an organisation.
Data is the main tenet of both Big Data and Business Analytics. Business analytics are not
subject to the same strict limitations as Big Data, which only works with enormous amounts
of very diverse data. It focuses more on the business value standpoint, and everything that
aids in generating value is welcomed. Big data or conventional data that is kept in relational
databases and excels may be used as the source data for business analytics. Business analysts
that work with large data sources may employ a querying engine like Presto or a business
intelligence application like Tableau. If business analytics is unable to obtain the data they
need, they must also discover other means of data acquisition. Setting up a customer
satisfaction survey or defining performance might be examples of this. Both the Big Data
paradigm and conventional business analytics emphasise the use of data to draw conclusions.
Deriving insights may be the final stage in a long sequence of complex data pipelines for a
Big Data platform. For business analytics, this may be simple, such as establishing reports on
top of an excel spreadsheet or database, or it may include defining the specifications for a big
data team to develop the data pipelines necessary to do this. The understanding of SQL is a
crucial competency that links both Big Data and business analytics. Even data engineers
today spend the majority of their days writing SQL queries because the majority of big data
platforms offer querying engines and processing capabilities utilising SQL. A business
analyst must be familiar with SQL. To study data in conventional databases, he will use SQL.
Even Excel files may be utilised with SQL to create reports. Additionally, it is essential since
SQL is the primary method for interacting with big data systems in business analytics.
Big Data is primarily concerned with the methods and systems used to manage enormous
volumes of data. Most Big Data workers are highly skilled engineers who concentrate on
finding the most effective ways to meet the requirements set out by corporations. Business
analysts, on the other hand, concentrate on the operational and financial variables that are
directly related to client success or company profitability. They investigate data to establish
these measurements, then create and test hypotheses based on it. Big Data does need a lot of
programming and imagination, but the ideal result is often a group of processes that run
automatically to produce metrics and insights. Big Data experts work to achieve this ideal
state as rapidly and effectively as they can. Business analytics encourages one to consider the
customer's viewpoint and develop concepts based on how to best advance the company. It
focuses on figuring out how to make the organization's financial and operational performance
better. Keys to business analytics include exploring data, delving deep, and coming up with
inventive methods to communicate data in a way that relates to business results. Database
engines that do massively parallel processing typically deal with big data. To simplify the
data pipelines, data governance, and data quality, the emphasis is on employing designs like
Data Lakes, Warehouses, and Data Lakehouses. The data source might be either organised or
unstructured, and it could originate from almost any place. A business analyst's primary
responsibility is to deal with structured data. Unstructured data may occasionally exist, but it
never makes it to an analyst without first undergoing some sort of aggregation. A Big Data
employee is required to possess fundamental technical abilities for setting up and managing
Data Lakes, Warehouses, etc. They will be proficient in querying engines like Presto, Athena,
and others as well as processing frameworks like Apache Spark. He should also be
knowledgeable with the data frameworks offered by hyperscalers like AWS, GCP, and
Azure. Knowledge of the industry and the topic itself is the key competency in business
analytics. Since data exploration and hypothesis validation are significant components of the
profession, it also demands in-depth understanding of statistics and predictive modelling.
Understanding SQL is useful for examining data from many sources.
It would be an understatement to suggest that business analytics has been greatly impacted by
big data analytics. Since the advent of the internet age, business analytics has expanded in
depth, complexity, reach, applicability, and accessibility, much like every other issue
imaginable having anything to do with anything. A significant factor is the capacity to stream
and access vast volumes of data. Large datasets from social media, sales, customer
experience, and environmental sources may now be indexed by businesses both internally
and from rivals. They may rework every aspect of their shipping business. They may create
consumer profiles based on many individualised facts and supplemental semantic data to
better understand why customers choose their goods over those of competitors, and vice
versa. Data projection and forecasting are also made possible by big data. This is
accomplished by combining huge amounts of data and by having real-time data streaming
capabilities. Strong continuous data flow from generation to storage enables the quick
identification of patterns and prompt decision-making based on them. The same data flow
saves data on its own and consistently arranges it. This improves data governance and
promotes the accessibility of all company data for subsequent analysis. It makes data reuse
and usage simpler.

Conclusion:
When discussing analytics, the very diverse fields of business analytics and big data are
frequently combined. The key similarities between these two streams are their reliance on
data and their respective skill sets. Big Data places more emphasis on the operational facets
of data pipelines and automates them to provide insights. Firm analytics outlines the insights
that might be beneficial to the business from an all-encompassing perspective. Since both
heavily rely on data, there are certain areas where they overlap, and both teams can share
ideas with one another. Both, one quite literally, show how the world of BI has transformed.
Simply as a word, "big data" personifies the paradigm change the industry endured. Simply
said, there is more data to work with. Additionally, more can be done with it because there
are more resources accessible. Despite the fact that the two words are different, they have a
lot in common. Both are seeking information through data analysis. Business analytics may
be performed using big data analytics technologies, which has drastically changed both the
process and the outcomes that can be obtained. However, there are some distinctions as well.
These days, no organisation can function without data. Data is the fuel that powers businesses
since enormous volumes of data are produced every second from corporate transactions, sales
numbers, customer logs, and stakeholders. All of this information is compiled into a sizable
data set known as big data. It has its own unique Big Data difficulties. Analyzing this data is
necessary to improve decision-making. Big Data can provide some issues for businesses,
though. Data quality, storage, a shortage of data science experts, verifying data, and gathering
data from many sources are a few of these.
Ques 3(a).
Introduction:
Business analytics is a subset of business intelligence and a data management solution that
concentrates on using methodologies like data mining, predictive analytics, and statistical
analysis to analyse data, turn it into information, spot trends, predict outcomes, and ultimately
make better, data-driven business decisions. Data analysis, statistical models, and other
quantitative techniques are used in business analytics (BA), a collection of disciplines and
technology. It entails a rigorous, iterative examination of the data within an organisation with
a focus on statistical analysis to inform decision-making. Businesses that are driven by data
actively look for ways to leverage their data to their advantage and view it as a valuable
corporate asset. High-quality data, educated analysts who are familiar with the market and
technology, and a commitment to use data to unearth insights that inform business decisions
are all necessary for business analytics success. The fundamentals of business analytics are
typically divided into three categories: descriptive analytics, predictive analytics, and
prescriptive analytics. Descriptive analytics analyses historical data to determine how a unit
may respond to a set of variables; predictive analytics examines historical data to determine
the likelihood of specific future outcomes; and prescriptive analytics combines the two.
Business analytics become a crucial tool for assessing the entire influence on the
organization's revenue chart once performance data for the marketing branch is at hand. The
investments in areas like media, events, and digital marketing are guided by these
understandings. These enable us to comprehend client results, such as lifespan, value,
acquisitions, profit, and revenue generated by marketing spend, in a straightforward and
understandable way.

Concept and Application:

As the application of predictive analytics in operational management, personal medicine, and
epidemiology has increased, technology is becoming increasingly important in health care
around the globe. This article will examine the advantages of predictive analytics in the
health business, potential biases in algorithm development (as well as logical biases), and
new sources of hazards arising as a result of a lack of regulatory certainty and industry
confidence. There is a long history of ethical norms in research and evidence-based clinical
practise in the field of health care. Industry standards do not, however, explicitly govern or
oversee the application of this to new technologies, such as the use of predictive analytics, the
algorithms underlying them, and the point at which a machine process should be substituted
by a human mental process. As society continues to transition towards a new era of decision-
making enhanced, and occasionally supplanted, by evidence from digital technology,
government health organisations, physicians, and primary health providers need to be aware
of the dangers developing and agree on levels of certainty.
A subset of advanced analytics called as predictive analytics is used to make forecasts about
unknowable future occurrences or activities that influence decision-making. It is a field that
applies a variety of methods, including as modelling, data mining, statistics, and artificial
intelligence (AI) (like machine learning), to analyse past and current data and forecast the
future. These forecasts provide a rare chance to see into the future and spot emerging patterns
in patient care at both the individual and cohort levels. The rationale behind predictive
analytics is derived from hypotheses created by people to support a notion (supervised
learning). An algorithm is a formula made from a set of rules and procedures that performs
computations. Unsupervised learning, which does not have a guiding theory and employs an
algorithm to look for patterns and structure in data and cluster them into groups or insights, is
another foundation for predictive analytics. In unsupervised learning, the computer may not
know what it is searching for, but as it analyses the data, it begins to spot intricate patterns
and processes that a person could never have noticed, and as a result, it can be a valuable tool
for researchers looking for novel phenomena. The use of predictive analytics is expanding,
and it has proven to be highly beneficial across a number of sectors, including manufacturing,
marketing, law, criminal justice, fraud detection, and healthcare. Predictive analytics, which
is a cutting-edge technology that is now recognised as being a crucial component of the
delivery of health care services, stands to benefit the health care industry and its numerous
stakeholders in particular. This essay will examine the different moral and ethical pitfalls that
policymakers, medical professionals, and primary caregivers must avoid when taking use of
predictive analytics' potential.
All predictive modelling techniques are built on big data. The quality of predictive analytics
depends on the data it uses to make predictions. To provide correct assessments, it is crucial
to aggregate and clean up data from many data sources. The most important reality is that no
one piece of data should be permitted to claim excessive influence. In order to forecast future
behaviours, the method entails building mathematical frameworks by examining historical
and current data patterns. Predictive analytics often require a combination of historical and
real-time data.
1. Historical Data: Historical data is exactly what it sounds like: it examines the past.
For instance, information from a business's loyalty programme may be used to
examine previous purchasing patterns and forecast the kinds of promotions that the
consumer would probably take part in. Numerous businesses gather a lot of data.
Predictive models build mathematical models that depict trends by identifying
patterns in this historical and transactional data. They may also produce prediction
ratings for whatever subject matter the data relates to, including customers, patients,
product SKUs, etc. To detect dangers and possibilities, it then applies the predicted
ratings to the most recent data. Both organised and unstructured historical data are
available.
2. Real Time Data: In our daily lives, we are all responding to real-time data. We base a
lot of our decisions on this information. The ideal route to travel to avoid traffic may
be suggested by your GPS, movie reviews can assist us choose what to watch, and we
can learn what themes are popular on social media and in the news. Real-time data is
frequently irrelevant data that businesses have never before taken into account. Think
about how hotels and resorts utilise weather and aircraft data to forecast occupancy
rates to get an idea of how this is applied. Companies who are still utilising antiquated
systems are at a disadvantage given the degree of technology now
accessible. Depending on the sector, real-time predictive analytics can make a
difference in a decision by seconds, minutes, or hours. Here are a few examples of
real-world applications for real-time predictive analysis.

Conclusion:
Businesses nowadays are developing in a quick-paced world. More efficient organisational
solutions are now available than ever thanks to newer technology innovations. One of the
important elements that has helped direct firms toward greater success is business analytics.
The topic of analytics has developed from merely presenting data to more collaborative
business intelligence that forecasts outcomes and aids in making decisions for the future.
Business analytics (BA), a group of disciplines and technologies, uses data analysis,
statistical modelling, and other quantitative approaches. It entails a rigorous, iterative
examination of the data within an organisation with a focus on statistical analysis to inform
decision-making. Businesses that are driven by data actively look for ways to leverage their
data to their advantage and view it as a valuable corporate asset. High-quality data, educated
analysts who are familiar with the market and technology, and a commitment to use data to
unearth insights that inform business decisions are all necessary for business analytics
success. Business analytics is the process by which organisations analyse historical data using
statistical techniques and technology in order to learn new things and make better strategic
decisions. The fundamentals of business analytics are typically divided into three categories:
descriptive analytics, predictive analytics, and prescriptive analytics. Descriptive analytics
analyses historical data to determine how a unit may respond to a set of variables; predictive
analytics examines historical data to determine the likelihood of specific future outcomes;
and prescriptive analytics combines the two.
Ques 3(b).
Introduction:
Professionals sometimes conflate the phrases "business intelligence" and "business
analytics." Although there is usually overlap in the definitions of the two professions,
business professionals regularly argue about whether business intelligence is a subset of
business analytics or vice versa. Business analysis (BA) is about using the data to identify the
current challenges, predict future difficulties, and position the business for better productivity
and a more stable future. Business intelligence (BI) entails taking a thorough look at past,
present, and historical operations and collecting data. Both BI and BA have undergone
significant modifications as a result of the rise of Big Data and predictive analytics, which
have made them immensely important as data management tools. BA focuses on the accurate
interpretation and application of collected data in order to create way for leaner and more
functional ways of operations, which clearly makes BA more futuristic, whereas BI's major
focus is monitoring of data to make way for more effective insights. The power to alter a
business, as demonstrated by tools like predictive analytics, is the key distinction between
business intelligence and business analysis. Business intelligence is heavily dependent on
data collecting, even if it also involves some user interface and monitoring. An infrastructure
known as "business intelligence" aids in the gathering, archiving, and analysis of data from
corporate processes. For better decision-making, BI offers complete company analytics in
almost real-time. Business analytics (BA), a subset of business intelligence (BI), is the
process of collecting raw data from your firm and turning it into information that is valuable,
including spotting trends, forecasting outcomes, and more.

Concept and Application:

Business intelligence is traditionally seen as the use of data to support ongoing operational
management inside an organisation. When a leader wants to gather and save data about
current operations, maximise workflow, provide insightful reports, and accomplish current
company objectives, they utilise business intelligence tools and specialists. A wide range of
software tools and other technologies can be considered business intelligence tools.
Spreadsheets, online analytical processing, reporting, company activity monitoring, and data
mining tools are a few of these. Some industry professionals would also contend that business
analytics tools also include the more statistical and predictive ones. Business intelligence
generally assists executives in navigating organisational and sector-specific problems and
ensures that businesses maintain focus on their key aim to effectively reach their goals.
Business analytics is typically characterised as a more statistically focused industry, where
data analysts employ quantitative techniques to provide forecasts and create long-term
growth strategies. Business executives may receive information about the appearance of their
present consumers from business intelligence, but they may receive information about the
behaviours of their potential customers through business analytics. Business analytics is a
phrase used by some professionals to refer to a group of prediction techniques used in the
context of business intelligence. Correlational analysis, regression analysis, factor analysis,
forecasting analysis, text mining, image analytics, and other tasks all use business analytics
technologies. 2 The need for business analytics training has risen as a result of the fact that
many of these technologies mandate that businesses hire or contract data scientists.
Business analytics is sometimes characterised as a more statistically focused discipline,
where data analysts employ quantitative techniques to produce projections and create long-
term growth strategies. Business analytics, on the other hand, may be able to inform business
leaders what their potential consumers will be doing in the future, as opposed to business
intelligence, which may only reveal the characteristics of their existing clients. Business
analytics, according to some experts, refers to a collection of prediction technologies utilised
in the business intelligence space. Business analytics tools, including correlational analysis,
regression analysis, factor analysis, forecasting analysis, text mining, image analytics, and
others, are required for a variety of jobs. 2 The need for business analytics training has grown
as a result of many of these tools, which force businesses to employ or contract data
scientists. Business analysis (BA) is the process of analysing data to pinpoint existing
problems, anticipate problems in the future, and set up a company for increased efficiency
and a more secure future. Business intelligence (BI) entails taking a thorough look at past,
present, and historical operations and collecting data. Both BI and BA have undergone
significant modifications as a result of the rise of Big Data and predictive analytics, which
have made them immensely important as data management tools. BA focuses on the accurate
interpretation and application of collected data in order to create way for leaner and more
functional ways of operations, which clearly makes BA more futuristic, whereas BI's major
focus is monitoring of data to make way for more effective insights.
Differences are:
1. Compared to BI, BA is a more expressive indicator: Business analysis is more
descriptive in character and a bit broader in genre than business intelligence since it
focuses on several factors to present data, to demonstrate growth or slowdown
statistics. In order to gain knowledge about current operations and understand the
demands and objectives of its customers, BA continuously examines historical and
current data. There is a great deal of examination and evaluation involved, allowing
for some critical, timely, and correct foresight. These evaluated results need to be put
into practise in order to streamline processes and enable businesses to move toward
greater functionality. Business intelligence, on the other hand, operates significantly
differently since it is much more technically oriented because it must analyse both
organised and unstructured data. Simply said, business intelligence provides the
"what" and aids business analysis in understanding the "why, when, and how."
2. Business analysis has far more perspective: Business intelligence is a continuous
activity, whereas BA is merely data gathering, hence it is typically focused on
bringing about immediate productive progress. Business analysts continuously
examine data that has been gathered by business intelligence departments to discover
the greatest prospects for future operations that will be more successful. Business
analysis is indirectly impacted by business intelligence in that it employs data mining,
reporting, and analytical processing to develop more successful business strategies.
On the other hand, it would be hard to create successful strategies without BA.
Additionally, BA is much better organised and focused on rescheduling impending
tasks in order to simplify the business and raise profit margins. The practical use of
gathered information, its accurate translation, and its real application to get a better
perspective are major focuses of business intelligence. Business analysis is
 particularly future-focused since the analysts work using a system designed to
safeguard the future and aid in understanding upcoming difficulties.
3. BI has restrictions, although BA frequently does not: Due to its reliance on data,
business intelligence has difficulties when dealing with semi-structured or
unstructured data. Unstructured data is the sort of data that contains a lot of
unnecessary information and does not fit into a meaningful or pre-planned data
model. Since semi-structured data does not fit into the established framework that is
easier to translate, it presents a difficulty for business intelligence. As a result, there
are a number of limitations when using business intelligence with raw data.
Unstructured data assessment frequently lacks a standardised method that enables
access to and translation of semi- or unstructured data. Business analysts
fundamentally prepare the way for the implementation of business intelligence
because their work depends on their own calculations, tools for developing strategies,
and subjective problem-solving abilities.
4. Decision-making relies more on BA than BI: Large-scale companies heavily rely on
their skilled team of analysts, who may predict an issue, a shift in the market, or even
a decline in stock prices. It is important to realise that while an analyst may access all
of his information through business intelligence, only analytics can transform this
insight into a resource that is helpful. This is so that judgments may be made based on
the company's past, present operations, and set of priorities. Business analysis
thoroughly evaluates market trends, economic developments, and growth patterns.
5. Differences in technology and tools: Given how fundamentally distinct business
analysis and business intelligence are, it is not unexpected that they rely on extremely
diverse sets of tools. For instance, in addition to Big Data, business intelligence may
leverage technologies like MicroStrategy, which essentially offers you some really
effective, high-speed dashboarding that can help you keep track of existing trends and
perhaps conceive of new opportunities for increased productivity. In contrast,
business analysis needs significantly more complex and cutting-edge technology
tools. Like tools for developing prototypes and wireframes, task management tools
that also help you keep track of all your new discoveries in real-time, real-time work
management tools, quick wireframing tools, etc.
6. It's crucial that BA take lessons from the past: Investigating historical financial trends,
market shifts, or company behaviour is a critical component of business analytics
since it enables analysts to make wise judgments about the solutions that are
accessible and practicable. Business intelligence may gain from having a thorough
understanding of historical industry trends, but as its main task is to gather data and
analyse as much new data as it can, it is not required to research previous trends;
rather, it simply needs to take the statistics into account.
7. BI can manage the company, but BA can transform it: Business intelligence,
according to experts, is the information that keeps businesses informed about their
own performance as well as that of their competitors. However, business analytics
have the power to successfully create or destroy a company and even bring about
much-needed modifications to the business model. It's critical to remember that BI
and BA are both data management systems that eventually need to interact with data.
But analytics entails much more than that since it draws on human insight and
perspective to make decisions on the next course of action. Additionally, business
 intelligence (BI) relies on data that already exists, but business analysis relies on
opinions and foresight, both of which may be very individualised.

Conclusion:
An infrastructure known as "business intelligence" aids in the gathering, archiving, and
analysis of data from corporate processes. For better decision-making, BI offers complete
company analytics in almost real-time. Business analytics (BA), a subset of business
intelligence (BI), is the process of collecting raw data from your firm and turning it into
information that is valuable, including spotting trends, forecasting outcomes, and more. The
power to alter a business, as demonstrated by tools like predictive analytics, is the key
distinction between business intelligence and business analysis. Business intelligence is
heavily dependent on data collecting, even if it also involves some user interface and
monitoring. Professionals sometimes conflate the phrases "business intelligence" and
"business analytics." Although there is usually overlap in the definitions of the two
professions, business professionals regularly argue about whether business intelligence is a
subset of business analytics or vice versa. Business analysis (BA) is about using the data to
identify the current challenges, predict future difficulties, and position the business for better
productivity and a more stable future. Business intelligence (BI) entails taking a thorough
look at past, present, and historical operations and collecting data. Both BI and BA have
undergone significant modifications as a result of the rise of Big Data and predictive
analytics, which have made them immensely important as data management tools. BA
focuses on the accurate interpretation and application of collected data in order to create way
for leaner and more functional ways of operations, which clearly makes BA more futuristic,
whereas BI's major focus is monitoring of data to make way for more effective insights.