Introduction to

Business Analytics
Business analytics is the application of data, technology, and statistical
methods to drive better business decisions. It involves collecting,
analyzing, and interpreting data to uncover insights that can improve
operations, increase revenue, and gain a competitive edge.

by Abhishek Jaiswal
Data Sources and Collection
Internal Data External Data Data Collection
Organizational data from Market trends, competitor Techniques like surveys, web
sales, finance, HR, and information, and consumer scraping, and API integration
operations. data from third-party sources. to gather relevant data.
Data Cleaning and Preprocessing
Identify Errors 1
Detect and fix inconsistencies, outliers,
and missing values in the data.
2 Data Transformation
Convert data into a standardized
format for analysis.
Feature Engineering 3
Create new variables that enhance the
predictive power of the data.
Exploratory Data Analysis
1 Data Visualization 2 Statistical Analysis 3 Hypothesis Testing
Create charts, graphs, Use descriptive and Formulate and test
and plots to uncover inferential statistics to hypotheses to validate
patterns and trends in gain insights into the assumptions about the
the data. data. data.
Predictive Modeling Techniques
Regression Analysis Classification Models
Predicting a continuous target variable based Predicting a categorical target variable, such
on one or more predictor variables. as whether a customer will churn or not.

Time Series Forecasting Clustering Techniques

Predicting future values based on historical Grouping similar data points together to
trends and patterns in the data. identify segments or archetypes.
Prescriptive Analytics and Decision-
Making
Optimization
1 Identify the best course of action to achieve a desired outcome.

Scenario Analysis
2 Evaluate the impact of different decisions or events on business performance.

Recommendation Systems
3 Provide personalized suggestions to customers or employees based on their
preferences and behaviors.
Visualization and Dashboarding

Data Visualization Dashboards Storytelling

Create engaging charts, graphs, Develop interactive dashboards Use data narratives to translate
and infographics to to monitor key performance complex analyses into
communicate insights. indicators in real-time. actionable business decisions.
Ethical Considerations and Privacy
Data Privacy Ensuring the secure collection, storage, and
use of sensitive customer or employee data.

Algorithmic Bias Identifying and mitigating bias in predictive

models that could lead to unfair or
discriminatory outcomes.

Transparency Communicating how data is being used and

the logic behind analytical insights and
decisions.

Ethical Decision-Making Establishing a framework to evaluate the moral

and social implications of analytics-driven
actions.