INTRODUCTION TO ANALYTICS

1.
INTRODUCTION
analytics is a statistically based area in which data analysts utilize analytical
tools and technologies to make predictions and build future policies and
plans for business growth. Business Analytics is a subset of business
intelligence, which enhances companies’ capabilities of contesting in the
Business market efficiently and is likely to become one of the main
functional areas in most companies.

Analytics firms cultivate the ability to support decision-making through

analytical perspective. Analytics has a significant impact on business by
obtaining knowledge that can be used to make improvements or brain
changes. Financial services analytics, fraud analytics, healthcare analytics,
marketing analytics, retail sales analytics, pricing analytics, supply chain
analytics, and other organisational areas can be used to categorise business
analytics.

Data is defined as statistics, individual facts, or any single piece of

information that can be numerical or gathered from observations. Simply
said, information is data that has been processed, organized, and structured.
Data is given context based on the information it contains, which aids
decision making.

Data is information that is raw, unprocessed, and unfiltered in general.

Information, on the other hand, is made up of considerably more
sophisticated facts. Data that has evolved to the point of becoming valuable
for some type of analysis is used in information. Knowledge, on the other
hand, simply pertains to what we have within ourselves. The term
"independent" refers to a person who does not work for the government.

BODY

Another branch of business analytics is predictive analytics. It is defined as

the process of focusing on forecasting possible outcomes through the use of
machine learning techniques such as SVM, random forest, and statistical
models. It attempts to forecast using previous data and scenarios. As a result,
this is utilised to answer queries such, "What is likely to happen?"

Predictive analytics primarily forecasts the possibility of future events. In

other terms, it answers the question "what could happen?" using statistical
models and various predicting methodologies. It forecasts probability and
trends for the near future and aids in what-if analysis. To forecast the future,
we use statistics, data mining techniques, and machine learning.

A major retail chain is experiencing consistent sales and net margin declines.
They employ a management consulting firm to investigate the cause and
recommend corrective actions. According to the management expert, the
fundamental cause of drooping sales and negative net margin is a lack of
analytics implementation. The retail chain is now looking to hire an IT
consulting firm to provide them with a roadmap for implementing data
analytics in their organisation.

The retail chain can use the following roadmap to advance up the analytics
value chain and capitalise on the benefits of predictive analytics:

1.Define the problem statement: The first stage is to determine the retail
chain's business problem. This should be accomplished by comprehending
business operations, customer behavior, and market trends. To set the path
for the analytics program, the problem statement should be defined in a clear
and unambiguous manner.

2.Identify the data sources: he following step is to identify the data sources
related to the problem statement. Sales data, customer data, inventory data,
social media data, and other external data sources could all be included. It is
critical to ensure that the data is correct, complete, and applicable to the
issue statement.

3.Build the data infrastructure: The third phase entails developing the
infrastructure required to store, process, and evaluate data. This could
include establishing a data warehouse, data lake, or other data storage
solutions. The infrastructure must be scalable and capable of handling the
volume and variety of data generated by the retail chain.
4.Analyze the data: The fourth phase involves analysing the data to develop
insights that can be used to improve business performance. This could
include the use of statistical approaches, machine learning algorithms, or
other advanced analytics procedures. The findings should be actionable and
provide guidance for future activities.

5.Implement the insights: The final stage is to incorporate the findings into
business operations. This could entail changing the pricing strategy,
optimising the supply chain, improving the customer experience, or adopting
other actions. It is vital to evaluate the impact of these actions to
ensure that they are achieving the desired results.

In addition to the above steps, the retail chain can also leverage the
advantages of predictive analytics by:

1.Building predictive models: Predictive models can forecast customer

behaviour and other critical business variables. These models can be used to
detect and forecast trends, patterns, and abnormalities in data.

2.Using real time analytics: Real-time analytics can be used to track key
performance indicators (KPIs) as well as identify and respond to emerging
problems. This can help the retailer make quick decisions and take
corrective action before it's too late.

3.Applying machine learning: Machine learning algorithms can be used to

automate decision-making processes and uncover new opportunities for
advancement. This can help the retail chain increase operational efficiency
and remain competitive.

Overall, using data analytics in the retail chain can assist in improving
business performance, increasing profitability, and driving growth. The retail
chain can draw significant insights into future initiatives and make data-
driven decisions by following the aforementioned roadmap and harnessing
the benefits of predictive analytics.

CONCLUSION
Finally, data analytics has evolved into a critical tool for firms seeking to
acquire insights into their operations, consumers, and market trends.
Inadequate analytics implementation might result in a drop in sales and a
negative net margin. The retail chain can employ the above-mentioned
roadmap to move up the analytics value chain and reap the benefits of
predictive analytics. The retail chain can improve business performance by
establishing the issue statement, identifying data sources, constructing data
infrastructure, analysing data, and implementing insights.

Increase profitability while driving expansion. Furthermore, the retail chain

can remain ahead of the competition and make data-driven decisions by
developing predictive models, utilising real-time analytics, and
implementing machine learning. Overall, data analytics can assist retailers in
adapting to changing market dynamics and gaining a competitive advantage.

1.

INTRODUCTION

Business analytics has emerged as a key growth driver for the majority of
modern organisations. Gone are the days when managers made decisions
based on their gut instincts or large-scale financial indicators and their
potential impact on particular organisations. Choices. Many organisations
have suffered as a result of decisions made without data and information.
With the introduction of data innovation and increased data handling
capabilities of PC's Supervisor, different approaches are being used to
forecast the fate of the business and raise the profitability of the endeavour.
The use of analytics, client relationship management tools, and various
process improvement devices benefits the organisation. The entire business
world is looking at big data as an open door and source of competitive
advantage.

Business analytics has grown steadily over the last decade, as evidenced by
the constantly expanding business analytics software market. Redis targets
more organisations and reaches out to more users for administration, line of
business managers, and other information specialists within the organisation.
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Business analytics is a rapidly evolving area of practise. Its rapid rise in
practise has recently been mirrored by a matching rapid growth of new
education programmes. Despite the fact that more than 130 graduate and
undergraduate programmes have been launched in the last five years, there is
no widely approved model of business analytics curriculum.

In general, the terms data analytics and classical analytics are used
interchangeably. Traditional data analytics, on the other hand, refers to the
process of analysing massive amounts of data in order to gain insight and
prediction, whereas Business Analytics, also known as business data
analytics, includes the idea that, while putting in the area of business
insights, often relies on pre-built business content and tools that speed up the
analysis process.As a result, business analytics encompasses the following:
•Collecting and analysing historical business data.
•Analyzing the data to identify patterns, trends, and core causes.
•Making data-driven business decisions based on search insights.

In a nutshell, data analytics is a broader explanation of modern-day

analytics. Because of the increased number of data, business analytics is
becoming increasingly prominent and important for establishments all over
the world.
Food-tech businesses employ analytics to get insights into client tastes and
behavior, streamline operations, and make data-driven decisions. Here are
six key areas where food-tech businesses are utilising analytics:

1.Demand increasing: Food-tech businesses utilise analytics to forecast

demand and organise inventories accordingly. By evaluating historical order
data, they may anticipate the quantity of orders they are likely to receive on
a specific day or at a specific time and stock up accordingly.

2.Menu optimization: Menus are also optimised utilising analytics based on

customer preferences. By evaluating consumer order data, food-tech
businesses may identify popular dishes and make data-driven decisions on
which things to keep on the menu, which products to remove, and which
items to offer.
3.Personalization: Food-tech businesses employ analytics to tailor the
consumer experience by proposing dishes based on their order history and
preferences. By examining data from prior orders, food-tech businesses can
generate customised recommendations that are more likely to appeal to
specific clients.

4.Pricing optimization: Analytics can also be used to optimise pricing by

studying data on customer behaviours and preferences. By assessing data on
customer order habits and willingness to pay, food-tech businesses may
enhance income and profitability.

5.Delivery optimization: Food-tech businesses utilise analytics to optimise

delivery routes and timings to ensure timely and effective delivery. By
studying data on delivery times and routes, they may spot bottlenecks and
optimise their operations for maximum efficiency.

6.Fraud detection: Analytics can also be used to detect and prevent fraud. By
studying data on client behaviour and payment histories, food-tech
businesses can detect suspicious activity and prevent fraudulent transactions.

Overall, the use of analytics enables food-tech start-ups to gain considerable

insights into customer behaviour and tastes, optimise their operations, and
make data-driven decisions that provide them a competitive advantage in a
rapidly expanding sector.

CONCLUSION

Data refers to individual facts, figures, or any single piece of information.

It's raw and unorganized, and it's meaningless on its own. Information, on
the other hand, is data that has been processed, organized, structured, or
presented in a meaningful manner. It provides context and meaning to data,
making it helpful for analysis and decision-making.

Knowledge, on the other hand, is more than just information. It is a person's

understanding, insights, or skills that reside within them. Knowledge can be
obtained by experience, intuition, or data interpretation. In other terms,
knowledge is information that people have examined, processed, and
applied, resulting in comprehension or learning.

To summarize, data are unprocessed and unstructured facts, information are

processed and structured facts, and knowledge are the interpretation and
application of information that leads to an understanding or insight.