Introduction to Business Analytics

INTRODUCTION TO
BUSINESS ANALYTICS

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................1
INTRODUCTION...........................................................................................................................1
TASK...............................................................................................................................................1
1. Business Analytics and its role in generating value from the data..........................................1
2 Business analytics techniques to the financial data of Tesco Plc.............................................1
5 year projections of income statement and Balance Sheet.........................................................1
3. Contemporary developments in information management industry, evolution of the business
analytics and latest tools being deployed in the business analytics.............................................1
CONCLUSION................................................................................................................................1
REFERENCES................................................................................................................................1

INTRODUCTION
Business analytics could be described as process through which the businesses use the
statistical tools and methods to analyse the historic data to gain new insights and to improve the
strategic decision making. In modern world the technical advancement and automation has
become the integral part of every business organisation as it has made the processes faster and
easier. People are required to up grade their skills and knowledge to adjust with such
environment. Present report will discuss the meaning of business analytics and role in generating
values. It will provide the steps involved in solving problems using analytics. It will also include
the analysis of financial data with help of data visualisation to understand the results in more
effective manner. Further it will discuss contemporary developments in information management
industry, evolution of the business analytic and latest tools employed in the business analytics.
TASK
1. Business Analytics and its role in generating value from the data.
BA refers to skills, practices and technologies for constant iterative investigation and
exploration of the past business performance for gaining insights and driving the business
planning. BA focus over developing the new insights as well as understanding business
performance based over data and the statistical methods. Business intelligence focus over using
consistent metric set to measure the past performance and to guide the business planning that is
also based over data and the statistical methods. It makes extensive use of the numeric analysis
and analytical modelling, including predictive and explanatory modelling and the fact based
management for driving decision making. This related closely to the management science. BA
can be used as the input for decisions and can drive the automated decisions fully (Belotto,
2018). For example in healthcare institute BA is used to manage and operate the clinical
information system. It could transform the medical data from bewildering array of the analytical
method to useful information. The data analysis is used for generating contemporary reporting
system that include latest key indicators of patients, reference values and historical trends. There
are different types of business analytics such as decision analytics, descriptive analytics,
predictive analytics and prescriptive analytics.
Role of BA in generating values from the data
In organisations thy have to deal with large data set and use them to make future
decisions. Business is available with large number of information and it has to use it for making
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informed decisions that will enable them to grow and succeed in future. It also helps in
analysing the internal strengths and weaknesses and how they could be overcome. BA in
business organisation derives value from data by:
 Analysis of data from number of sources. It can be anything that relates to business from
cloud applications to the marketing information tool and the CRM software. The research
is made based on the specific area for which analysis are to be made.
 Use of advanced statistics and analytics for finding patterns in the data sets. Patterns of
data help in predicting trends in future and the access over new insights in consumers and
behaviours.
 Monitor trends and KPIs as they change with the real time. It makes easy for the
businesses to have their information at one place and come over conclusions accurately
and quickly.
 It supports decision based over most recent information. With the BA providing vast data
that is used to back up the decisions, and to ensure that company is informed to handle
not only one but different scenarios.
These are common uses of the business analytics in organisation that derives valuable
information from raw data. Companies could go deep for deriving more accurate results from the
information. In depth analysis of business information is performed using descriptive analytics,
diagnostic analysis to identify pat performance that is influencing the trend. Predictive analytics
use statistics to assess and forecast the future outcomes using statistical models as well as
machine learning techniques (Assarroudi and et.al., 2018). On the other prescriptive analysis
make use of past performance for finding how same situations could be handled in future. Thus,
it could be said that BA helps in deriving high benefits from the data and information.
Difference between model and modelling
Data model – It organises data elements and provides how elements would relate to each other.
Data elements records real life such as places, people, things and event between them, data
model presents reality. It is used to aid communication between business people that define
requirements for the computer systems and technical employees defining design in the response
of those requirements. It explicitly determines structure of the data.
Data modelling – It could be described as set of techniques and tools that are used analyse and
understand how organisations should, update, collect and store the data. Modelling is critical
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