Business Analytics Introduction

Session Objectives

 Understanding the Analytics

 Landscape for Analytics
 Types of Analytics
 Analytics solution stack
 Getting started with Analytics: Five Basic Steps
 Easy way of understanding Artificial Intelligence(AI)

Understanding the Analytics

Analytics:  it is the process of analysing information from a particular domain. “Analytics” is
used to describe statistical and mathematical data analysis that clusters, segments, scores
and predicts what scenarios are most likely to happen.  

Data Analytics: Data and analytics is the management of data for all uses (operational and
analytical) and the analysis of data to drive business processes and improve business
outcomes through more effective decision making and enhanced customer experiences.

Business Analytics: is comprised of solutions used to build analysis models and simulations
to create scenarios, understand realities and predict future states. Business analytics
includes data mining, predictive analytics, applied analytics and statistics, and is delivered as
an application suitable for a business user.

Data Science: Data science as multi-disciplinary field that combines skills in software engineering
and statistics with domain experience to support business solutions with end-to-end analysis of large
and diverse data sets, ultimately uncovering value for an organization and then communicating that
value to stakeholders as actionable results.

We live in a world awash with data. Data is proliferating at an astonishing rate. We have
more and more data all the time, and much of it as collected in order to improve some
aspects of business, government and society. If we can’t turn that in to better decision
through analytical skills and so on, we are wasting data and creating suboptimal
performance. The technology revolution has resulted really profound consequences
perhaps the most profound of these is ability to record to store and to process every facet
of our lives. It is really mind boggling; we can record and store every single thing that is
happening to us in our interfaces and in our interactions couple with massive computing
power that gives us the ability to make connections, figure patterns, to see trends, that we
were never been able to do before. And this comparing gives us the ability to fuel massive
innovating. Which are going to make lives and the life styles of individuals much better but
most important have the capacity to solve large society problems that we were never been
able to do in the past.

Let us recall the amount of data captured and stored from 1986 to 2014. Before that, let us
understand certain units like, Exabyte’s, zettabyte’s. One Exabyte is 10 18 or 260 bytes. One
Zettabyte is 1000 times to Exabyte.

List of Analog data devices: VCRs, Tape players, Record players, amplifiers etc.

List of digital data devices: Hard drives, CD recorders, Camcorders, SD cards etc.

Landscape for Analytics

In IT circles, talk about big data has shifted from hype and initial scepticism to a more
considered conversation focused on using new and emerging technologies to capitalize on
data to create business value. No longer are people asking, “Is there value in big data?”
Instead, they are asking, “How can I use data analytics solutions to create value for my
organization?”

In 2020, organizations will demand business analytics and AI capabilities everywhere. Data

and analytics technical professionals must understand these trends in order to foster
innovation, tackle shifting technologies and create enterprise-grade analytics services.

With 2020 upon us, data and analytics pioneers are really investigating their present
business, the competition, client criticism and desires, and accelerating innovation trends.
They’re changing their working, business, and strategy models accordingly.

Since there have recently been some significant shifts, let us have a look at some of the
patterns and forecasts we can hope to see in 2020.

Augmented Analysis
Augmented analytics is the next wave of disruption in the data and analytics landscape. It
uses machine learning (ML) and AI procedures to change how analytics content is created,
Consumed and shared.

Data Analysis Automation

Automation has turned out to be exceptionally favoured in many enterprises to improve
business and efficiency. Accordingly, it is no big surprise that by 2020, we can hope to see
over 40% of data-based tasks automated.

Augmented Data Management

Through 2022, data management manual tasks will be diminished by 45% through the
expansion of machine learning and automated service level management. Like how ML and
AI abilities are changing analytics, business intelligence and data science, across data
management classifications, merchants are including ML abilities and AI engines to make
self-arranging and self-tuning procedures inescapable.

Continuous Intelligence
Continuous intelligence is a design pattern in which real-time analytics are incorporated
inside a business activity, preparing present and historical information to endorse activities
because of events. It gives decision automation or decision support. Continuous intelligence
uses different advances, for example, augmented analytics, optimization, event stream
processing, ML and business rule management. By 2022, a greater part of major new
business frameworks will fuse continuous intelligence that utilizations real-time context
data to enhance decisions.

NLP and Conversational Analytics

In 2020, half of analytical queries will be produced by means of search, natural language
processing or voice, or will be consequently created. By 2021, natural language processing
and conversational analytics will support analytics and business intelligence deployment
from 35% of employees to over 50%, including new classes of clients, especially front-office
labourers.

Internet of Things
In 2020, we can hope to see more than 20 billion active IoT (Internet of Things) devices. This
implies more devices from which to gather more data for analysis.

Explainable AI
Artificial intelligence models are progressively deployed to increase and succeed human
decision making. However, in certain situations, organizations must legitimize how these
models arrive at their decisions. To fabricate trust with users and partners, application
pioneers must make these models increasingly interpretable and reasonable. (15 Minutes)

Types of Analytics

Descriptive Analytics:

It involves gathering,
organizing, tabulating and
depicting data and then
describing the
characteristics about what is
being studied. This type of
analytics was historically
called reporting. It can be
very useful but does not tell
you anything about what
might have happen in the future. It is the part of Traditional Analytics

Diagnostic Analytics:

It gives the answer to what happened and why? It is also part of Traditional Analytics. It is
characterized by techniques such as drill-down, data discovery, data mining and
correlations.

Predictive Analytics:

It goes beyond describing the characteristics of the data and the relationships among the
variables. It uses the past data to predict the future. They first identify the associations
among the variables and then predict the likelihood of phenomenon. Predictive Analytics
provides answers to the questions that can’t be answered by BI.
Prescriptive Analytics:

Prescriptive analytics employs data techniques such as simulation and machine learning to
suggest actions that a business could take to achieve the outcomes it desires.

Cognitive Analytics:
Cognitive analytics leverages artificial intelligence (AI) technologies, such as machine and
deep learning, and high-performance data analytics to automate decisions using a human-
like analysis, or augment human decisions through a partnership with smart machines.

The Analytics Solution Stack:

The analytics solution stack encompasses four layers—infrastructure, data, analytics, and
applications—with technologies that reach across all layers. From a functional standpoint,
the technologies in the four layers’ complement each other and work together as a flexible
big data platform that can also take advantage of an existing data management architecture
to deliver both traditional and advanced analytics.

Five basic steps of Analytics

You can get started with your big data analytics project by following the five basic steps we
describe here.

Step 1: Focus on the business problems you are trying to solve

 Identify and collaborate with business users—including analytics, data, and

compliance officers; data scientists and stewards; citizen data scientists; and
developers—to find the best business opportunities for big data analytics in your
organization.
 Consider an existing business problem—especially one that is difficult, expensive, or
impossible to accomplish with your current data sources and analytics systems. Or
consider a problem that has never been addressed before because the data sources
are new and unstructured.
 Prioritize your opportunity list and select a project with a discernible return on
investment. To determine the best project, consider your answers to these
questions:
 What am I trying to accomplish?

• Does this project align with strategic business goals?

• Can I get management support for the project?

• Does big data analytics hold a unique promise for insight over more traditional
analytics?

• What actions can I take based on the results of my project?

 • What is the potential return on investment to my business?

• Can I deliver this project with a 6- to 12-month time to value?

• Is the data that I need available? What do I own? What do I need to buy?

• Is the data collected in real time, or is it historical data?

Step 2: Understand how analytics will impact your culture and operations.

 Talk with your peers in IT and the business.

 Leverage tutorials and examine user documentation, such as that offered by the
Apache Hadoop project.

Evaluate your infrastructure and operational needs.

Step 3: Identify and cultivate the skills you need.

 Identify the skills you need to successfully accomplish your analytics initiative.

 Determine if the needed resources are in-house.

 Determine if you can build skills from within the company.

 Determine where your analytics professionals will reside within the business or IT
organization.

 Hire new talent or outsource certain functions as needed.

Step 4: Consider your technology requirements.

 Identify the gaps between current- and future-state capabilities.

 What additional data quality requirements will you have for collecting,
cleansing, and aggregating data into usable formats?

 What data governance policies will need to be in place for classifying data;
defining its relevance; and storing, analysing, and accessing it?

 What infrastructure capabilities will need to be in place to ensure scalability,

low latency, and performance, including computing, storage, and network
capabilities?

 If you are considering cloud computing for your delivery model, what type of
cloud environment will you use? Private, hybrid, public?

Step 5: Implement your data solution.

  Develop use cases for your project.

 Develop a test environment for a production version.