TYPES OF ANALYTICS

1.   DESCRIPTIVE ANALYTICS      ( WHAT  HAPPENED  ? )

2.   DIAGNOSTIC  ANALYTICS      (  WHY  DID IT  HAPPEN ?  )

3.   PREDICTIVE ANALYTICS        (   WHAT WILL HAPPEN ?   )

4.   PRESCRIPTIVE  ANALYTICS    (   HOW CAN WE MAKE IT HAPPEN ?  )

USES  OF  ANALYTICS

1.  CUSTOMER  ACQUISITION

      *  CROSS  SELLING

      *   UP  SELLING

2.   OPERATIONAL  ANALYTICS

     *   PREDICTIVE  AND  PRESCRIPTIVE   OPERATIONAL;  ANALYTICS   PROVIDES ANSWERS 

          TO QUESTIONS SUCH AS :

       .  CAN THE ORGANIZATION PREDICT OUTRAGES WITH DATA FROM CONNECTED DEVICES 

       .   IS IT POSSIBLE TO IDENTIFY AREAS THAT NEED MAINTENANCE BEFORE A PROBLEM 

           OCCURS ?

      .   WHAT IS THE BEST APPROACH TO A NETWORK  FAILURES ?

   *  OPERATIONAL ANALYTICS EMPOWERS EXECUTIVES TO MAKE STRATEGIC DECISIONS

       THAT  IMPROVES THE ORGANIZATION'S PERFORMANCE .

 C.    FRAUD  DETECTION  AND  COMPLIANCE ANALYTICS

D.     DATA  DRIVEN PRODUCT  AND SERVICE DEVELOPMENT

       *   ANALYZE DATA FROM MULTIPLE SOURCES

       *  USE ADVANCED ANALYTICS AND STATISTICS TO FIND HIDDEN PATTERNS IN LARGE 

           DATA SETS
       *  DISSEMINATE INFORMATION TO RELEVANT STAKEHOLDERS THROUGH INTERACTIVE

           DASHBOARDS  AND  REPORTS

      *   MONITOR KPI'S  AND REACT TO CHANGING TRENDS IN REAL TIME

E.   CREDIT CARD ANALYSIS

F.    CUSTOMER RELATIONSHIP MANAGEMENT

G.   FINANCE

H.   HUMAN  RESOURCE

I.     MANUFACTURING

J.    MARKETING

K.   MANAGEMENT

L.   SOCIAL MEDIA

M.  SPORTS

N.  POLITICS

O.  ACCOUNTING

          IMPORTANCE OF ANALYTICS IN BUSINESS

1.    DELIVERING  BUSINESS INTELLIGENCE IN REAL TIME

2.    *  DESCRIPTIVE ANALYTICS PRESENTS A COMPLETE SNAPSHOT OF BUSINESS CONDITIONS AS THEY

WERE AND AS THEY ARE VIA DATA AGGREGATION AND DATA MINING . THE GOAL IS TO MAKE EXISTING
DATA EASILY  ACCESSIBLE TO DECISION MAKERS THROUGHOUT THE ORGANIZATION , AS WELL AS TO
SHAREHOLDERS AND INVESTORS .

       *   DIAGNOSTIC  ANALYTICS  DIGS DEEPER INTO THE DATA TO DETERMINE WHY CURRENT
CONDITIONS EXIST AND HOW FUTURE TRENDS WILL INFLUENCE THOSE CONDITIONS.  PROBABILITIES ,
LIKELIHOODS , AND THE DISTRIBUTION OF OUTCOMES ARE APPLIED BASED ON ATTRIBUTE
IMPORTANCE , SENSITIVITY ANALYSIS , CLASSIFICATION AND REGRESSION VIA TRAINING  ALGORITHMS .

       *   PREDICTIVE ANALYTICS USES STATISTICAL MODELS AND MACHINE LEARNING TO FORECAST
FUTURE  EVENTS BASED ON MODELS CREATED FROM DATA GENERATED THROUGH DESCRIPTIVE
ANALYTICS . ONE USE OF PREDICTIVE ANALYTICS IS SENTIMENT ANALYSIS , WHICH PROJECTS HOW
PEOPLE WILL RESPOND TO NEW PRODUCTS AND SERVICES BASED ON OPINIONS FROM SOCIAL MEDIA .
       *   PRESCRIPTIVE  ANALYTICS BUILDS ON PREDICTIVE ANALYTICS BY RECOMMENDING SPECIFIC
COURSES OF ACTION THAT ARE MOST LIKELY TO ACHIEVE FUTURE DESIRED RESULTS . THE FORECAST
DEPEND ON A STRONG FEEDBACK MECHANISM AND CONTINUAL ITERATIVE ANALYSIS TO MODEL
VARIOUS RELATIONSHIPS BETWEEN ACTIONS AND OUTCOMES.

3.     DATA ANALYTICS IS IMPORTANT FOR BUSINESS GROWTH  BECAUSE  :

      *   IMPROVE PERFORMANCES

      *   PROVIDES FASTER MORE ACCURATE DECISIONS

      *   MINIMIZE  RISKS

      *   SPARKS CHANGE AND INNOVATION

      *   PROVIDES VALUABLE  INSIGHTS

4.   IT HELPS BUSINESSES MAKE SOUND COMMERCIAL DECISIONS , HELPING THEM INCREASE  THE 
PROFITABILITY OF THE ORGANIZATION , BOOST ITS MARKET SHARE AND REVENUE , AND GAIN A BETTER
RETURN ON INVESTMENTS .

5.   IT HELPS ON UNDERSTANDING THE AVAILABLE PRIMARY AND SECONDARY  DATA MORE
COMPREHENSIVELY , WHICH IN TURN ENHANCES THE OPERATIONAL EFFICIENCY OF SEVERAL
DEPARTMENTS IN THE ORGANIZATION .

6.   IT HELPS IN GAINING A COMPETITIVE EDGE OVER OTHER PLAYERS IN THE MARKET BY ENABLING
BUSINESSES TO MAKE DATA - DRIVEN , INFORMED DECISIONS , AND LEARN FROM THEIR PAST MISTAKES
.

7.   IT CONVERTS AVAILABLE DATA INTO VALUABLE INFORMATION AND HELPS IN ATTAINING THE
DESIRED OUTCOMES AND POSITIVE RESULTS FOR THE ORGANIZATION

            WHY BUSINESS AREN'T  USING ANALYTICS  ?

1.     MANPOWER

2.     MANAGEMENT

3.     MOVEMENT

ACTIVITY  1:

DISCUSS THE FOLLOWING  BRIEFLY  :   (  20 POINTS  PER NUMBER )

1.   WHAT IS THE ROLE OF ANALYTICS IN E - COMMERCE INDUSTRY ?

2.    MARKETING  ANALYTICS :  ESSENTIALS OF CROSS SELLING  AND  UPSELLING

3.   HOW DOES  ANALYTICS WORKS IN THE  BUSINESS OPERATION ?

4.  THE ROLE OF ANALYTICS IN FRAUD DETECTION 

5.  IMPORTANCE OF  ANALYTICS IN ACCOUNTING  , FINANCE , MARKETING , MANAGEMENT ,

ECONOMICS .