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DEMYSTIFYING Business Analytics

Jim Grayson, Ph.D. Professor, Management Science and Operations Management Hull College of Business Administration Georgia Regents University. DEMYSTIFYING Business Analytics. What is analytics?.

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DEMYSTIFYING Business Analytics

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  1. Jim Grayson, Ph.D. Professor, Management Science and Operations Management Hull College of Business Administration Georgia Regents University DEMYSTIFYING Business Analytics

  2. What is analytics? In that sense, then, “business analytics” can be defined as the broad use of dataand quantitative analysis for decision-making within organizations. It encompasses query and reporting, but aspires to greater levels of mathematical sophistication. It includes analytics, of course, but involves harnessing them to meet defined business objectives. Business analytics empowers people in the organization to make better decisions, improve processes and achieve desired outcomes. It brings together the best of data management, analytic methods, and the presentation of results—all in a closed-loop cycle for continuous learning and improvement The New World of “Business Analytics”, Thomas Davenport, March 2010.

  3. Better Decisions “… because of big data, managers can measure, and hence know, radically more about their businesses, and directly translate that knowledge into improved decision making and performance.”

  4. Every two days, as much data is now generated as in all of human history up to 2003. This is “Big Data,” and it constitutes a vast new natural resource that can revolutionize industries and societies—with the right technology, capable of analyzing and extracting value and insight from it. This is one reason IBM’s analytics business is growing so strongly, as we work with clients to drive intelligence into every aspect of their operations.

  5. HOW Big Data IS CHANGING THE WHOLE EQUATION FOR BUSINESS There's a ton of information out there. And businesses are figuring out how to put it to work. WSJ Journal Report

  6. Decision Optimization What is the best decision? PredictiveModeling What will happen next? Forecasting What if these trends continue? Competitive Advantage Basic Statistical Analysis Why is this happening? Reporting with Early Warning What actions are needed? Dynamic Reporting Where exactly are the problems? Ad Hoc Reporting How many, how often, where? Basic Reporting What happened? SAS, Advanced Business Analytics Course Achieving Success with Analytics Advanced Analytics Basic Analytics Reporting Data Intelligence Information Decision Support Decision Guidance

  7. Predictive Models

  8. Test and Learn (Business Experiments) Wanted to test different variations of five main email attributes

  9. Source: SAS

  10. Getting Started 1. Select a business unit as a testing ground. 3. Implement an innovation process: experiment, measure, share and replicate. 2. Identify a business opportunity based on big data which can be prototyped within five weeks by small team of people. 4. Share the data. Big Data: The Management Revolution by McAfee and Brynjolfsson

  11. Do you believe analytics could be strategically important to your organization? Is there a business problem that would benefit from applying analytics? What do you need to do next to get started? What is the next step?

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