DATA ANALYTICS
IN BUSINESS
Lecturer: Nguyen Van Ho, M.A.
Email: [email protected]
INTRODUCTION TO DATA ANALYTICS IN BUSINESS:
OVERVIEW OF DATA ANALYTICS IN BUSINESS
Nguyen Van Ho, M.A.
[email protected]
Evolution of Computerized Decision Support to Analytics/Data
Science
Figure: Evolution of Decision Support, Business Intelligence, and
Analytics (Source: Text book)
A Framework for Business Intelligence
Figure: Evolution of Business Intelligence (BI) (Source: Textbook)
Practice makes perfect! Data Analytics in Business
A Framework for Business Intelligence
Figure: A High-Level Architecture of BI (Source: Textbook)
Practice makes perfect! Data Analytics in Business
Transaction Processing Versus Analytic Processing
• Online Transactional Processing (OLTP)
▫ Operational databases
▫ ERP, SCM, CRM, …
▫ Goal: data capture
• Online Analytical Processing (OLAP)
▫ Data warehouses
▫ Goal: decision support
• What is the relationship between OLTP and OLAP?
Source: Textbook
Business Analytics
Figure: Three Types of Analytics (Source: Textbook)
Descriptive Analytics
• Descriptive or reporting analytics
• Answering the question of what happened
• Retrospective analysis of historic data
• Enablers
– OLAP / DW
– Data visualization
▪ Dashboards and Scorecards
– Descriptive statistics
Source: Textbook
Predictive Analytics
• Aims to determine what is likely to happen in the future
(foreseeing the future events)
• Looking at the past data to predict the future
• Enablers
– Data mining
– Text mining / Web mining
– Forecasting (i.e., time series)
Source: Textbook
Prescriptive Analytics
• Aims to determine the best possible decision
• Uses both descriptive and predictive to create the alternatives,
and then determines the best one
• Enablers
– Optimization
– Simulation
– Multi-Criteria Decision Modeling
– Heuristic Programming
• Analytics Applied to Many Domains
• Analytics or Data Science?
Source: Textbook
Practice makes perfect! Data Analytics in Business
An Overview of the Analytics Ecosystem
Source: IBM
Practice makes perfect! Data Analytics in Business
An Overview of the Analytics Ecosystem
• Academic Institutions and
Certification Agencies
▫ Certificates
▫ Masters programs
▫ Undergraduate programs
▫ Offered by
MIS, Engineering
Marketing, Statistics
Computer Science
…
• Regulators and Policy Makers
• Analytics User Organizations
Source: Textbook
