Understanding Business Analytics and Optimization and how it can be an asset for the organization .

The innovative change in customer behaviour and preferences have made markets to explode. Markets have become seamless in terms of congeniality that a business can have. But have you ever thought that over past few years what has happened that had made such a global impact?

IT in business now is a rule of survival. Business applications nowadays are for all areas. Be it enterprise wide resource management , finance management, strategy and risk management , compliance and many more. In the 21st century data is the new oil and analytics is the combustion engine .Without data you are just another person with an opinion. In all analytics reveals hidden patterns and answers the previously unidentified questions.

According to a recent Forbes article in a survey done “49 percent of respondents said analytics helps them make better decisions, 16 percent say that it better enables key strategic initiatives, and 10 percent say it helps them improve relationships with both customers and business partners.”

Managerial decision making and Information system support

Managerial decisions are taken by the highest authority but is always affect all the levels . It is vitally important that the decision making process has to be supported by the information/data flow at all levels continuously. Hence this requires the need of understanding various types of decisions and then process for making such decisions. They are strategic ,tactical and operational. The information model is built to cover all types of decisions.

Hereby comes the role of DSS(Decision support system) to analyze data. It emphasizes flexibility to accommodate changes while decision making process .when used effectively it is a boon for all upcoming startups and even established ones .

BAO (Business analysis and optimization )

BAO the “smarter analytics” deals with iterative exploration of the data or in simple words it provides better decision making when there are enormous number of factors to consider with complex inter-relationships. For this purpose following are the analytic categories :

1. Descriptive Analytics — What happened? (Figure out what is going on.)

2. Diagnostic Analysis — Why did this happen? (Explore in-depth insights on your problem.)

3. Predictive Analysis — What will happen? (Forecast and predict future trends.)

4. Prescriptive Analysis — What should you do now?(Choose the course of action that would help you get where you want.)

BAO capabilities include Business intelligence, performance management, predictive analytics, analytical decision management techniques, risk analysis and operational Analytics

Real time analytics

BAO has the capability of Real time analytics in which stream computing is performed on massive amounts of streaming data from distributed sources and sensor networks. It’s major benefits are :

BAO Architecture

BAO is framework for the various technologies an organization deploys to run business intelligence and analytics applications. It includes the IT systems and software tools that are used to collect, integrate, store and analyze data.

1. Source systems. These are all of the systems that capture and hold the transactional and operational data identified as essential for the enterprise.
2. Data integration and cleansing tools. The most widely used data integration technology for BI applications is extract, transform and load (ETL) software, which pulls data from source systems in batch processes.
3. Analytics data stores: This encompasses the various repositories where BI data is stored and managed. The primary one is a data warehouse , which usually stores structured data in a relational, columnar or multidimensional database.
4. Data visualization tools and making dashboards etc. The tools used to analyze data and present information to business users include a suite of technologies that can be built into a BI architecture — for example, ad hoc query, data mining and online analytical processing, or OLAP, software. Also tools like tableau are used for creating visually interesting dashboards for the data set.

Advantages of implementing BAO

Organizations regardless of their size that begin to develop this system start with Ad Hoc tools like spreadsheets in SQL. This is very advantages because of simplicity low-cost and flexibility and their successful implementation provides confidence to pursue analytical approaches. As organizations expand their analytics to include multi structured data for applications they can also start adding new advances to their architecture such as Hadoop or Map reduce.

AWS (Amazon Web Services) Predictive analytics

AWS predictive analytics is a part of the data analysis step of amazon ML models . It considers a specific buyer’s browsing and purchase history. With this, it makes an educated guess. In other words, Amazon predictive analytics doesn’t just allow you to sell more products. Instead, it allows customer to sell a better experience.

Hope this was informative enough for gaining some insights about data analysis and optimization and how it is advantageous in providing a boom to an organization or even a startup .

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