Business Analytics
Data Analytics
Data Analytics is the discipline of extracting actionable insights by structuring, processing, analysing and visualising data using methods and software tools.
Benefits
- Improved decision-making
- Enhanced data-driven strategies
- Better understanding of customer behaviour
Applications
- Market research and segmentation
- Financial analysis
- Customer retention
Examples
For example, a retail company may use data analytics to analyse sales data and identify trends, helping them optimise inventory and pricing strategies.
Book and Tutorials
- Data Analytics for Business: This book contains material about AI, Machine Learning, Power BI, SQL and R. Additionally, many data sets are provided.
- Tutorial: Learn to become a Data Analyst - free interactive tutorials.
Operational Analytics
Operational Analytics not only uses data and analytics to improve day-to-day operations within an organisation, leading to more efficient processes, but finds the best solutions for the business.
Benefits
- Increased operational efficiency
- Optimal cost reduction
- Real-time monitoring
Applications
- Supply chain optimisation
- Quality control
- Inventory management
Examples
For instance, a manufacturing company may use operational analytics to find the optimal production strategy, monitors production lines and detect anomalies, reducing changeovers and improving product's profit & quality.
Book and Tutorials
- Introduction to Management Science: This book contains material about Modelling, Optimisation and Probability. It has several related YouTube tutorials.
- Math Programming App: This online app has many operational research optimisation examples.
Business Analytics
Business Analytics combines data analysis and statistical techniques to help businesses make data-driven decisions and gain a competitive advantage.
Benefits
- Competitive intelligence
- Improved profitability
- Optimised marketing campaigns
Applications
- Predictive analytics
- Customer segmentation
- Performance forecasting
Examples
For example, an e-commerce company may use business analytics to analyse customer data and create personalised product recommendations, increasing sales and customer satisfaction.