CHAPTER 1 : Introduction to Business Analytics Module
We live in Digital India today and the impact of business analytics couldn’t be more prominent. UID creation through AADHAR card, and other digital initiatives by the Government like MyGov, DigiLocker, Digital India, National Scholarship portal, Dhan Yojna etc. are all based on data collection and analytics.
Credit card companies across the world are using Business Analytics to find the most reliable (Credit – worthiness) customer to lend to whereas Telecom companies are using it to find out the possibility of cross-sell, up sell or customer Retention.
Business Analytics and its related terms such as Business Intelligence, Big Data, Data Mining, etc. has become a powerful tool for companies.
McKinsey predicts that by 2018, there will be a 50% gap in the supply of data scientists versus demand. Which clearly means that the demand for Business Analysts is increasing at a breakneck speed.
CHAPTER2 : What Is Business Analytics
Business Analytics is the process of converting data into insights. It is “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.” With the increase in the availability of data, Analytics has now become a major differentiation in both the top line and the bottom line of any organization. It is hence not surprising that research has shown that data-driven companies perform 5%- 6% better per annum. One of the primary users of Business Analytics is the Financial Sector. Models that predict credit quality, fraudulent credit card transactions and cross-sell / up-sell possibility are very common in banks, insurance companies, credit rating organizations, etc.
CHAPTER 3 : Application of Business Analytics
Analytics is the use of:
Mathematical or computer-based models to help managers gain improved insight about their business operations and make better, fact-based decisions.
CHAPTER 4 :Business Analytics Models
Risk AnalyticsRisk based pricing,Fraud Detection and Prediction,Recovery Management,Loss Risk Forecasting,Risk Profiling,