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Predictive Business Analytics defines ways in which specific industries have applied these
techniques and tools. It also mentions how predictive business analytics can complement other
financial applications such as budgeting, forecasting, and performance reporting. Everyone is
looking for ways to make decisions better and faster. If business leaders can better predict the
future, they can maximize the outcome to their organizations, thereby giving them an advantage
over their competitors.
Concepts as discussed in the book:Why predictive business analytics?
1) Predictive business analytics Confirming hypothesis, better insights and better decisions.
This allows business analytics to be prescriptive rather than descriptive.
Benefits:1) Increased employee retention
2) Increased customer profitability
3) Increased product shelf opportunity
Operational decisions are most important for embracing analytics
2) Automated decision based management
As organizations achieve competency and mastery with analytics, then the next step will be
automated rules based on the outcomes from applying analytics. The islands of analytics
emerging in an organizations various departments and processes will be unified in closed-loop
ways. Communications will be in real time.
3) Uncertainty avoidance index (Hofstede)
4) Guiding Principles: Principle based or rule based (Seven principles)
Implementation in India:Current scenario The current Indian business intelligence software industry generates
revenues of $122 billion spread across 3 major sub-segments BI Platforms, Analytics
applications and performance management systems.
Challenges in implementation:1) Data collection and availability
2) Lack of people