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Various ways during which analytics help enterprises drive business growth – Stastwork

Predictive analytics generates information from historically available datasets to determine and predict future trends and outcomes. The predictive analysis system encompasses 4 steps: <br>u2022tGathering data on present trends<br>u2022tDevelop postulates based on present trends<br>u2022tGenerate argument based description<br>u2022tPredict the future.<br>Statswork offers statistical services as per the requirements of the customers. When you Order statistical Services at Statswork, we always promise you the following: Time, outstanding customer support & Subject Matter Experts.<br><br>Read More With Us: https://bit.ly/3xE7LAK

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Various ways during which analytics help enterprises drive business growth – Stastwork

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  1. VARIOUSWAYSDURINGWHICH ANALYTICS HELP ENTERPRISES DRIVEBUSINESSGROWTH AnAcademicpresentationby Dr.NancyAgnes,Head,TechnicalOperations,Statswork Group www.statswork.com Email:info@statswork.com

  2. TODAY'SDISCUSSION Outline Introduction EMERGENCEOFTHENEWCONCEPTOFTECH-BUSINESS- ANALYTICS(TBA) Predictiveanalytics DescriptiveAnalytics(DESCBA) PrescriptiveAnalytics(PREBA) Conclusion

  3. INTRODUCTION Business Analytics help in extracting necessary information fromallthedataavailabletotransformintoacoherent structure for further use. The process of data implementing theadvancedanalyticstechniquesinthebusinessdomain toderiveandpredictusefuldecisions iscalledBA

  4. Itisthemechanismbywhichorganizationsuse statistical tools and technology to examine historical datatoattainnewinsightsandimprovestrategic decision-making. EMERGENCE OF THE NEW CONCEPT OF TECH-BUSINESS- ANALYTICS (TBA): Itneedsmanagerialskillthatintegratesbusiness experience, recognizes market value opportunities, or recognizes problems, with a great understanding of analytical techniques required to align technical talent withfunctionalmanagerstodrivebusinesschange. A new model industry 4.0 technology is founded on businessanalyticsusingarecentlydeveloped analysisframeworkcalledpredictiveanalysis[7]. Contd...

  5. PREDICTIVE ANALYTICS Thisusesstatisticsandnetworkanalyticstoforecastfuture models. Predictivebusinessanalyticsusesvariousstatistical techniques to build predictive models that extract data from databases, detect trends, and include a predictive score for a rangeof organizationaloutcomes. It uses quantitative techniques (e.g., propensity, segmentation, network analysis and econometric forecasting) and technology (such as models and rule-systems) that use past data for the future

  6. Predictiveanalyticsgeneratesinformationfromhistoricallyavailabledatasetsto determine and predict future trends and outcomes. The predictive analysis system encompasses4 steps: Gatheringdataonpresenttrends Developpostulatesbasedonpresenttrends Generateargumentbaseddescription Predictthefuture.

  7. Contd...

  8. DESCRIPTIVE ANALYTICS (DESCBA): This uses data mining, data intelligence and web analytics to present the trending information of the near past and currentevents,helpingbusinessmodelsknowthedemands anddrawbacks ofthe markets. It provides access to historical and current data. It provides theabilitytoalert,exploreandreportusingbothinternal andexternaldata fromvarious sources. Descriptive analytics is the procedure of parsing historical data to understand the changes in a business to make it betterin future. Contd...

  9. Using a range of historical data and benchmarking, decision-makers obtain a holistic viewof performanceand trends tobase business strategy. Descriptive analytics can help to recognize the areas of strength and weakness in an organization. Examplesofmetricsusedindescriptiveanalyticscompriseyear-over-yearpricing modifications,thenumberofusers,month-over-monthsalesgrowth,orthetotal revenueper subscriber. Descriptive analytics is now being used in conjunction with newer analytics, such as predictiveand prescriptive analytics. Initssimplestform,descriptiveanalyticsanswersthequestion,"Whathappened?" Contd...

  10. Amixtureofadescriptive-analyticalprocessthatprovidesinsightintowhat happened and a predictive analytical process that provides insight into what might happen helps users predict what will happen, when it will happen and why [8]. Contd...

  11. PRESCRIPTIV EANALYTICS (PREBA): ThisusesAI,optimization,andreasoningtoprovidethe most suitable set of models for the organization to choose from,indicatingthe prosand consof each. Theselayersalsocontaintwointerconnectedanalytics: InquisitiveanalyticsandPreemptive Analytics. The inquisitive analytics uses statistical and factor analysisto combination functioning approve/reject prepositions, while the of three layers is essential for the proper and application of Business analytics architecture.[5]

  12. CONCLUSION The analysis conducted by most published studies shows that IoThasmassivepotentialonbusinessesacrossmany sectors. ThedatacollectedfromIoTimplementationallows businesses to increase productivity, which benefits sales and marketing,resourcemanagement,growthpotential, and profitability. Since many applications can be accessed on mobile devices, IoTmakesusers'day-to-dayactivitiesmuchmoreconvenient. Italsohelpswithinventorymanagement,trackingproduct use,andtracking salesrates andlocations. Contd...

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