BUSINESS ANALYTICS TOOLS AND APPLICATION FOR STRATEGIC DECISION MAKING

Abstract

Analytics is something every business needs to stay competitive in today’s data- filled world. every manager needs to at least understand the basics of analytics and when and where to apply it. this is where this book comes in: it provides a complete roadmap of the key areas where analytics can be used in business as well as an overview of key analytics techniques. the book will help you to understand some of the most important analytics techniques, which areas in business to apply them and how to get the data to run the analytics. It is impossible to open a leadership or management journal without reading something on the explosion of ‘Big data’, ‘Analytics’, ‘Business Intelligence (BI)’, ‘Knowledge Management’, ‘Data Mining’, ‘Data Discovery’ or ‘Decision Support’. There is often a great deal of confusion around these terms and often they are used synonymously and interchangeably, which can often amplify the confusion. this book is designed to eliminate some of that confusion and help you understand the crux of analytics so you can ignore the buzz words and hype and appreciate what it is and why it’s a vital component of modern business. And perhaps most importantly you will become familiar with the various key analytic tools available to you and when and why you might use them.

Full text

ISBN - 978-81-949922-3-3
BUSINESS ANALYTICS
TOOLS AND APPLICATION FOR
STRATEGIC DECISION MAKING
K. Guru
S. Purushothaman
S. Raja
Published by
Global Learners Academy of Development
Korattur, Chennai – 600 080. Tamilnadu, India.
Email – editor@gladnetwork.in / www.gladnetwork.in

© Global Learners Academy of Development
March 2021
ISBN 978-81-949922-3-3
All rights reserved. No part of this publication may be
stored, reproduced or transmitted in any form or by any
means – electronic, photocopying or otherwise without
the prior permission of the publisher.
Published & Printed by
Global Learners Academy of Development
Korattur, Chennai – 600 080. Tamilnadu, India.
Email – editor@gladnetwork.in
Web - www.gladnetwork.in

PREFACE
Analytics is something every business needs to stay competitive in
today’s data- filled world. every manager needs to at least understand
the basics of analytics and when and where to apply it. this is where
this book comes in: it provides a complete roadmap of the key areas
where analytics can be used in business as well as an overview of key
analytics techniques. the book will help you to understand some of
the most important analytics techniques, which areas in business to
apply them and how to get the data to run the analytics. It is
impossible to open a leadership or management journal without
reading something on the explosion of ‘Big data’, ‘Analytics’,
‘Business Intelligence (BI)’, ‘Knowledge Management’, ‘Data
Mining’, ‘Data Discovery’ or ‘Decision Support’. There is often a
great deal of confusion around these terms and often they are used
synonymously and interchangeably, which can often amplify the
confusion. this book is designed to eliminate some of that confusion
and help you understand the crux of analytics so you can ignore the
buzz words and hype and appreciate what it is and why it’s a vital
component of modern business. And perhaps most importantly you
will become familiar with the various key analytic tools available to
you and when and why you might use them.
Analytics can improve performance in every business regardless of
size but in order for it to deliver its promise we first need to
understand it and dispel some of the fear around it – and that’s where
this book comes in. in essence, analytics is about data and how we
can use it to improve business success and performance. This book
provides the strategic view on what’s required to enable rapid
learning and ultimately value creation. Making decisions using huge,
noisy, messy data requires business analytics. Business analytics, as
portrayed by these analytical thinkers, is about value creation. Value
creation can take different forms through greater efficiency or greater
effectiveness. Better decisions to reduce costs, reveal opportunity,
and improve the allocation of resources can all create value. The
authors provide valuable business analytics foundational concepts to
help organizations create value in a sustainable and scalable way.

ABOUT AUTHORS
Mr. K. GURU
Assistant Professor in Department of
Management Studies at SRM Valliammai
Engineering College, Chennai, Tamil Nadu.
He is a dynamic professional with 7 years of
experience in handling HR, Marketing,
Operations, and Information Management
classes. He is an Institute coordinator for
Internal Quality Assurance Cell (IQAC). Also have 4 years of
experience as Manager Marketing in the field of Health care services.
He is a Life Member of ISTE, TERA and Annual Member of “The
Indian Science Congress Association” and “Institute for Engineering
Research and Publication”. He has successfully cleared Tamil Nadu
State Eligible Test (TNSET) on Sep'2017. To his credit, he has
achieved Innovative Tank award, Best leader award, Excellence in
Teaching award, Innovative Teacher award, Best Young Faculty
Award and Edge India Times Award for excellence in research, with
wide contributions to profession through more than twenty research
journals with high index factors. He has guided TNSCST government
funded student projects for the year 2017 and 2019.
He is one of the author of Book Titled, “Service Operations
Management”. He has been an Editor for Book Titled, “Management
Analytics and Software Engineering”. He has contributed for Book
chapter titled, “Trends and Methods to evaluate Online Assessments”
in Management and Engineering Research Tome. Published patent
titled, "BLOCK CHAIN-BASED SHOPPING CART" and received
Grant for international patent titled, “BLOCK CHAIN BASED RICE
ATM”. He has been a NPTEL MOOC Translator for the course,
“Operations and Supply Chain Management”. He is a member of
Editorial Board of ‘International Journal of Research Publications’.
He is a qualified trainer on “Entrepreneurship Development
Programme” (Learn-Wise course) by EDII. He is currently exploring
research on MOOC and Online Learning platform in the educational
field.

Mr. S. Purushothaman
Assistant Professor in Department of
Management Studies at SRM Easwari
Engineering College, Chennai, Tamil Nadu.
He is a dynamic professional with 10 years of
experience in in teaching, research and
Industry. He handles HR, Marketing,
Operations, and Information Management
classes. He also has 3 years of experience as
Human Resources Manager in Anjan Drugs Pvt. Ltd. To his credit,
he has achieved Best Teacher award for excellence in teaching and
research. His Specializations into Marketing, Human Resource and
Operations Management. He is also an editorial member in
International Journal of Management Research and social science and
he has written book chapters in the field of Management. He has
participated and presented papers in many National and International
conferences and published papers in National and International
journals.
Dr. S. Raja
Assistant Professor, Department of
Management Studies in SRM Valliammai
Engineering College. He has 10 years of
teaching experience. He has completed his
PhD in the field of Human Resources
Management from Annamalai University.
Received Young Researcher Award in Human
Resource Management category from Universal Innovators
Leadership Awards (UILA-2020)- Held at Shaheed Sukhdev College
of Business Studies in association with National Institute of
Technology Patna. His teaching interests are on the areas of Human
Resource Management, Marketing Management, Organizational
Behaviour and International Business. He has participated and
presented papers in many National/International conferences and has
participated in number of workshops and seminars. He has organised
a national seminar too. He has contributed to two chapters in the
book- Management Analytics and Software Engineering.

This Book is Dedicated to
All Managers and Teachers of
Business Administration

Chapter
No.
Title
Page
No.
1
Data Analytics for Business
1.1 Business Experiments, Experimental
Design and AB Testing
1
1.2. Visual Analytics
7
1.3. Correlation analysis
11
1.4 Scenario analysis
14
1.5 Time series Analysis
19
1.6 Data mining
21
1.7 Regression analysis
24
1.8 Text analytics
27
1.9 Sentiment analysis
31
1.10 Image analytics
34
1.11 Video analytics
37
1.12 Voice analytics
41
1.13 Monte Carlo simulation
44
1.14 Linear programming
47
1.15 Cohort analysis
52

1.16 Factor analysis
54
1.17 Neural network analysis
57
1.18. Meta-Analytics - Literature
Analysis
59
2
Business Analytics – Practices
and Techniques
2.1 Building an Analytics Organization
61
2.2 Business Analytics at the Strategic
Level
68
2.3 Application of Digital Analytics to
Create Business Value
75
2.4 Development and Deployment of
Information at the Functional Level
81
2.5 Assessment and Prioritization of
Business Analytics Projects
88
2.6 Business Analytical Tools and Data
Collection Methods
96
2.7 Targeting and Automation with
Digital Analytics
104
2.8 Converging Omni channels and
Integrating Data for Understanding
Customers, Audiences and Media
116

3
Analytics for Managerial
Decision Making
3.1 Customer And Product Profitability
Analytics
124
3.2 Cash Flow Analytics
129
3.3 Employee Capability And
Recruitment Channel Analytics
133
3.4 Project and Programme Analytics
138
3.5 Market Analytics
143
3.6 Supply Chain and Lean Six Sigma
Analytics
163

Business Analytics - Tools and Application for Strategic Decision Making
K. Guru, S. Purushothaman & S. Raja
169
References
• Brown, M. S. (2014) Data Mining For Dummies, Hoboken,
NJ: John Wiley & Sons; 1st edition
• Clifton, B. (2012) Advanced Web Metrics with Google
Analytics, 3rd edition, Hoboken, NJ: Sybex
• Ellis, B. (2014) Real-Time Analytics: Techniques to
Analyse and Visualize Streaming Data, 1st edition,
Hoboken, NJ: Wiley
• Rumsey, D. (2011) Statistics For Dummies, Hoboken, NJ:
Wiley Publishing
• Sponder, M. (2013) Social Media Analytics: Effective Tools
for Building, Interpreting, and Using Metrics, New York:
McGraw-Hill
• http://www.tutorialspoint.com/six_sigma/six_sigma_measu
re_phase.htm
• http://www.epa.gov/sustainability/analytics/social-
impact.htm
• http://www.ibrc.indiana.edu/ibr/2011/spring/article2.html
• http://www.mindtools.com/pages/article/newSTR_98.htm
Other useful sites include:
• http://www.wisegeek.com/what-is-scenario-analysis.htm
• http://www.scenarioanalysis.net/
• http://www.statsoft.com/textbook/data-mining-techniques
• http://www.anderson.ucla.edu/faculty/jason.frand/teacher/t
echnologies/ palace/datamining.htm
• http://www.sas.com/en_us/insights/analytics/data-
mining.html
• http://www.inc.com/guides/12/2010/11-best-web-analytics-
tools.html
• http://www.usability.gov/what-and-why/web-
analytics.html
• http://www.huffingtonpost.com/penny-c-sansevieri/how-to-
analyze- your-websi_b_1806389.html
• http://www.kaushik.net/avinash/beginners-guide-web-data-
analysis- ten-steps-tips-best-practices/
• http://www.orbitmedia.com/blog/website-competitive-

Business Analytics - Tools and Application for Strategic Decision Making
K. Guru, S. Purushothaman & S. Raja
170
analysis-tools/
• http://www.quicksprout.com/2013/12/11/how-to-analyze-
your-competition- in-less-than-60-seconds/
• http://www.sas.com/en_us/software/customer-
intelligence/social- media-analytics.html
• http://venturebeat.com/2013/12/20/top-10-social-media-
analytics-tools- the-venturebeat-index/
• http://mashable.com/2012/02/09/social-media-analytics-
spreadsheets/
• http://www.salesforce.com/uk/socialsuccess/social-media-
how-to-guides/social-media-analytics-guide-metrics-
tools.jsp
• http://www.goldbachinteractive.com/current-
news/technical-papers/ social-media-monitoring-how-it-s-
done
• http://www.razorsocial.com/social-media-analytics-tools
Valuable feedbacks of this book are welcomed. Kindly mail to:
gurukmarketing@gmail.com