Overview:
Business Analytics is a set of tools and techniques that can be used to improve business performance through fact-based decision-making. Data Exploration, Business Intelligence and Data Mining have been there for a while and helped Businesses to create Data Discipline in the organization. Business Analytics is the subset of Business Intelligence, which helps companies to understand the past and predict the future to improve company’s effectiveness in the market place.
In the book “Competing on analytics: The new science of winning”, Thomas Devonport claims that a significant proportion of high-performance companies have high analytical skills among their personnel. In a research by MIT Sloan Management Institute it has been found that 51 % companies used Analytics to gain competitive advantage while others have been struggling.
Source: MIT Sloan Management Review 2015
Course objectives
The course is designed to provide basic knowledge of handling data and Business Analytics’
tools that can be used for fact-based decision-making. The broader Course Objectives are :
Understand the role of business analytics within an organization.
- To gain an understanding of how managers use business analytics to formulate and solve business problems and to support managerial decision making.
- Use analytics in customer requirement analysis, general management, marketing, finance, operations, and HR
- To become familiar with the processes needed to develop, report, and analyze business data.
- To learn how to use and apply Excel and Excel add-ins to solve business problems.
Course Content / Session Details
Day 1
Session 1
Inside the Business Analytics Process
- Different types of data; Data summarization methods; Tables, Graphs, Charts, Histograms, Frequency distributions, Relative frequency measures of central tendency and dispersion
- Data, models and results
- Knowledge to wisdom
Session 2
How it Works: Data to Results
- Managing and manipulating data
- Modelling and optimization techniques
- Descriptive & Predictive Analytics
Day 2
Session 3
Prescriptive Analytics
- Patterns, trends and differences
- Data visualization
Session 4
Analytics: Its Applications
- Customer Analytics
- Operations Analytics
- People Analytics
- Accounting Analytics
Who should attend the Course?
The Course is aimed at Managers, Departmental Heads, Functional Heads who are responsible for managing and improving functional operations.
What are the benefits of attending the Workshop?
In this VUCA world competitive advantage is the key to success. The course will empower the participants to identify & develop competitive advantage in respective areas through
- Understanding of Data and usage of Data for improvement
- Identify & Initiate Business Analytics Projects
- Begin Fact based Decision Making
Methodologies
The course delivery will be interactive in nature. It will have a blend of live Examples, Case studies, scenarios, Videos, surveys and Games to facilitate
- Experiential Learning
- Experience Sharing
- Insightful Sessions