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Assessment tools and techniques on business analytics courses
The business tool such as QlikView, helps the users in order to gain a clear insight towards the business associating various data and also such dataset that is not related. A basic knowledge regarding SQL as well as VB script is required to operate and understand the usage of this tool. The startups and businesses may use the free version of the tool in order to organize their business, only if they have a substantial understanding in VB and SQL (Acm, 2019). I have deep insight on excel and SAS that enables me to make decisions and also help to reduce different risks that are involved in the business (Pubsonline, 2020). Application of- analytics tools would enable me to look after the financial performance and predict the financial losses by using A/B test hypothesis models.
Splunk is known for the creation of tools, which helps in handling aspects relating to data generated by machines, which includes analyzing, searching and monitoring. Splunk helps to find a correlation within the real-time data. A searchable repository from which the data is derived, is used to generate dashboards of any company, graphs as well as charts.
In any “Data-Driven Organization” right data available in a firm is organized in a right form which saves the cost of haphazard working patterns. Improvement In the data form leads to effectiveness in the internal operation in any organization. Data visualization tools which include bar charts, stacked bar charts, histograms, scatter diagrams and bubble charts can only be analyzed with a substantial knowledge in the usage and study regarding the same.
Implementation of statistical models would enable the company to prevent data loss and cyber security. Implementation of AI technology would enable me to store huge data and prevent the company against any kind of sensitive loss of the data. On the other hand, (Cubric, 2020) in recent days it has been observed that fast change in technology has a negative impact on the employees leading to technological disruption thus it might lower the productivity of the operation. (Yusoff et al. 2021).
Tableau Public is another tool where any company can connect the data source of the company for creating a data visualization. Dashboards and maps along with the real-time updates on the web can also be created with this tool (google, 2019).
RapidMiner is a tool specifically for measuring performance by using advanced analytics as well as predictive analysis. This includes various visual analytics, data mining and machine learning. For using these types of tools, a clear knowledge regarding programming is required. The assessment of the data source which includes IBM, Oracle, and tera data, Access, Sybase and SPSS is also essential to be aware of (acm, 2020). This tool helps the owner to practice control over the data as well as the formats in predictive analysis. In order to operate this tool basic knowledge regarding the SQL programming as well as data analytics is required (springer, 2019).
Advantages of usage of business analytics in a concern
The business may benefit by improving the speed in the IT department. The processing capacity as well as the sensitivity analysis in a business helps in better decision making regarding the overall development in organization. Sorting of the important components in a business operation from the unwanted operations within the business. The usage of business analytics improvises the communication as well as the collaboration in an organization. “Smart Defensible Decisions” can be provided by the management of an organization using business analytics.
The dashboard which combines the visual tools is represented for setting the key measures in the business. This summarizes the function of the business which helps in the management of the business and gives an insight.
“Pareto Chart” is used by the organizations operating with a large base of information and statistics. This chart uses a combination of cumulative sales in percentage with total revenue earned. This type of chart follows an ABC Analysis by which a company can determine and draw a side-by-side comparison with the contribution of the products in the revenue generation.
The visual data for example histograms that is prepared by the IT department of any organization is displayed in the discrete data. Continuous distributions are followed in “Standard normal Class” which is helpful in determining the order cycle of the customer on an average basis. This helps in the determination of operation activities undertaken. Statistical inferences such as Sampling means and Central Limit Theorem can be used with the knowledge of business analytics. Various factors can be measured and judged on the basis of the estimation.
References
Acm, 2019 SQL available at https://dl.acm.org/doi/abs/10.1145/3318464.3386134 [accessed on 8th July 2022]
acm, 2020 RapidMiner available at https://dl.acm.org/doi/abs/10.1145/3159450.3159553[accessed on 8th July 2022]
Cubric, M., 2020. Drivers, barriers and social considerations for AI adoption in business and management: A tertiary study. Technology in Society, 62, p.101257.
google, 2019 Tableau Public available at https://books.google.co.in/books?hl=en&lr=&id=LAqyDwAAQBAJ&oi=fnd&pg=PA159&dq=Tableau+Public+use+in+business&ots=TqyKEmsNG7&sig=oAb7km9VRyrnIcZRr66YCUlZ2kI&redir_esc=y#v=onepage&q=Tableau%20Public%20use%20in%20business&f=false[accessed on 8th July 2022]
Mdpi, 2019 Propensity model available at https://www.mdpi.com/2071-1050/13/1/380[accessed on 8th July 2022]
Pubsonline, 2020 A/B test hypothesis available at https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2021.4209 [accessed on 8th July 2022]
Sciencedirect, 2019 AI Technology in business available at https://www.sciencedirect.com/science/article/abs/pii/S0160791X19307171[accessed on 8th July 2022]
springer, 2019 Microstrategy available at https://link.springer.com/chapter/10.1007/978-981-13-1927-3_53 [accessed on 8th July 2022]
Yusoff, MNHB, Zainol, FA, Ismail, M, Redzuan, RH, Abdul Rahim Merican, RM, Razik, MA & Afthanorhan, A 2021, ‘The Role of Government Financial Support Programmes, Risk-Taking Propensity, and Self-Confidence on Propensity in Business Ventures’, Sustainability, vol. 13, no. 1, p. 380
