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International Journal of Trend in International Journal of Trend in Scientific Research and Development (IJTSRD)Research and Development (IJTSRD)
International Open Access JournalInternational Open Access Journal | www.ijtsrd.comwww.ijtsrd.com

ISSN No: 2456 ISSN No: 2456 - 6470 | Conference Issue – ICDEBIICDEBI-2018

INTERNATIONAL CONINTERNATIONAL CONFERENCE ON DIGITAL ECONOMY AND FERENCE ON DIGITAL ECONOMY AND

ITS IMPACT ON BUSINESS AND TS IMPACT ON BUSINESS AND INDUSTRYINDUSTRY

Organised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, SangliOrganised By: V. P. Institute of Management Studies & Research, Sangli

Business Analytics usiness Analytics & It’s Impact on Business & IndustryIndustry

Mr. Kuldeep D. Ghorapade
Assistant Professor, Department Department of Fashion Design, CNCVCW, CSIBER,Design, CNCVCW, CSIBER,
KolhapurKolhapur University Road, Maharashtra, India

INTRODUCTION
Business Analytics became the most effective thing Business Analytics became the most effective thing organizational performance inorganizational performance in the industry and the
for business in the last decade.for business in the last decade. Different global trends. Another definition of BI,global trends. Another definition of BI, particularly
multinational corporate companies like Google,like Google, IBM, the BA systems is, BA systems put together the the BA systems is, BA systems put together the
Face book, Yahoo and eBay are the frontrunners in re the frontrunners in gathering and storage of data andgathering and storage of data and knowledge
big data and business analytics in their respective big data and business analytics in their respective management with analytical tools to present a readymanagement with analytical tools to present a ready-
business domains [1].Business Analytics uses big data 1].Business Analytics uses big data for action and complicated informatiofor action and complicated information to the planners
which is higher and richer data that shows more which is higher and richer data that shows more and decision makers [5].
details about behaviors, activities, and events that and events that
happened all around. Business Analytics access this Business Analytics access this This is to assist them to obtain This is to assist them to obtain the right information at
different variety of the data from huge resources with different variety of the data from huge resources with the right time, location and form. The data is mined, the right time, location and form. The data is mined,
less response time.[2].Companies that collect data less response time.[2].Companies that collect data extracted, and put to use by means of framing and put to use by means of framing
might be used to produce different income generation might be used to produce different income generation different models. These models are framed using different models. These models are framed using
possibilities. So they need to find out what sort of data possibilities. So they need to find out what sort of data different algorithms, operational research techniques ent algorithms, operational research techniques
they need and how it will be collected,ed and how it will be collected, sorted and and behavioral sciences. This information predicts a and behavioral sciences. This information predicts a
analyzed. l lot of things and provides guidelines in the ot of things and provides guidelines in the
f formulation of the strategies in different business ormulation of the strategies in different business
The sources of the data may be internal or external. The sources of the data may be internal or external. domains. So it is a combination of tools aiming to So it is a combination of tools aiming to
The internal data constitutes different business The internal data constitutes different business enhance the decision making enhance the decision making in an organization by
reports, minutes of meetings, proceedings, etc.proceedings, etc. The transforming data into beneficial information and transforming data into beneficial information and
external sources are customer feedback,external sources are customer feedback, responses, knowledge which is extracted by utilizing data mining knowledge which is extracted by utilizing data mining
reaction of competitors etc. One of the rich source of One of the rich source of tools and analytical techniquestools and analytical techniques. [6]
data is social media now a days. Millions of users use Millions of users use
Analnalytics,
Business usiness
social media websites daily. Social media are Social media are KEYWORD: B A Business
computer-facilitated tools that enable the faster facilitated tools that enable the faster Intelligence, Big Data, Predictive AnalyticsIntelligence, Big Data, Predictive Analytics
exchange of information in virtual networks [exchange of information in virtual networks [3].The
most widely used social media websites are most widely used social media websites are face Scope of Business Analytics
book, whatsapp, twitter, instagram and you, whatsapp, twitter, instagram and you tube. Business analytics can be used as a solution provider Business analytics can be used as a solution provider
Millions of videos, data, files are daily uploaded and files are daily uploaded and in all walks of life and not only in business. Itin all walks of life and not only in business. It helps in
t
downloaded. taking strategic decisions for all business domains. aking strategic decisions for all business domains.
Business Analytics in general are used to detect usiness Analytics in general are used to detect the
B
There is no single definition of business Analytics in There is no single definition of business Analytics in relationships and patterns in data in order to predict relationships and patterns in data in order to predict
literature. In fact each author stresses different author stresses different the future by analyzing the past and taking better the future by analyzing the past and taking better
aspects. BA or BI is defined as the method of aspects. BA or BI is defined as the method of preventive decisions. Thus, the business analytics aim preventive decisions. Thus, the business analytics aim
converting data into information and subsequently to converting data into information and subsequently to of use differ from one industry to anotherof use differ from one industry to another, for instance
knowledge [4]. The types of knowledge obtained are [4]. The types of knowledge obtained are a marketer can use the business analytics to predict a marketer can use the business analytics to predict
about the customer requirements and decisions,about the customer requirements and decisions, the customers’ response to an advertising campaign, the customers’ response to an advertising campaign,

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