Getting Started with Business Analytics: Insightful Decision-Making

by David Roi Hardoon, Galit Shmueli

Overview

Assuming no prior knowledge or technical skills, Getting Started with Business Analytics: Insightful Decision-Making explores the contents, capabilities, and applications of business analytics. It bridges the worlds of business and statistics and describes business analytics from a non-commercial standpoint. The authors demystify the main concepts and terminologies and give many examples of real-world applications.

The first part of the book introduces business data and recent technologies that have promoted fact-based decision-making. The authors look at how business intelligence differs from business analytics. They also discuss the main components of a business analytics application and the various requirements for integrating business with analytics.

The second part presents the technologies underlying business analytics: data mining and data analytics. The book helps you understand the key concepts and ideas behind data mining and shows how data mining has expanded into data analytics when considering new types of data such as network and text data.

The third part explores business analytics in depth, covering customer, social, and operational analytics. Each chapter in this part incorporates hands-on projects based on publicly available data.

Helping you make sound decisions based on hard data, this self-contained guide provides an integrated framework for data mining in business analytics. It takes you on a journey through this data-rich world, showing you how to deploy business analytics solutions in your organization.

Product Details

ISBN-13:	9781439896532
Publisher:	Taylor & Francis
Publication date:	03/26/2013
Edition description:	New Edition
Pages:	190
Product dimensions:	7.10(w) x 10.00(h) x 0.70(d)

About the Author

David R. Hardoon is head of analytics at SAS Singapore, where he is responsible for the positioning of business analytics capabilities and solutions to customers across different business sectors. Dr. Hardoon is also an adjunct faculty member in the School of Information Systems at Singapore Management University and an honorary senior research associate in the Centre for Computational Statistics and Machine Learning at University College London. His research interests include developing and applying computational analytical models for business knowledge discovery and analysis in areas such as taxonomy, neuroscience, aerospace, and finance. He earned a PhD in computer science in the field of machine learning from the University of Southampton.

Galit Shmueli is a SRITNE chaired professor of data analytics and associate professor of statistics and information systems at the Indian School of Business. She is the author of 70 journal articles, references, textbooks, and book chapters in statistics, management, information systems, and marketing. Her research and teaching focus on statistical and data mining methods for contemporary data and applications in information systems and healthcare. She earned a PhD in statistics from the Israel Institute of Technology.

Table of Contents

Introduction to Business Analytics
The Paradigm Shift
From Data to Insight
From Business Intelligence to Business Analytics
Levels of "Intelligence"

The Business Analytics Cycle
Objective
Data
Analytic Tools and Methods
Implementation
Guiding Questions
Requirements for Integrating Business Analytics
Common Questions

Data Mining and Data Analytics
Data Mining in a Nutshell
What Is Data Mining?
Predictive Analytics
Forecasting
Optimization
Simulation

From Data Mining to Data Analytics
Network Analytics
Text Analytics

Business Analytics
Customer Analytics
"Know Thy Customer"
Targeting Customers
Project Suggestions

Social Analytics
Customer Satisfaction
Mining Online Buzz
Project Suggestions

Operational Analytics
Inventory Management
Marketing Optimization
Predictive Maintenance
Human Resources and Workforce Management
Project Suggestions

Bibliography

What People are Saying About This

From the Publisher

This book offers an introduction to the essence of business analytics, providing a good summary of the analytical solutions employed across these industries today, including an updated vocabulary on new domains such as social media. The reader will appreciate the difference between supervised and unsupervised learning, k-means clustering and regression tree classification. … Getting Started with Business Analytics will simplify, and demystify, the concepts around the "science of data." Looking back at my career in the field of business analytics, I realize that it would have been extremely helpful to have had such a book in hand. It would have provided me with guidance on structuring my analytical solutions and would have inspired me to greater creativity. I hope this book will light the spark of curiosity for a new generation of data scientists.
—Eric Sandosham, Managing Director and Regional Head of Decision Management at Citibank, Asia Pacific 2010–2012

Editorial Reviews

"… an excellent book introducing the essence of business analytics and providing a good summary of the analytical solutions employed across various industries and organizations. … a solid, accessible overview. It bridges the worlds of business and statistics and describes business analytics from a noncommercial standpoint. It is highly worthy of consideration as supplementary teaching material for students who are taking courses related to business analytics or data mining. Looking back at my teaching career in the field of statistics and business analytics, I confess that it would have been very helpful to have had this kind of book in hand. … a great guide and a must read for managers, executives, or consultants who want clarity with business analytics."
—The American Statistician, February 2015

"… an interesting ‘how to get started’ book about a contemporary and challenging development in business. … This timely, accessible book is relevant to students, managers, analysts, executives, consultants, and the general public. Recommended."
—E.J. Szewczak, CHOICE, August 2013

"A must read for college students and business managers interested in big data and analytics. The book beautifully integrates the business and technology aspects of analytics. It provides in-depth know-how to enable the reader to ‘know’ what and ‘how’ to effectively leverage analytics to deliver business solutions. If you want to get into business analytics, start your journey here!"
—Ram D. Gopal, Professor and Department Head, School of Business, University of Connecticut

"This book offers an introduction to the essence of business analytics, providing a good summary of the analytical solutions employed across these industries today, including an updated vocabulary on new domains such as social media. The reader will appreciate the difference between supervised and unsupervised learning, k-means clustering and regression tree classification. … Getting Started with Business Analytics will simplify, and demystify, the concepts around the 'science of data.' Looking back at my career in the field of business analytics, I realize that it would have been extremely helpful to have had such a book in hand. It would have provided me with guidance on structuring my analytical solutions and would have inspired me to greater creativity. I hope this book will light the spark of curiosity for a new generation of data scientists."
—Eric Sandosham, Managing Director and Regional Head of Decision Management at Citibank, Asia Pacific 2010–2012

From the Publisher