Importance Of Predictive Analysis Of Making Business Agile...

Importance of Predictive Analysis in making Business Agile Introduction: In current scenario we could easily witness transformation of business from following Business Intelligence towards Predictive Analysis which mainly focus on predicting business at both operational strategically levels to ensure agility in terms of customer responsiveness and other various parameters. Business Intelligence has been defined as a technology driven approach that analyze data and further present the information in actionable form to help managers to make well informed decisions in day to day operations and long term strategic planning. Predictive Analysis basically focuses on advanced analytics which can be used to predict future scenarios by making use of statistics, data mining, modelling, artificial intelligence, self-learning etc. to analyze current situation and predict future behavior. Decision management has been known as a business discipline which has used automation, optimization and thereby governed business decisions. It has been used frequently for making use of predictive analytics in day to day operations With time it has been proved that BI and predictive analytics has added value to business by improving decision making. Although predictive analytics has been much useful in operational decisions in particular. Business intelligence Business intelligence today shows following characteristics: 1. Software is considered to be as a foundation Various approaches are: a.Show MoreRelatedPredictive Analytics, Statistical Algorithms And Forecasts On Historical Data1281 Words   |  6 PagesSecondly, predictive analytics not only use statistical algorithms and forecasts on historical data but also anticipate likely situations to plan ahead. The means of these predictive models differs depending on their behaviour and future events but the aim is to go beyond reporting what has happened in providing the best assessment of what will happen. Data mining is an important component that tends to identify trends, patterns and relationship. They largely depend on statistical models and multivariateRead MorePredictive Analytics, Data And Data1194 Words   |  5 Pagescorrelation or regression then it is called Diagnostic Analysis. Based on this information when the possible outcomes are predicted it is called Predictive Analytics. Finally, Predictive analytics uses previously tested or predicted models which are put into a reiterated process to produce an an ticipated outcome. Big data technology combines all of these analytics, along with being fast and efficient in handling real time data (Payandeh, 2013). Business Intelligence consists of different tools to makeRead MoreA Brief Note On The Largest Foodservices Provider1708 Words   |  7 Pagesas facilities, sports and entertainment and business dining. It boasts clientele from NBA, NFL and NHL. Similar to it’s competitors Sodexo and Compass Group (Hoovers), Aramark relies upon three parts of it’s value chain: human capital outsourcing, uniforms and food. These moving parts are the main drivers of the business and are all supported by comprehensive enterprise scaled software. For the past year, I have been working in Aramark as a business analyst for its Enterprise Analytics team. ThisRead MoreWhat Makes A Successful Business Analytics Program? Essay1557 Words   |  7 PagesNow, in this presentation, my topic is What does research tell us about how to create a successful business analytics program? And What realistic expectations should we have concerning the predictive capability of business analytics. At the end of 20th century, Fortune magazine published an article named â€Å"Why CEOs Fail† (Charan Colvin 1999). It said â€Å"The problem is that our age’s fascination with strategy and vision feeds the mistaken belief that developing exactly the right strategy will enableRead MoreAgile Methodology Essay 22949 Words   |  12 PagesAgile methods are one of the most recently conceived methodologies for developing software intensive systems. Agile methods refer to a family of methods that tend to favor working code over documentation, individuals over tools, collaboration over negotiation and thriving in volatile environments over following a plan (Agile Manifesto 2001). However, agile methods are not indicated for all projects; project managers, with organizational support, must decide if agile methods will provide the mostRead MoreAgile Approach For Software Development Essay2946 Words   |  12 Pageswas chosen for its development. 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The article Scope Management in Agile Versus Traditional Software Development Methods (Israr Ur Rehman, et al, October 2010, NSEC ’10: Proceeding for the 2010 National Software Engineering Conference) discussesRead MoreTransition Of The Business, Client Organizations Are Progressively Looking At Using Agile Methodologies For Software Development3867 Words   |  16 PagesWAY SUMMARY To meet and exceed the expectations of the Business, Client organizations are progressively looking at using agile methodologies for software development. Agile methods attempt to minimize risk of software development by developing software in short time boxes, called iterations. An agile software development process release new working version of software at the end of every iteration. Scrum is one of the most popular agile development methodologies increasingly being adopted by ITRead MoreBusiness Analytics Program : Why Ceos Fail Essay1379 Words   |  6 PagesBusiness Analytics Program At the end of 20th century, Fortune magazine published an article named â€Å"Why CEOs Fail† (Charan Colvin 1999). It stated that â€Å"The problem is that our age’s fascination with strategy and vision feeds the mistaken belief that developing exactly the right strategy will enable a company to rocket past competitors. In reality, that’s less than half the battle†. The author argues that increasing the capability to execute on an appropriate strategy can be regarded as the missingRead MoreBusiness Intelligence Is All About Decision Making With A Data Driven Approach1843 Words   |  8 PagesBI and Analytics Business Intelligence is all about decision making with a data driven approach. It is a broader term and a super set containing tools, architectures, technologies and techniques that leverage insights from data (various problems or business processes) for analysis, querying, reporting and performance improvement. It is based on measuring or analyzing the historical data and past performance for driving insight and answers to questions like â€Å"What occurred?†, â€Å"How frequently is occurred