Mist hw - Information Systems NYIT Manhattan Campus Mist 315 Hw 1 Ben PDF

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Information Systems NYIT Manhattan Campus Mist 315 Hw 1 Ben...

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Camelia Antoci ID: 1264346 MIST 315 February 25, 2021 Dr Benjamin Khoo

Internet Assignment 1.

What is Data Science? Business Analytics?

Data science is a mixture of various algorithms, tools and machine learning techniques which have the goal to analyze and understand the hidden patterns from the raw data. The data scientist will analyze the data carefully and will take conclusions based on the history of the data. The data scientist will use different machine learning algorithms to identify the probability of an event to occur in the future. As .. says, “A Data Scientist will look at the data from many angles, sometimes angles not known earlier.” Data science connects several disciplines, including statistics, data analysis, machine learning, and computer science. Business Analytics represents the science focused to use data in order to build mathematical models that will help businesses and organizations to make resourceful and correct decisions. As Douglas Laney says about business analytics, it is “simply about using data to generate insights. [...] The world of data is pretty extreme, and to not leverage it effectively puts a company in a competitive hole.” The larger a business is, the more data it needs to analyze and to reach decisions depending on the industry. Business analytics professionals collect data and analyze it to influence decisions in an organization and to help the business to grow. There are several types of business analytics: descriptive, predictive, and prescriptive. Descriptive analytics interprets the historical data in order to identify trends and patterns. Predictive analytics focuses its attention on taking the information and evaluating it to forecast future outcomes. Prescriptive analytics uses testing other techniques to determine which conclusions will yield the best results in a given situation. What are the differences between these terms? While data analysts and data scientists both work with data, the main difference lies in what they do with it. Data science is the study of data using statistics, algorithms and technology, while business analytics uses mainly statistics in order to analyze the business data and to gain insights. Data science uses both unstructured and structured data, while business analytics uses mostly the structured ones. Data business analysts do not involve much coding, rather examine large data sets to identify trends, develop

charts, and create visual presentations to help businesses make more strategic decisions. Data scientists, on the other hand, widely use coding to design and construct new processes for data modeling and production using prototypes, algorithms, predictive models, and custom analysis. The top industries which require business analytics are finance, marketing, healthcare, retail, supply chain and telecommunications. The fields that require data science are e-commerce, finance, machine learning, and manufacturing. What skills set are required for each? A data scientist has to apply machine learning algorithms to numbers, text, images, videos and audio and to draw various conclusions out of them. According to Hugo Bowne-Andeson wrote in the Harvard Business Review, “Data scientists lay a solid data foundation in order to perform robust analytics. Then they use online experiments, among other methods, to achieve sustainable growth.” In order to perform all those tasks at a professional level an effective data scientist should be able to identify appropriate questions, collect data from various sources, translate the outcomes into solutions, organize and categorize the information, and communicate the verdict in a way that will positively influence the business decisions. Effective data scientists are able to identify relevant questions, collect data from a multitude of different data sources, organize the information, translate results into solutions, and communicate their findings in a way that positively affects business decisions. These skills are required in almost all industries, causing skilled data scientists to be increasingly valuable to companies. A data scientist needs to possess skills such as curiosity and result orientation, quantitative reasoning and vast knowledge in linear algebra, as well as programming languages focused in warehousing, mining and modeling to build and analyze algorithms. He/she also needs to have exceptional industry-specific knowledge and communication skills that allow them to explain highly technical results to their non-technical counterparts. They may be required to know or learn the kney technical tools as R, Python, Apache Hadoop, MapReduce, Apache Spark, NoSQL databases, Cloud computing, D3, Apache Pig, Tableau, iPython notebooks, GitHub. As LinkedIn Talent Solutions outlines, business analysts are “Acting  as communicators, facilitators, and mediators, [...] [they] are meticulous in their documentation and evaluation of potential solutions—always working to bridge the gap among departments with improved technical efficiency and productivity.’’ Thus, the business analyst should not have only the mathematical and statistical skills, but also he/she needs to possess vision, interpretation  and communication skills. After cleaning the data and making it useful for interpretation, the business analyst should be able to communicate it further, being able to influence the management team to recommend

improvements and increase business opportunities. A business analyst applies visual elements as graphs, charts and maps, and offers an accessible way to see and understand trends, outliers and patterns in data. 2. How can Data Science and/or Business Analytics help a business? How can it enhance a business’s key performance indicators? Discuss briefly. Today we are living in a competitive world, where innovation is the key to success. As business brings new ideas to the table everyday, you have to provide not only quality to your clients but also new and effective products which will make your customers loyal to your company. In order to keep track of customers' needs and wants, businesses should constantly analyze and store what their clients prefer and what is new and good on the marketplace. Nowaday business analytics are being used for everything from predicting the stocks outcomes to enhancing marketing or political campaigns. By examining data you can not only increase efficiency in your company but also help finding new opportunities. By being able to offer something different, something unique, the potential profitability becomes infinite and more intelligent based. Computer algorithms and different software can determine what their customers look for and help to create a clear image of what type of products and services the company should offer and how to stay updated. In addition, the computer technological tools can help the human resources department by offering an insight about the employees performance, offering advice on who deserves a promotion or who is the weak link in the team. By hiring a professional business analyst the delivery businesses can prevent shipping breakdowns. Shipping companies such as United States Postal Service, UPS, FedEx need to keep track of their millions of packages each day, and without serious software which will help monitor the logistics, the task will be simply impossible. “By  looking at sensor data from each vehicle within a shipping fleet, companies can keep track of the state of the parts in the vehicle and determine what parts may prove to be problematic.” (Michigan State University) Last but not least, business analytics can improve the internal process with data. Business Analysis softwares can offer reports, diagnosis, predictions and recommendation. It can answer questions as “What is the cause of the problem? Why did it happen? What will happen in the future? And what is the best forward?” (Michigan State University) 3. Some reports have been published online about the top skills required over the next 5 to 10 years. Where does data science and business analytic stand? What careers or career path can a data science or business analytics major have?

In the last few years Business Analytics has emerged as one of the most lucrative career options in terms of salary and growth. In fact, Glassdoor figures the Data Scientist is the second best job a person can have in 2021 with a median base salary of $113,736. With an MS in Business Analytics Bentley University offers 5 careers options with detailed explanation. Data Scientist ( with An Emphasis On Computer Science)- People who are working in this field are responsible for the technical side of the job. They account for the coding and databases, high performance computing and parallel processing as well as machine learning. “Such tools make it possible to process data (manipulate it with computers) and organize data (classify data sets); machine learning is used to create predictions that can be leveraged for business purposes.” (Bentley University) Moreover, data scientists serve as a bridge between the raw data and the managers. They carefully analyze the hard data and create charts and tables so everyone can understand the material. People interested in this sphere of Business Analytics have a background in engineering, mathematics, or accounting. Data Scientist ( With An Emphasis On Analysis)- this path focuses more on statistics and mathematics. Data scientists passionate about analytics have to build complicated models and simulations in a big data environment. Quantitative Analyst/Modeler- workers in this field usually work in the financial department and play with data modeling in order to help manage risk. The “Quants” as they are sometimes named use data to “support investment decisions, which leads to more reliable and consistent results.” (Bentley University) People who choose this track typically have backgrounds in mathematics, science, computer science, or engineering. Employers are looking for employees who possess scientific reasoning rather than business minds, as Quantitative Analytics requires exact results and it avoids the risks associated with human reasoning. Data Business Analyst- Data business analysts are mainly concerned with providing actionable insights about the business in the form data. Inquisiveness and the ability to see the big picture are the main characteristics among employees in this field. A data analyst will work with VPs and senior managers to offer predictions and optimizations, as well as different suggestions “from product development and customer service to internal operations and marketing.”  ave a strong background in technical Business Analyst Manager Or Consultants h tools and analytics, but their role is to be responsible for the main picture. That means that they will work with the heads of the companies in order to implement data-driven decisions and changes. In this case, the skills that should be possessed are communication, leadership and strategic thinking. 4. State your major. Pick the "best" or "top" 3 Data Science or Business Analytics software that is most relevant to you or your major and briefly discuss why you think they are relevant.

Business Administration-Finance Nowadays innovation plays an enormous role in the life of a business and keeping track of what is new on the market is an essential task to succeed. Monitoring your customers wants, needs and preferences or the performance of your services or even your employees is a must do in order to become a strong business who will reach the top positions in the chart. As we live in a technological era where computers are more valuable than friends, using software to help our business is indispensable. Depending on the type of business we possess, we should pick the best app that will give us the perfect insights, advice and recommendation. I am studying Business Administration with concentration in Finance. After doing a thorough research on the internet, I found and picked several softwares that would be helpful if I would start a business. According to TechnologyAdvice, the  three best business intelligence software according to user popularity and major features are SAP BusinessObjects, Dundas BI, and Geckoboard, followed by Sisense, Oracle BI, Tableau and Domo. I will analyze the top 3 ones in the following paragraphs. 1. SAP Business Objects

SAP is crucial for business because it offers the possibility to every department to communicate with each other without any problems. It is recommended to departments as finance, sales, production, and human resources. It offers the information easily in real time and its centralized  system enhances productivity, provides better inventory management, endorses quality, decreases raw material cost, effective HR management, reduces expenses and enhances profits. 2. Dundas BI

Dundas allows users to compare the raw data from different and multiple sources. This Business Analytics software makes forecasting easier through a comprehensive build-in formulae. It can be annexed to the social media platforms and configured via an open database connectivity connection  or by creating a custom connection via the open API. Most importantly, it allows the users to generate interactive dashboards, to customize their screen visualization and to build reports and drill down into data.

3. Geckoboard

Geckoboard is a cloud-based dashboard tool that displays key business metrics in real time. As Software Advice states, “Users can configure their dashboards based on team and company needs. Geckoboard is suitable for businesses of all sizes and also offers an iOS app. Users can access a drag-and-drop interface to configure a dashboard with colors, logos and visualizations that suits their company or team. The dashboard loops feature helps users to cycle through multiple dashboards and choose the metrics they

need.” Geckoboard also offers secure sharing links that allow users to share the metrics within and outside the office. Data can be imported from applications such as Bitly, Airbrake, Google Analytics, Salesforce, Delighted, Trello, SendGrid, Facebook Ads, Zendesk and more.

Other softwares necessary for my major are as follows: The Essential tools for Finance still remain Excel and VBA programming in excel. These two softwares are indispensable for financiers. Fixed income, portfolio management and equities and other areas requiring statistical analysis or simulation will often use MatLab/Octave, R, Stata. Essential data mining software is SQL.

References

Rajeev Sharma, Anirban Paul Says:, Atif Says:, EdurekaSupport Says:, Sumanta Says:, Romesh Says:, Suresh Says:, Aasha Kushwaha Says:, Jayaprakash Meyyappan Says:, and Ashima Says:. "What Is Data Science? A Beginner's Guide to Data Science." 25 Nov. 2020. Web. 23 Feb. 2021. “What Is Data Science?” Berkeley School of Information, ischoolonline.berkeley.edu/data-science/what-is-data-science/. https://ischoolonline.berkeley.edu/data-science/what-is-data-science/ “The Difference Between Business Analytics and Data Science.” JSOM Perspectives, jindal.utdallas.edu/blog/business-analytics-vs-data-science. “What Data Scientists Really Do, According to 35 Data Scientists.” Harvard Business Review, 18 Sept. 2018, hbr.org/2018/08/what-data-scientists-really-do-according-to-35-data-scientists. “Business Analyst Job Description Template: LinkedIn Talent Solutions.” Business Analyst Job Description Template | LinkedIn Talent Solutions, business.linkedin.com/talent-solutions/resources/talent-engagement/job-description s/business-analyst.

 ow Business Analytics Can Help Your Business.“ Michiganstateuniversityonline.com, “H www.michiganstateuniversityonline.com/resources/business-analytics/how-busines s-analytics-can-help-your-business/. https://www.glassdoor.com/List/Best-Jobs-in-America-LST_KQ0,20.htm “5 Growing Business Analytics Careers.” Bentley University, 31 July 2019, www.bentley.edu/news/5-growing-business-analytics-careers-which-one-best-you. “Business Intelligence.” TechnologyAdvice, technologyadvice.com/business-intelligence/. “Geckoboard Software.” Software Advice, www.softwareadvice.com/bi/geckoboard-profile/....