Unit ii data analytics

Unit II Data Analytics
Presentation by
Mr. Basavaraj M. Naik M.Com, NET, KSET
Full-Time Guest Lecturer
Department of Studies in Commerce
Rani Channamma University Belagavi
Post- Graduate Centre, Jamkhandi

Unit II Covers…
● Meaning, Types, Importance, Benefits of Data Management.
● Business Intelligence Concepts and Applications,
● Future Smart Contracts and Data Analytics.

Data Analytics
● Data analytics helps individuals and organizations make sense
of data.
● Data analysts typically analyze raw data for insights and trends.
They use various tools and techniques to help organizations make
decisions and succeed.

What is Data Management ?
● Data management is the practice of collecting, keeping,
and using data securely, efficiently, and cost-effectively.
The goal of data management is to help people,
organizations, and connected things optimize the use of
data within the bounds of policy and regulation so that they
can make decisions and take actions that maximize the
benefit to the organization.

● Business Intelligence Concepts and Applications
Business Intelligence (BI) includes tools and techniques, for the transformation
of raw data into meaningful and actionable information for Business analysis.
Business intelligence is defined as a process of collecting and
processing business information to derive insights and make profitable
business decisions.

The term Business Intelligence (BI) refers to the collection, integration, analysis,
and presentation of business information for technologies, applications and
practices . The purpose of Business Intelligence is to support better business
decision making.

Applications of Business Intelligence
1. Retailing: Business Intelligence can be used to forecast the demand and
analyse its fluctuations over time. This will help in optimizing the size of
inventory in order to meet the customer demands.
2. Banking: BI will help the banks and financial institutions in identifying the
customer base. This will help them in planning their marketing strategies.
3. FMCG: BI will provide predictive analysis to forecast demand and
understand consumer behavior. Optimization of manufacturing processes
and procurement functions will lead to better relationship with suppliers.
Standardization will ease the load of transaction recording and multiple
source reports.

4. Automobile: BI can help in optimization of production, research, HR, distribution,
marketing and finance functions by providing effective decision making tools. In short
Business Intelligence has enterprise wide applications in all departments.
5. Manufacturing: BI will enhance communications with suppliers and standardize all the
transactions occurring with them hence increasing efficiency. BI will forecast the
demand for product which will optimize inventory, production and procurement size.

Benefits of Business Intelligence
1. Single point access to data: By maintaining a data warehouses and data marts, BI can
act as an access to point to the data present in these.
2. By giving access of BI systems to external users like customers who might be interested
in analyzing their buying behavior, can find out cost saving opportunities and suppliers
can analyse the sales data.
3. Improve operational efficiency: By providing real time reports to customers and
employees, BI enables quick solutions to problems and easy error detection and
correction. Hence improving efficiency.

4. Problem detection: BI systems provide historical, real time and predictive reports.
This can be accessed by customers, suppliers and employees. This results in faster
detection of problems or errors.
5. Better Marketing Analysis: BI systems provide the performance of marketing
strategies or campaigns, behavior of customers and existence of new opportunities.

What is a smart contract?
Smart contracts refer to computer protocols that digitally facilitate the
verification, control, or execution of an agreement. Smart contracts run on the
blockchain platform, which will process all the transactions in a contract; hence,
middle men are not required for executing the transactions..

● Smart contracts refer to computer protocols that digitally facilitate
the execution of an agreement, which are kept in public databases.
● They are a faster, cheaper, and more secure way of executing and
managing agreements.
● The technical difficulty of making changes and the inability to
handle complex transactions are some issues with smart contracts
that need to be rectified to gain mass adoption.

● Supply Chains: Rendering of service is automatically provided to the
participant when the operator receives goods or services. Rates and services
can be negotiated and agreed upon digitally and enforced through smart
contracts. Supply chain activities and smart contracts are auditable, can be
monitored, and promote operational efficiency.

● Fundraising: Companies are able to raise funds from investors and
in exchange transfer security tokens (digital representation of
shares) to verified parties instantaneously.
● Voting: Global stakeholders can vote on decisions remotely and
instantly (i.e. dividend distributions) and programmatically execute
the outcome(s). The voting smart contract formalizes governance
rules — governing statutes, rules of procedure, or articles of
association of an organization — replacing day-to-day operational
management with self-enforcing code.

Data Management:
Through smart contracts, every process, task, payment, and agreement can
have a digital record and signature that can be identified, validated, stored,
and shared. The value of this collected data will power decision making as
we have never seen before.

Uses of Smart Contracts
1. Government voting system:
Smart contracts provide a secure environment making the voting
system less susceptible to manipulation. Votes using smart
contracts would be ledger-protected, which is extremely difficult
to decode.

2. Healthcare:
Blockchain can store the encoded health records of patients with a private
key. Only specific individuals would be granted access to the records for
privacy concerns. Similarly, research can be conducted confidentially and
securely using smart contracts.
All hospital receipts of patients can be stored on the blockchain and
automatically shared with insurance companies as proof of service.
Moreover, the ledger can be used for different activities, such as managing
supplies, supervising drugs, and regulation compliance.

3. Supply chain
Traditionally, supply chains suffer due to paper-based systems where forms
pass through multiple channels to get approvals. The laborious process
increases the risk of fraud and loss.
Blockchain can nullify such risks by delivering an accessible and secure
digital version to parties involved in the chain. Smart contracts can be used
for inventory management and the automation of payments and tasks.

4. Financial services:
Smart contracts help in transforming traditional financial services in multiple
ways. In the case of insurance claims, they perform error checking, routing,
and transfer payments to the user if everything is found appropriate.

Benefits of Smart Contracts
1. Autonomy and savings:
Smart contracts do not need brokers or other intermediaries to confirm the
agreement; thus, they eliminate the risk of manipulation by third parties.
Moreover, the absence of intermediary in smart contracts results in cost
savings.

2. Backup
All the documents stored on blockchain are duplicated multiple
times; thus, originals can be restored in the event of any data loss.
3. Safety
Smart contracts are encrypted, and cryptography keeps all the
documents safe from infiltration.

4. Speed
Smart contracts automate tasks by using computer protocols,
saving hours of various business processes.
5. Accuracy
Using smart contracts results in the elimination of errors that
occur due to manual filling of numerous forms.

Unit ii data analytics

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