Maximize profit and optimize decisions with advanced business analytics Profit-Driven Business Analytics provides actionable guidance on optimizing the use of data to add value and drive better business. Combining theoretical and technical insights into daily operations and long-term strategy, this book acts as a development manual for practitioners seeking to conceive, develop, and manage advanced analytical models. Detailed discussion delves into the wide range of analytical approaches and modeling techniques that can help maximize business payoff, and the author team draws upon their recent research to share deep insight about optimal strategy. Real-life case studies and examples illustrate these techniques at work, and provide clear guidance for implementation in your own organization. From step-by-step instruction on data handling, to analytical fine-tuning, to evaluating results, this guide provides invaluable guidance for practitioners seeking to reap the advantages of true business analytics. Despite widespread discussion surrounding the value of data in decision making, few businesses have adopted advanced analytic techniques in any meaningful way. This book shows you how to delve deeper into the data and discover what it can do for your business. * Reinforce basic analytics to maximize profits * Adopt the tools and techniques of successful integration * Implement more advanced analytics with a value-centric approach * Fine-tune analytical information to optimize business decisions Both data stored and streamed has been increasing at an exponential rate, and failing to use it to the fullest advantage equates to leaving money on the table. From bolstering current efforts to implementing a full-scale analytics initiative, the vast majority of businesses will see greater profit by applying advanced methods. Profit-Driven Business Analytics provides a practical guidebook and reference for adopting real business analytics techniques.

WOUTER VERBEKE is assistant professor of Business Informatics and Data Analytics at Vrije Universiteit Brussel (Belgium). He is the coauthor of Fraud Analytics using Descriptive, Predictive, and Social Network Techniques.

BART BAESENS is a professor at KU Leuven (Belgium) and a lecturer at the University of Southampton (United Kingdom). He is the author of Credit Risk Management and Analytics in a Big Data World, as well as coauthor of Fraud Analytics using Descriptive, Predictive, and Social Network Techniques.

CRISTIÁN BRAVO is a lecturer vin business analytics in the department of Decision Analytics and Risk at the University of Southampton.

Klappentext

Maximize profit and optimize decisions with advanced business analytics

Profit-Driven Business Analytics provides actionable guidance on optimizing the use of data to add value and drive better business. Combining theoretical and technical insights into daily operations and long-term strategy, this book acts as a development manual for practitioners seeking to conceive, develop, and manage advanced analytical models. Detailed discussion delves into the wide range of analytical approaches and modeling techniques that can help maximize business payoff, and the author team draws upon their recent research to share deep insight about optimal strategy. Real-life case studies and examples illustrate these techniques at work, and provide clear guidance for implementation in your own organization. From step-by-step instruction on data handling, to analytical fine-tuning, to evaluating results, this guide provides invaluable guidance for practitioners seeking to reap the advantages of true business analytics.

Despite widespread discussion surrounding the value of data in decision making, few businesses have adopted advanced analytic techniques in any meaningful way. This book shows you how to delve deeper into the data and discover what it can do for your business.

* Reinforce basic analytics to maximize profits

* Adopt the tools and techniques of successful integration

* Implement more advanced analytics with a value-centric approach

* Fine-tune analytical information to optimize business decisions

Both data stored and streamed has been increasing at an exponential rate, and failing to use it to the fullest advantage equates to leaving money on the table. From bolstering current efforts to implementing a full-scale analytics initiative, the vast majority of businesses will see greater profit by applying advanced methods. Profit-Driven Business Analytics provides a practical guidebook and reference for adopting real business analytics techniques.

Profit-Driven Business Analytics provides actionable guidance on optimizing the use of data to add value and drive better business. Combining theoretical and technical insights into daily operations and long-term strategy, this book acts as a development manual for practitioners seeking to conceive, develop, and manage advanced analytical models. Detailed discussion delves into the wide range of analytical approaches and modeling techniques that can help maximize business payoff, and the author team draws upon their recent research to share deep insight about optimal strategy. Real-life case studies and examples illustrate these techniques at work, and provide clear guidance for implementation in your own organization. From step-by-step instruction on data handling, to analytical fine-tuning, to evaluating results, this guide provides invaluable guidance for practitioners seeking to reap the advantages of true business analytics.

Despite widespread discussion surrounding the value of data in decision making, few businesses have adopted advanced analytic techniques in any meaningful way. This book shows you how to delve deeper into the data and discover what it can do for your business.

• Reinforce basic analytics to maximize profits
• Adopt the tools and techniques of successful integration
• Implement more advanced analytics with a value-centric approach
• Fine-tune analytical information to optimize business decisions

Both data stored and streamed has been increasing at an exponential rate, and failing to use it to the fullest advantage equates to leaving money on the table. From bolstering current efforts to implementing a full-scale analytics initiative, the vast majority of businesses will see greater profit by applying advanced methods. Profit-Driven Business Analytics provides a practical guidebook and reference for adopting real business analytics techniques.

Inhalt

Foreword xv

Acknowledgments xvii

Chapter 1 A Value-Centric Perspective Towards Analytics 1

Introduction 1

Business Analytics 3

Profit-Driven Business Analytics 9

Analytics Process Model 14

Analytical Model Evaluation 17

Analytics Team 19

Profiles 19

Data Scientists 20

Conclusion 23

Review Questions 24

Multiple Choice Questions 24

Open Questions 25

References 25

Chapter 2 Analytical Techniques 28

Introduction 28

Data Preprocessing 29

Denormalizing Data for Analysis 29

Sampling 30

Exploratory Analysis 31

Missing Values 31

Outlier Detection and Handling 32

Principal Component Analysis 33

Types of Analytics 37

Predictive Analytics 37

Introduction 37

Linear Regression 38

Logistic Regression 39

Decision Trees 45

Neural Networks 52

Ensemble Methods 56

Bagging 57

Boosting 57

Random Forests 58

Evaluating Ensemble Methods 59