Data analytics and Business analytics

by John Smith Digital Marketing Expert Analytics today forms the heart of business. And companies nowadays are challenged with high volume of array of data which requires active and effective analysis. Analysis can greatly help them to enhance and augment business decisions and aids in maintaining profitability.

Companies need to compete on the basis of key business processes. And analytics helps companies to optimize these processes effectively. To put in simple words business analytics simply means to resolve business issues by applications of appropriate analytical techniques on the available business data. In fact a pragmatic definition mentions realistic decision based on existing data.

Data analytics is the technique to leverage business data in order to make important decisions which are important and helpful in resolving operational and managerial problems in a productive and well-organized way. These days different sectors such as retail, healthcare, finance and telecom are heavily investing in analytics to stay ahead of competition.

For example retail industry may use analytics and business intelligence for shelf space allocation, assortment optimization, fraud detection and prevention, marketing mix modeling, localization and clustering, pricing optimization and supply chain analytics etc.

In fact analytics benefits organization in many ways. It helps in production process by conducting analysis, material wastage can be minimized, production process can be reduced and alignment can be done according to demand. In sales forecasting it can be used to set the targets and aligning production. In marketing analytics can be used to determine the success of the marketing campaigns and the evaluation of marketing mix. In risk analysis is can be used in banking and finance industries. Moreover in financial analysis can be helpful in cost cutting, budgeting, preparing investment guidelines.

In nut shell analytics is used in array of fields and has several benefits and helps business stay competitive and ahead of others.

Read More: http://www.multisoftsystems.com/course/iiba-certified-business-analysis-professional-cbap-107

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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