Today Analytics is the heart of a Business. Companies are challenged with a high volume and broad array of data which requires active and effective analysis. Analysis can help them make enhanced and improved business decisions, and hence help the business to maintain profitability. "Companies need to compete on the basis of key business processes, and how they optimize these processes with analytics," says Thomas Davenport, professor and director of research, Babson College, USA. Business analytics means simply to resolve business issues by applying the appropriate analytical techniques on the available business data. However, a practical definition would be how a business arrives at an optimal or realistic decision based on existing data.
Data Analytics is the technology to leverage the business data in order to make keener decisions which can be helpful in solving operational and managerial problems in a well-organized and productive manner. Now-a-days, sectors such as telecom, retail, healthcare and finance are investing heavily in analytics to stay ahead of competition. For example, the Telecom Industry uses Analytics for Proactive Network Monitoring, Capacity Planning, Revenue Assurance, Subscriber Profiling, Social Network Modeling and Analysis, Personalized Advertising and Churn Management.
The Retail Industry uses analytics and Business Intelligence for Assortment Optimization and Shelf Space Allocation, Customer-Driven Marketing, Fraud Detection and Prevention, Integrated Forecasting, Localization and Clustering, Marketing Mix Modeling, Pricing Optimization, Product Recommendation, Supply Chain Analytics etc.
Analytics benefits all below listed aspects of an organizations value chain:
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