Analytics is an important term in management. It means ‘the science of analysis’. It involves working on the existing data from the sources and working on it to decide your future options. This methodology can help the management to find out the pattern in the existing data and decide future strategy of the company accordingly.
Let’s see how can we perform analytics? There are many firms that provide business analytics solutions to the companies. These firms are called as business analytics companies. These firms work extensively on the existing data to provide the management the detailed report. Collected data helps you to identify scope for process improvements in the current business. We can spot trends, patterns in the existing data and perform predictive analysis. There are many data mining, data analytical tools available which are used by these firms. Their investigation of collected data from past helps you gain correct insight and understanding and take strategic decisions.
Business analytics involve measuring of past performance and guide business planning on basis of the result. There is extensive use of data, predictive modeling, quantitative, qualitative and statistical analysis which drives the decision making. Business analytics solution may end with either human decisions or system itself may drive fully automated decisions.
Importance of customer is very well known to all the companies. Customer causes the sale of the products, which in turn results into profits. But can we use these analytics to gain insights of customer’s behavior? Of course we can! This is called as Customer analytics. Working on customer related past records can define the patterns. Statistical tools and data mining tools can transform the millions of physical records into interpretable reports. These reports can be in terms of graph, charts or diagrams. The insights which are obtained can help you increase marketing response and conversion. Targeting right customer with the right product saves time, cost and effort. Customer analytics is powerful tool which can help you achieve this.
Chances of fraud or unanticipated troubles are equal in start up as well as well settled firm. Risks should be worked upon. Risks can be analyzed and if they are identified soon; then proper corrective actions can be taken. This is called as controlling risk. Risk analytics can help you in detecting fraud, tracking performance and sorting out business impacting factors. Factors which ultimately lead to risk development can be controlled by proper analysis and evaluation.