We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Benefits of Business and Data Analytics

The whole doc is available only for registered users

A limited time offer! Get a custom sample essay written according to your requirements urgent 3h delivery guaranteed

Order Now

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:

  • Production: Production analysis can be used to analyze the production process. Using production analysis, material wastage can be reduced, production process time will be reduced and production alignment can also be done according to demand.
  • Sales: Sales forecasting can be used to set the sales targets and aligning production.
  • Marketing: Marketing Analysis can be used to analyze and predict the success of any marketing campaigns and promotional campaigns, to evaluate the marketing mix etc.
  • Product: Product Analysis can be used to identify the most likely product attributes for customers and can also be used for market basket analysis.
  • Finance: Risk analysis can be used in banking and finance industries. Financial analysis can be used for budgeting, cost cutting, investment guidelines etc.
  • Logistics and Supply chain: Supply chain analysis can be used to keep a track on inventory and it can also be used for purchase guidelines.
  • Ecommerce: Web Analytics can be helpful to online business through understanding and optimizing customer experience to maximize the conversion ratio.
Related Topics

We can write a custom essay

According to Your Specific Requirements

Order an essay
Materials Daily
100,000+ Subjects
2000+ Topics
Free Plagiarism
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

By clicking "SEND", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
Sorry, but only registered users have full access

How about getting this access

Your Answer Is Very Helpful For Us
Thank You A Lot!


Emma Taylor


Hi there!
Would you like to get such a paper?
How about getting a customized one?

Can't find What you were Looking for?

Get access to our huge, continuously updated knowledge base

The next update will be in:
14 : 59 : 59