Real-world applications of business analytics

Key takeaways:

• Business analytics can determine which products are most popular and which aren’t, allowing you to make informed decisions about what you should produce in the future.

• It can help you understand your customers’ preferences and predict their needs, allowing you to create new products.

• Business analytics can help you identify trends across industries, allowing you to stay up-to-date on the latest developments and prepare for changes in your field.

The role of business analytics is to use data for making crucial business decisions. The term “data” can refer to all kinds of information, from sales numbers to GPS data on a delivery truck to demographic information about your customers. Business analytics uses this data to help businesses make better decisions about where they should invest their time and money.

Business analytics has many applications in the real world – from optimizing supply chains to making product recommendations based on customer behavior to identifying patterns in sales forecasting. The possibilities are endless!

Why should companies adopt business analytics?

Business analytics is vital to any successful business, but it can be challenging to understand why. This section will explain why companies should adopt this practice, as well as give you some tips on how to get started.

• Better decision making

Business analytics helps you make better decisions. It enables you to understand your data and what it means for your business. It involves identifying trends, predicting future outcomes, and making smarter choices about your company’s products, services or processes.

• Improved customer experience

Business analytics can also help you improve your customer experience. It gives you insight into what customers want, so you can make changes that will keep them returning for more. 

• Improved employee retention

Business analytics can help companies keep their best employees by identifying which employees are most likely to leave and the reasons behind the same. 

• Enhanced productivity and efficiency

Business analytics in marketing can help companies increase their productivity and efficiency by providing them with more accurate data about their current processes. This can help companies cut costs while still providing the same level of service, thus boosting profits.

• To gain an edge over competitors

If your company wants to stay competitive and grow, it needs to implement analytics in its business support functions strategy. Organizations using the role of business analytics are seeing increased revenues and profits. 

• To increase profits

Businesses that use data-driven decision-making strategies have higher revenue than those that don’t because they make smarter choices based on what they know about their customers, thus earning a higher revenue.

Application of business analytics in various sectors

Credit Card Companies

Customer Relationship Management

Human Resources

Manufacturing

Marketing

The application of business analytics in various sectors is growing exponentially. With the help of analytics, companies can now make better decisions and increase their efficiency.

This section will discuss how different businesses can benefit from business analytics.

• Credit card companies

Credit card companies can use business analytics to analyze customer spending habits and trends, as well as their credit score, which will help them make better decisions about the type of customers they want to attract. They can also use this information to determine how much of a risk each customer poses to make better judgments about whether or not it is worth it for them to open an account with a particular person.

• Customer Relationship Management (CRM)

CRM is used by many different companies, including banks and airlines. Business analytics helps these companies understand what their customers want from them.

• Human resources

The role of business analytics in Human resources is a field that has been using the role of business analytics. HR has been using data to improve their services since the early days of computers. 

Job seekers are also using the information that employers collect about employees to present themselves in a more favorable light during the hiring process.

• Manufacturing

Manufacturing has always been a part of our economy, but it is only recently that we have started to see business analytics applied in this sector. The biggest application of business analytics in manufacturing is predictive maintenance. It implies using historical data from production machines to predict the need for repairs or replacements. It helps reduce downtime and increase efficiency while also reducing operational costs.

• Marketing

Marketing helps you attract customers, sell products, and keep your company’s image in good standing. Business analytics can help marketers do all this better by providing them with the tools they need to make smarter decisions. 

For example, a marketer might use business analytics tools to analyze historical data on customer behavior and sales trends, which will allow them to predict what kind of messaging is likely to be most effective for a particular audience at a given time.

Business analytics can also help marketers understand how their products perform in the marketplace. This information can ensure that all aspects of your product are working well together to create an optimal experience for the user. It can also help identify areas where improvements could be made to stay ahead of your competitors.

Real-world examples of business analytics

Business analytics is a burgeoning field, and there are countless ways that businesses are using data to make better decisions.

Here are a few examples of real-world applications of business analytics leveraged by the top companies.

• Google 

Google uses Business Analytics to make decisions that affect the lives of billions of people on a daily basis. They use the data they collect from their users to make sure their algorithms are optimized and provide the best possible experience for their users. They also use business analytics to help them decide if certain products should be released or not, as well as how they should be priced and marketed.

• Facebook 

Facebook will look at which of its ads are most effective and use that information to help advertisers improve their campaigns. They will also use user data to see what kind of content is popular to provide more of that content to keep users engaged with the platform.

• Walmart

Walmart uses data science to help them understand their customers and improve the shopping experience. They do this through various methods, including analyzing which products are most popular and which are not selling well, so they can make changes accordingly. They also analyze customer behavior online so they can make improvements in their online store as well as their mobile app.

• Netflix

Netflix uses business analytics to determine what content to purchase, what content to produce, and how to price its services. The company has developed some unique statistical methods to improve the efficiency of its content recommendation engine. One such technique is “collaborative filtering,” which is used to predict which movies or TV shows a user will like based on what other users with similar preferences have watched in the past. 

Netflix also uses machine learning algorithms that analyze customer ratings and reviews and other user interactions with their service (such as viewing habits) to find patterns and predict future behavior.

• Spotify

Spotify uses business analytics to understand how its users interact with its products. This allows them to make key decisions about how they can improve their services and user experience. 

For example, Spotify can see how many people play a song or album by looking at the number of times it has been played on each user’s device. They can also see which tracks are most popular among users and use this information to make decisions about what types of music they should offer next time they update their app or website.

• Amazon

Business analytics is a process for gaining insight into what’s happening in an organization by analyzing data, information and knowledge about customers, competitors and partners. Amazon uses this information to understand the needs of its customers, find ways to improve the customer experience, increase its market share and grow its business.

Enter a business analytics career with an online degree

The scope of business analytics in India is vast because of its uses in data analysis, statistics, probability and math modeling to understand better how businesses work and make decisions based on those insights. It is one of the fastest-growing career fields in the world today. That’s because big companies realize they need experts who can use analytics to make better decisions, from marketing campaigns to supply chains.

The field is diverse—data analysts may work with anything from websites’ user behavior patterns to medical records.

Online business analytics programs by MAHE allow you to learn from experts while working full-time, which means you can earn your degree while still earning money. This flexibility will make it easier to pay off student loans or other debts while also making headway toward your career goals.

The Online Maniapal’s best online programs in business analytics will include classes like statistics, database design and management, predictive modeling techniques and more. With capstone projects in the program, students can apply what they have learned in real-world situations before they graduate.

Closing 

Business analytics is an incredibly important field and will only become more so in the future. With the ever-growing reliance on technology in every aspect of our lives and work, businesses need people who can help them navigate the increasing amount of available data.

However, this field is not without its challenges, and they aren’t just technical ones. Business analysts require a broad range of skills and knowledge to be successful, so it is important for those interested in pursuing a career in business analytics to choose the right educational path.
We believe that an online degree program offered by Online Manipal, which combines real-world experience with a practical approach to learning, is the best way to prepare yourself for a successful career in business analytics. Join today.