Scope of Business Analytics
Tools and techniques of business analytics are used in many types of organizations and across different business areas. They help improve customer relationship management, finance, marketing, human resources, supply chains, and overall business operations.
In marketing analytics, organizations use data to divide customers into groups, measure the return on marketing campaigns, test different digital ads (A/B testing), and analyze opinions shared on social media. F
inancial analytics helps organizations detect fraud, assess credit risk, forecast cash flow, and optimize investment portfolios.
Supply chain and logistics analytics are used to manage inventory levels, predict changes in demand, and improve delivery routes to reduce costs and delays.
Human resources (people analytics) helps predict employee turnover, improve hiring processes, and measure employee performance in line with business goals.
Banks use analytics to predict and prevent credit card fraud. Investment firms use it to select the best client portfolios, manage risk, and increase returns.
Manufacturers rely on analytics for production planning, purchasing, and inventory control.
Retailers use analytics to recommend products and improve marketing promotions. Pharmaceutical companies use analytics to bring life-saving drugs to market faster. Leisure and travel businesses analyze past sales data to understand customer behavior, improve website design, and optimize schedules and bookings.
Airlines and hotels use analytics to adjust prices over time to maximize revenue. Even sports teams use business analytics to plan game strategies and set optimal ticket prices.
Statlearner
Statlearner