Business Analytics > Foundations of Business Analytics > Sources of Data for Business Analytics
Sources of Data for Business Analytics
Internal Data Sources – Insights from Within the Company
CRM Systems: Track every customer interaction, including purchases, returns, and communications. Store basic info like age, location, and shopping habits. Helps improve sales strategies, marketing, and customer service.
ERP Systems: Collect data from across departments to prevent silos. Track finances, employee productivity, and collaboration to identify potential savings.
Transaction Databases: Record all sales, payments, discounts, returns, and subscriptions. Analyze trends, seasonal changes, and customer buying behavior.
HR and Employee Systems: Track performance, training, attendance, promotions, and turnover. Supports hiring, training, and employee satisfaction strategies.
Internal Surveys: Collect feedback from employees and customers to improve workplace culture, reduce turnover, and enhance customer experience.
External Data Sources – Insights from Outside the Company
Market and Industry Reports: Third-party firms provide competitor analysis, industry trends, and product growth information.
Social Media: Reveals customer opinions, preferences, and real-time trends. Helps guide marketing and product decisions.
Third-Party Data Providers: Offer demographic, purchasing, lifestyle, and financial data for better decision-making and risk assessment.
Government Databases: Provide economic, regulatory, and labor market information for strategic planning and forecasting.
IoT Devices and Sensors: Generate real-time data on equipment, deliveries, production, and customer behavior, enabling fast, informed actions.