Business analytics
Today information is treated as a strategic asset.Business analytics is a major priority.Previously there was a wave of packages implemented by companies namely ERP,SCM and CRM.Organizations had huge chunk of information and did not use those information effectively.Then came the word Analytics i.e Analysis +Statistics coined by Davenport.Previously managers used gut feeling to make decisions .Analytics in simple words can be defined as method to analyse data to understand customer needs and preferences and offer products with promotions .Analytics elimimated this thought it gave more structured approach both quantitatively and qualititavely.
Ebay is perfect example of implementing analytics effectively.Ebay has its own inhouse built application called Ebay experimentation platform which could save pageviews visited by users.This is regarded as real time information and helped ebay to become giant in its own way.Ebay also uses many other techniques (analytical) face to face testing with customers ,focus group analysis and iterative trade off analysis.
Where can analytics be applied ?
There is myth that analytics can be applied to a particular domain but that is not true as far as my knowledge is concerned analytics has huge application in various domains and all business areas.Firstly,to identify need & preference of various customer .Secondly,in supply chain operations to find out effective supply chain routes and optimize inventory levels and delivery routes.Thirdly,Human resources also uses analytics in recruitment,hiring and employee retention.Fourthly analytics can also be applied in finance and accounting firms use analytics to drive financial performance.
Analytics principle
Ebay is perfect example of implementing analytics effectively.Ebay has its own inhouse built application called Ebay experimentation platform which could save pageviews visited by users.This is regarded as real time information and helped ebay to become giant in its own way.Ebay also uses many other techniques (analytical) face to face testing with customers ,focus group analysis and iterative trade off analysis.
Where can analytics be applied ?
There is myth that analytics can be applied to a particular domain but that is not true as far as my knowledge is concerned analytics has huge application in various domains and all business areas.Firstly,to identify need & preference of various customer .Secondly,in supply chain operations to find out effective supply chain routes and optimize inventory levels and delivery routes.Thirdly,Human resources also uses analytics in recruitment,hiring and employee retention.Fourthly analytics can also be applied in finance and accounting firms use analytics to drive financial performance.
Analytics principle
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