What-is-Business-Analytics-Cris-John-Abototo.pptx

What is Business Analytics? Business analytics is the process of examining raw data to extract meaningful insights and make informed decisions. By analyzing data, businesses can understand their customers, improve operations, and gain a competitive advantage. Presented by: Cris John Abototo...

What is Business Analytics? Business analytics is the process of examining raw data to extract meaningful insights and make informed decisions. By analyzing data, businesses can understand their customers, improve operations, and gain a competitive advantage. Presented by: Cris John Abototo The Role of Data in Business 1 Improved Decision-Making 2 Enhanced Customer Understanding Data provides valuable insights that help businesses Analyzing customer data helps businesses identify make informed decisions based on evidence and not trends, preferences, and behaviors, enabling them to just intuition. tailor products and services to specific customer needs. 3 Optimized Operations 4 Competitive Advantage Data analysis helps businesses identify inefficiencies, By leveraging data analytics, businesses can gain a optimize processes, and improve resource allocation, deeper understanding of their market, identify emerging leading to increased productivity and reduced costs. trends, and develop innovative strategies to stay ahead of the competition. Key Business Analytics Techniques Descriptive Analytics Predictive Analytics Prescriptive Analytics This technique focuses on This technique uses historical This advanced technique goes understanding past data to data to predict future outcomes. beyond prediction and suggests provide insights into what has It leverages statistical models actions to take based on data happened. It involves and machine learning algorithms analysis. It uses optimization summarizing data, identifying to forecast trends, identify algorithms and simulations to trends, and creating reports to potential risks, and make recommend the best course of answer questions like "what predictions about what might action and optimize outcomes. happened?" and "why did it happen in the future. happen?". Descriptive Analytics Customer Performance Segmentation Monitoring Dividing customers into Tracking key performance groups based on their indicators (KPIs) to measure demographics, behavior, progress, identify areas for and purchasing patterns to improvement, and tailor marketing and sales understand the overall strategies. health of the business. Trend Analysis Identifying patterns and trends in data over time to understand the drivers of change, anticipate future events, and make informed decisions. Predictive Analytics Demand Forecasting Predicting future demand for products and services to optimize inventory levels, production planning, and marketing campaigns. Customer Churn Prediction Identifying customers at risk of leaving the business to implement targeted retention strategies and improve customer loyalty. Fraud Detection Detecting fraudulent transactions and activities using predictive models to protect the business from financial losses and security breaches. Prescriptive Analytics Optimization Finding the best possible solution to a problem, given constraints and objectives. Recommendation Engines Providing personalized recommendations to customers based on their preferences and past behavior. Dynamic Pricing Adjusting prices in real-time based on demand, competition, and other factors to optimize revenue. Applying Business Analytics Marketing Sales Targeting the right customers, Forecasting demand, optimizing campaigns, and improving sales processes, measuring ROI. and identifying growth opportunities. Finance Operations Managing risk, optimizing Improving efficiency, reducing investments, and forecasting costs, and optimizing supply financial performance. chain management.