What is Business Analytics?
Business analytics on past data and/or processes to derive insights that can be used for future business planning. The science of using data to build models that lead to better business decisions that add value to individuals, companies & institutions. Analytics is Critical in almost every industry – Manufacturing , Healthcare, Media, finance, Insurance , Retail etc.
Software’s = Predictive Modelling
- SAS Eminer
- R Programming
Typical Modelling Approach
Application Areas ?
E Commerce – Eg Amazon /Flipkart etc
- Predicting – Buy /Not buy or the Value of purchase basis x variables ( Customer profile, products purchased, value, Quantity, color, demographics, products browsed etc.)
- Inventory Optimization basis past sales data ( Item wise) , building Inventory forecasting Models & Optimization of transportation routes for delivery
Banking / Telecom – Eg ICICI Bank /Airtel etc
- Predicting Churn – Telecom Churn. Loan default, Close FD closure basis various x variables – Customer profile, transactions values etc
- Predicting Revenue –Business Value basis “x” variables-Customer profile ,transactions , usage etc
Human Resource – Manufacturing / Retail / Banking /Services
- Predicting Attrition – HE – Basis “x “variables (Employee Demographics , Age , grade Qualification, salary etc
- Predicting Appraisal performance HR – Basis “x” variables -past performance of individual & the organization
Insurance – Life & General
- Predicting – Insurance Lapses ,fraudulent claims basis “x” variables customer transactions & profile
- Predicting – Insurance Claim Value-Basis “x” variables past claims, product type & customer profile
Supply Chain – Manufacturing or Call Centre
- Inventory optimization & Forecasting basis past consumption, part item code wise
- Job Assignment issues (Scheduling/Staffing) – Manufacturing areas or Call Centre or Airlines