Statistics can bring out some mind-boggling conclusions from data, which an ordinary person will not be able to understand at a glance. Business analytics is now becoming a statistical specialty that is largely gaining in popularity as it can change the fortune of businesses in this data-rich world. Business Analytics now has applications in various fields and industries across the spectrum. You can find its popular applications in many day-to-day activities of the people too. Data science is not considered to be one of the top-rated jobs, and those professionals with expert skills in the field of data analysis and business intelligence are in high demand now.

Companies across the globe, in all industries, are not keen to study the pattern of the data generated from their consumer interests, lifestyle, buying patterns, priorities, and activities on their social media pages as likes, dislikes, clicks, and shares, etc. to derive some insightful patterns. All these data can be fed into the analytical tools to get actionable insights into the target audience’s marketing and advertising strategies. In many cases, these data trends are useful for business intelligence firms for successful consulting. In this article, we will discuss the real-time applications of business analytics.

Examples of business analytics applications

• Finance

One of the major applications of business analytics is in the finance sector. Data scientists are now in big demand in sectors like portfolio management, investment banking, budgeting, financial planning, forecasting, etc. For example, many companies now tend to store huge amounts of financial data. The use of various business analytics tools helps to analyze this data to make many business decisions in terms of product pricing and release dates. The historical information will also help to analyze and understand the market trends and fine-tune the performance of different stocks by advising the clients to take appropriate actions.

• Business marketing

Studying consumer behavior, like their buying patterns and season-based choices, etc., will help identify the nature of the target audience, identify the best approach to advertising, strategize sales and techniques that will attract more consumers. When it comes to purchasing goods and production, BA can also help to forecast the supply requirements. For example, business analytics will help to analyze the impact and effectiveness of the existing marketing strategies and the consumer responses. These data can also be used to build customer loyalty and offer them what they need the most.

• Human resource management

The latest human resource professionals are making use of employee data to derive information about the performance of the recruits, identify patterns in employee attrition, service tenure of employees, gender, age, and various combinations of these data to identify the best performing combinations. All this information plays a crucial in the selection process and employee lifecycle management in an organization for optimum productivity. For example, the HR managers can now predict the possible employee retention rate based on the historical data analysis.

• Database management

In order to ensure that the business analytics functions perform well, it is essential that the data is stored in a secured and usable manner. For this, companies also need to focus more on their enterprise database administration. There are many options for business database management, such as relational databases, non-relational databases, SQL and NoSQL DBMS, etc. You may consult with RemoteDBA.com administrators to share your business needs and get appropriate suggestions on choosing the ideal database for your purpose.

• Customer relationship management

User demographics and various socio-economic data are of prime importance for better CRM planning. For example, organizations now can improve their customer services in various geographical segments. Using data analytics, the business admins can predict the market shifts and changes in customer preferences in various segments and what appeals the most to them. Business analytics will also help the business administrators analyze the KPIs, which will help make better decisions and strategies to boost customer relationships. All these will help improve the customer relations and thereby build customer loyalty for more and more sales.

• Manufacturing

Business analytics will help the manufacturing industry businesses better manage inventory management, supply chain management, analyzing performance targets, risk mitigation, efficiency improvement, etc., based on the product data. Say, for example, that a manufacturing firm manager wants the info related to machinery performance over the last ten years. For this, the historical data based on the machine performance will help to analyze whether the cost of maintaining this machine will exceed the expected cost of implementing new machinery. This analysis will be able to make a more realistic and informed decision about manufacturing company administration.

• Credit card companies

During cred transactions, it is essential to consider various customer-related factors like their lifestyle, financial health, purchasing preference, trends in customer behavior, etc. Business analytics has a huge scope in this area where the credit card providers will be able to make better decisions based on the customer data in terms of allotting credit cards, monitoring the credit performance, and ensuring on-time payment of customer credits, etc. For example, credit card companies can help retail firms locate the right target audience and build alliances for more business. As per the research done on transaction reports, retail firms can now predict the choices of consumers by analyzing their spend patterns, buying preferences, competition over products, etc. All these data will come into the picture while analyzing real-time information, which will help them to direct the marketing efforts in the right path to hit the target effectively and attract more audience.

Analytics is now helpful to a variety of businesses in supportive functions like fraud detection, education, healthcare, defense, public administration, banking, sales, and so on. Other than these major fields, business analytics has many more possible business applications. Many experts specialize as business analysts, and they are working in hand with entrepreneurs and marketers to bring up better business strategies and more results. Business analytics now puts forth opportunities for business decision-makers to be more knowledgeable and make well-informed decisions in real-time to respond quickly to market demands and assure on-time supply.