Analytics in Business

1. Analytics in
Business

2. What is analytics in
Business?
• Business analytics is a field that observes practical, data-driven substitutions in a
business. It is a practical implementation of statistical analysis that concentrates on
providing actionable suggestions. Analysts in this area focus on how to try the
insights they take from the data. Business analytics (BA) is the mixture of skills,
technologies, and practices used to examine an organization's data and
performance to gain insights and make data-driven decisions in the future using
statistical analysis. BA's goal is to narrow down which datasets are useful and
increase revenue, productivity, and efficiency.

3. Different use cases of
Analytics in Business

4. Churn Prevention
• Churn is the customer weakening rate, a percentage of followers, or customers who halt continuing business
with a company. Successful companies will keep the churn rate low and substitute any customer losses that
inevitably take place. In addition, it is more costly to obtain new customers than it is to retain existing ones.
Using predictive analysis, a business analyst helps identify customer dissatisfaction and the most likely risks
or departure.
• To succeed at retaining customers who would otherwise abandon the business, marketers and retention experts
must be able to:
a) Predicting in advance which customers are going to churn through churn analysis and
b) Knowing which marketing actions will have the most significant retention impact on each particular customer.
Armed with this knowledge, a large proportion of customer churn can be eliminated.

5. E-Commerce
Personalization
•E-Commerce Personalization is the process of providing personal experiences on E-
Commerce sites by vividly showing content, product suggestions, and specific offers
based on previous actions, browsing behavior, purchase history, demographics, and other
personal data.
•Online businesses, like Amazon, collect, process, and analyze customer data to
personalize their customers’ shopping experiences. By customizing the experience,
vendors can make recommendations and increase the likelihood of further sales.
•It comes in many different types—from personalized product recommendations on a
retailer’s homepage or product detail page to cart-abandonment marketing emails to
on-boarding quizzes that provide a personalized showroom of items to consumers,
among many other applications.

6. Predictive
Maintenance
•Predictive maintenance (PdM) is maintenance that monitors equipment performance
and equipment during regular operation to decrease the likelihood of failures. It is Also
known as condition-based maintenance, predictive maintenance has been used in the
industrial world since the 1990s.
•Companies must face the potentiality of equipment maintenance, both planned and
unplanned. Business analysts operate with data to make metrics about maintenance
lifecycles to foretell future maintenance needs and avoid costly unplanned downtime.
•Predictive maintenance cannot prevail without condition monitoring, which is stated as
the continuous monitoring of machines during process conditions in making sure the
optimal use of devices. There are three faces of condition monitoring: online, periodic,
and remote. Online condition monitoring is defined as the continuous monitoring of
devices or production processes, with data collected on critical speeds and changing
spindle positions

7. Insurance Fraud
Detection
• Insurance fraud is expensive to companies and their customers in a similar way. This is
especially true in the medical insurance industry, where fraud costs organizations in the
US approximately $68 billion a year. Business analysts use big data to process billions of
claims and billing records, enabling investigators to identify and mitigate fraudulent
activity.
• The developement of analytics presents a world of the almost infinite possibilities for
industries such as insurance, where organisations have long held a foundation of data. The
industry has had a limited adoption of new Big Data analytics because of cost issues, and
laws may be the limiting pressure of the future.
• Insurance frauds cover the range of illegal activities which an individual
may practice to achieving a favorable result from the insurance company.
This could range from staging the occurrence, misrepresenting the situation,
including the relevant actors and the cause of the event, and finally, the
extent of damage caused.

8. Automated Candidate
Placement
• Recruitment teams benefit from utilizing recruiting automation in many ways. Here are a few of the most impactful
services like Increased productivity, Improved quality of hire, Enhanced candidate experience, etc.
• Recruitment of new staff comes with its share of risks and uncertainty. Business analysts grip the data-driven
recruitment platforms to get a better perspective of any given candidate, improving the probability of a successful job
match much quicker. In some cases, the information can even help predict job needs before a position is posted.
• Recruiting automation is a type of technology that allows companies to
automate hiring tasks and workflows so they can develop recruiter
potency, accelerate time-to-fill, reduce cost-per-hire and develop the
overall talent profile of their organization.