Firebird Institute of Research in Management - logo
AIMAs Biz Lab
HOME | ERP | CONTACT US
Firebird White Icon Admissions 2024-26
  • ABOUT US
    • ADVISORY BOARD
    • MESSAGE FROM MANAGING TRUSTEE
    • BOARD OF STUDIES
    • VISITING FACULTY
    • CEO Talks
    • FACULTY
    • ADMISSIONS
  • Programme
    • Full Time Residential
      • PGDM in General Management
      • PGDM in Business Analytics
      • PGDM in Fintech
      • PGDM in Digital Marketing
      • PGDM IN LSCM
    • Online / Offline certifications
      • Business Analytics
      • Fintec
  • THE 70%
  • PLACEMENT
  • International
    • International Study
    • International MOU
  • LIFE@FIREBIRD
    • FIREBIRD EXPERIENCE
    • OUTDOOR EXCITEMENT
    • STUDENT LED TEAMS
  • Blog
  • News & Events
  • FAQ
  • ABOUT US
    • ADVISORY BOARD
    • MESSAGE FROM MANAGING TRUSTEE
    • BOARD OF STUDIES
    • VISITING FACULTY
    • CEO Talks
    • FACULTY
    • ADMISSIONS
  • Programme
    • Full Time Residential
      • PGDM in General Management
      • PGDM in Business Analytics
      • PGDM in Fintech
      • PGDM in Digital Marketing
      • PGDM IN LSCM
    • Online / Offline certifications
      • Business Analytics
      • Fintec
  • THE 70%
  • PLACEMENT
  • International
    • International Study
    • International MOU
  • LIFE@FIREBIRD
    • FIREBIRD EXPERIENCE
    • OUTDOOR EXCITEMENT
    • STUDENT LED TEAMS
  • Blog
  • News & Events
  • FAQ
Firebird International b school Icon

Where is Business Analytics used?

Overview

In the realm of business, making informed decisions is crucial for success, and Analytics plays a pivotal role in this process. By analyzing past data patterns, Analytics enables us to make predictive and well-researched decisions, thereby propelling an organization forward. From statistics to mathematics and software programs, Analytics is integrated into various stages of a business to provide predictive and prescriptive solutions that enhance efficiency, reduce errors, and improve planning capabilities.

As we continue to embrace the digital era, the importance of business analytics only continues to grow. Its applications are widespread and diverse, and this article will delve into some of the most significant examples of business analytics in various sectors. So, buckle up and get ready to explore how Analytics can transform your business!

1) The Application of Business Analytics

When it comes to making informed decisions for your business, applying Business Analytics (BA) is an absolute game-changer. By giving you the power to process data and answer the question "why," BA can change the way you build products or deliver services, helping you create future actionable items. The potential for real-time applications of business analytics is vast, spanning across various aspects of business such as finance and marketing, allowing for effective decisions regarding costs and identifying target customers.

For instance, by analyzing data like clicks and shares on social media, companies can gain a deep understanding of their customers' likes and dislikes. In this article, we will delve into some of the most significant modern-day applications of BA in the following sections.

BA can be applied across all verticals of a business, from finance and marketing to human resource management, CRM, and even manufacturing.

  • Finance: The financial sector stands to gain immense benefits from business analytics, with various divisions such as investment banking, financial planning, portfolio management, budgeting, and forecasting. By implementing business analytics, analysts can use data mining tools and statistics to observe the trends of similar products and determine future actions.
  • Marketing: Business analytics play a pivotal role in developing successful product marketing strategies. Business analysts are involved in every stage of the product lifecycle, starting from conducting market research for products in demand to creating a roadmap for the future. By analyzing consumer behavior, buying patterns, and trends, they can determine the target customer and develop advertising techniques, identify loyal customers, and even add new features to the product when required.
  • HR professionals: Human resource professionals can use business analytics to identify the best candidates for job openings. By analyzing widely available data, they can identify the right candidate based on their qualifications and experience. Business analytics can also help HR professionals determine other factors like salary expectations and retention rates.
  • CRM: Business analytics can help CRM determine key performance indicators such as the socio-economic status of customers, purchasing patterns, lifestyles, and more, allowing them to develop better bonds with customers.
  • Manufacturing: Business analytics can help in various areas of manufacturing, such as supply chain management, inventory management, and risk management, to improve efficacy based on the product data.

2) Examples of Business Analytics

Let us delve into a few real-life examples of the power of business analytics.

A. OTT Platforms: The world of over-the-top (OTT) platforms like Netflix, Prime, and HotStar rely on business analytics to personalize the movie and series recommendations based on your viewing history. By analyzing your preferences and behavioral patterns, they offer tailor-made suggestions that enhance your viewing experience.

B. Amazon: As one of the largest e-tailers in the world, Amazon has mastered the art of business analytics. For instance, when you search for a product like a shirt on their website, the algorithms suggest similar products and accessories that complement the shirt.

The following are examples of the applications of business analytics across various domains:

  • Application of business analytics in finance: A stockbroker can offer sound investment advice by analyzing the historical chart of a stock, its current performance, and future prospects. By understanding the trends and predicting results, Business analysts can advise investors on the most profitable investment opportunities.
  • Application of business analytics in marketing: In the case of developing a new software product, business analytics can utilize data mining to collect and analyze data from similar products, thereby identifying the target audience, predicting demand, and determining the most effective advertising channels.
  • Application of business analytics in human resource management: human resources manager can leverage the power of business analytics by analyzing previous employment data of an existing employee to determine their retention rate and make informed decisions regarding promotions or job changes.
  • Application of business analytics in CRM: Online retail websites can analyze the purchasing patterns of recurring customers to tailor targeted discounts and other advertising strategies, thereby enhancing customer engagement and satisfaction.
  • Application of business analytics in manufacturing: By analyzing the historical data of decommissioned machinery, manufacturers can determine the depreciation value and estimate the lifespan of similar new machinery, thereby optimizing production efficiency and reducing operational costs.
  • Application of business analytics in credit card companies: Credit card companies can identify potential customers by referring to important financial data like credit scores and spending patterns, enabling them to offer personalized credit card options that cater to their customers' unique financial needs.

3) Uses of Business Analytics

In today's data-driven world, organizations rely more and more on the power of business analytics to enhance their operations. When harnessed effectively, business analytics can be an invaluable tool for building and growing a successful business. Typically, organizations leverage business analytics across different phases of a product or service lifecycle.

In the initial stage, these tools are instrumental in conducting market research and collecting both quantitative and qualitative data on a product or service. At the next stage, the analyst utilizes various statistical tools to analyze the gathered market metrics, synthesizing research data to define the product and determine its unique features. They also employ advanced analytics and statistical tools to uncover hidden patterns and trends in the data.

At the subsequent stage, the analyst disseminates relevant information to stakeholders through interactive tools such as dashboards and reports, which provide all the required research and analysis to determine a winning product strategy and future roadmap. Additionally, to maintain a competitive edge, Business analysts provide insights about changing trends and help businesses stay up to date with the latest developments in the industry.

Conclusion:

In the ever-evolving business landscape, having a competitive edge is crucial to succeed. Business analytics is a powerful tool that can be utilized in all stages of business to constantly develop and grow. From market research to analyzing current trends, from creating business strategies to staying up to date with the latest trends, business analytics offers a multitude of benefits.

If you aspire to be a Future Leader in the world of data, then consider enrolling in the Business Analytics course at Firebird institute of research and management, Coimbatore. Equipped with the knowledge and skills of business analytics, you can be at the forefront of innovation and drive your business to success. So, join us on this journey of discovering the endless possibilities of business analytics and unlock your potential to thrive in the world of data.


 

Share This Blog, Choose Your Platform!

Facebook
fb-share-icon
Twitter
Tweet
Share
fb-share-icon

RELATED BLOGS

Best Practices for Building Supply Chain Resilience

The global economy has been increasingly unstable ... ...

Read More
Sudha Murthy: A pioneer in championing diversity and inclusion – Transformation at Tata as the First Woman Engineer

Introduction: In the annals of history, certain i... ...

Read More
UNDERSTANDING FINANCIAL MARKETS- LESSONS FOR PGDM ASPIRANTS

“Sow the seeds of progress today to enjoy the fr... ...

Read More
Analytics in Management Decision Making

Introduction: Data analytics is a discipline con... ...

Read More
Unraveling the Magic of Organisational Culture

Hi folks, have you ever been to a business entity ... ...

Read More
The Power of Effective International Logistics

In today’s interconnected world, businesses of a... ...

Read More
Unveiling the Secrets of Organizational Structure for Company’s Success

Today we shall delve into the fascinating world of... ...

Read More
How to Choose the Right Specialization in PGDM for Your Career?

Overview Choosing the right PGDM specialization c... ...

Read More
How Can Working Professionals Benefit From an MBA/PGDM?

Introduction: For individuals who are already wor... ...

Read More
The Future of PGDM Programs: Emerging Trends and Technologies

Introduction: As a current PGDM student, you are ... ...

Read More

Contact Us

Useful Links

  • Home
  • About Us
  • News & Events
  • PGDM
  • Anti - Ragging
  • Anti - Ragging Committee
  • LED usage Policy
  • Contact Us
  • Terms & Conditions
  • Privacy Policy
  • Refund Policy

 

  • IIC
  • IQAC
  • AICTE Approvals
  • AICTE Events
  • AICTE Committee
  • NBA
  • NAD
  • Grievance Redressal
  • Mandatory Disclosure
  • AICTE Feedback for Faculty and Student

 

Firebird Institute of Research in Management,
Golf Club Road, Chettipalayam,
Coimbatore - 641201, Tamilnadu, India,

Landline :
0422-2965566
Admission Hotline :
+91 7904071984,
+91 7904070856,
+91 8072037731
[email protected]
[email protected]

FOLLOW US

  • Firebird Institute Facebook Icon
  • Firebird Twitter Icon
  • Firebird Instagram Icon
  • Firebird Institute YouTube Icon
  • Firebird Institute LinkedIn Icon
2023 Firebird Institute of Research in Management © All Rights Reserved | Powered by AGT

WhatsApp us