What is Analytics?

Analytics is the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions. Business analytics tends to be based on solving a specific business problem by systematically gathering relevant data and information and analyzing it to take an informed business decision.

Applications of Business Analytics:

• Database Marketing
• Marketing Analytics
• Customer Analytics
• Financial Analytics
• Risk Analytics
• Supply Chain Analytics
• Primary Research
• Secondary Research
• Equity Research and Derivatives
• Clinical Trials and Research
• Bio-Informatics
• Pharmaceutical Research
• Spatial Analytics

Why Analytics?

At a time when companies in many industries offer similar products use comparable technology, high-performance business processes are among the last remaining points of differentiation. Many of the previous bases for competition are no longer available. Unique geographical advantages don’t matter in global competition and protective regulation is largely gone. Proprietary technologies are rapidly copied, and breakthrough innovation in products or services seems increasingly difficult to achieve. What’s left as a basis for competition is to execute your business with maximum efficiency and effectiveness, and to make the smartest business decisions possible.

In addition, the increasingly complex environment in which businesses operate, stringent governance, globalization and cross border trade, increasing competition, choice of business models, reducing time to market and choosy customers – right product, right price, etc.. makes it point to a more analytical future for virtually every firm.

At the same time that executives have been looking for new sources of advantage and differentiation, they have more data about their businesses than ever before. Enterprise resource planning (ERP) systems, point-of-sale (POS) systems, and Websites, among other sources, have created more and better transaction data than in the history of mankind. And, the ability to make sense of data through computers and software has finally come of age.

In addition, a single analytical initiative should result in savings or revenue increases in hundreds of millions or billions for a large organization. The results of analytics can also be measured in overall revenues and profits, market share and customer loyalty.