Business Analytics is an indispensable aspect of business in today’s world. With innovation revolutionizing the business world at a rapid pace, it is important to walk with the changing times. The intelligence to accomplish that comes from sound business analytics know-how.
Before you think of getting your hands dirty with analytics, however, you need to sort out your BI platform implementation, especially how you store and handle data. Data warehousing, and how efficiently you do it, can simplify analytics to a great extent.
Once that’s sorted out, you can deep dive into business analytics.
At SYUM, we deal with business analytics for different business functions.
Business Analytics: simply put, it is the technique of analyzing data in order to take efficient business decisions. Data mining is a big part of data analysis. However, data analytics goes above and beyond simply collecting, processing, cleaning and mining the collected data to retrieve useful information; it also encompasses trying out different strategies, hypotheses and business models on the data set, to understand which is the best suited strategy for the business. Data analytics is hence a more application-based use of data, rather than an insight or intel-led tool.
HR Analytics: also called ‘People Analytics’, this branch of business analytics uses HR Data to solve business problems. It covers workforce analytics, recruitment analytics, talent analytics, L&D analytics, Performance analytics, attrition analytics etc. You can also develop employee value proposition model to understand deeply your employees and retain high performing employees. Even advanced statistical models can help in succession planning and recommend promotions.
Supply Chain Analytics: if there is one department in your company that can benefit by leaps and bounds from an in-depth analytical approach, it is your supply chain department. Supply chain concerns itself with the processes (and problems) of taking a product or service from the manufacturer to the consumer – or from the supplier to the customer. From managing raw material to stocking the finished product, from maintaining quality of production to ensuring timely delivery, the supply chain management is full of variables that can be tweaked to get best return on your investment; supply chain analytics can help you identify where and what needs to be tweaked exactly how much.
Sales Analytics: Sales is one side of your company that directly faces your end buyer. It is one of the key departments of your company because it generates ‘customer-centric’ data. Proper analysis of this data can help you understand buying trends, seasonal patterns, sales distributions and thereby leverage these insights to improve sales. You can also perform customer segmentation, customer buying behavior analysis, sentiment analytics and customer lifecycle value analysis to get maximum benefits from customers while keeping them happy.