PRACTICAL EXAMPLES TO SHOW WORKING OF BUSINESS ANALYTICS


ExcelRSolutions. Business analytics is a process of collecting, sorting and analyzing the data using various iteration methodologies and statistical models to get useful insights. The main goal of business analytics is to leverage the useful information gathered to solve complex business challenges. This in return will increase efficiency, productivity, and revenue of a business.

Business analysts can utilize all sorts of mathematical models, statistics, computer science, and operation research to understand complex data sets, artificial intelligence, deep learning and neural networks to microsegment the data available to identify useful patterns. This information later can be utilized to predict consumer behavior to know the current market trend and to predict the trend for the future. This can also help to make strategies for driving a consumer to the desired goal.

This can be understood by the following examples. Many times, a customer buys several products in the same transaction, for example, a series of books, a toothbrush, and toothpaste. This depicts the "association of items" a consumer is buying. Similarly, several items or services are availed in a "sequence", for example, a hotel booked after a flight ticket followed by a taxi service.

Similarly, information gathered from social media websites, blog comments, and call center recordings can be analyzed to get meaningful relationship indicators. This can help a business to create a new and revolutionary product to improve customer service and also to analyze the competitor's performance.
Predictive Maintenance by Shell, Predictive Deliveries by Pitt Ohio and Predictive Banking by Axis Bank are some of the great examples of the real-world deployment of business analytics.


ExcelR Solutions Courses In Business Analytics. The implementation of the predictive maintenance approach driven by artificial intelligence by Royal Dutch Shell PLC allows them to anticipate when and where their 3000 drill bits might fail. This has helped them to cut down lost time due to machine failure. This helps them in planning when to make a purchase of machine parts and when and for how long to place them in the respective inventories. This ultimately has reduced its inventory analysis time from 48 hours to 45 minutes, resulting in saving millions of dollars each year.

Pitt Ohio is a 700-million dollars logistics company and after the implementation of business analytics, it has increased its revenue by $50k per year. They also reduced their customer churn and retained the revenue of $60k each year. They were compelled to relook at their delivery approach due to the introduction of Amazon's same-day delivery service. This resulted in ramped expectations of their existing customers, demanding up-to-the-minute tracking and more accurate delivery predictions. So, the company decided to utilize its previously unused data. For this, they set up a departmental project, which involved market research, sales operations and IT. This soon resulted in a more accurate estimation of delivery times, up to 99 percent by them.

ExcelR Solutions. Axis Bank, which is the 3rd largest private bank in India, utilized robotics process automation to prevent its customer churn. The automation process along with deep learning helped them to identify and study customer behavior patterns. Due to this, they were able to predict if a customer is about to leave. So, this segment of customers was pre-emptively offered special promotions preventing their churn.

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