How does analytics help businesses?

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Image courtesy of ddpavumba at FreeDigitalPhotos.net
Image courtesy of ddpavumba at FreeDigitalPhotos.net

What kind of questions can analytics help answer?

Analytics can be applied to any business decision that involves using large amounts of data that can’t be understood and analyzed by the human eye.

Examples of questions analytics can help answer –

Credit card companies

  • Who should I offer my credit cards to?
  • How do I decide on the credit limit for each customer?
  • How do I fix the interest rate?
  • How do I identify fraud?
  • How do I predict bankruptcy?

Retailers

  • How do I stock the products in order to maximize my profitability?
  • How do I market to my customers to maximize my appeal?
  • How do I price new and existing products in my store?
  • How do I design promotion strategies to maximize customer benefit?

FMCG companies

  • How do I price a product?
  • How do I optimize inventory to minimize costs?
  • How do I determine if a particular ad campaign is working or not?
  • What is the return on investment from my marketing budget?

Telecom

  • How do I manage credit limits for my post paid connections?
  • How do I sell more value add services?

Hotels

  • How do I manage room pricing and occupancy rates to maximize revenues?
  • How do I estimate the life time value of a customer?

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