Application of Business analytics26th October 2022 0 By indiafreenotes
A BI architecture articulates the technology standards and data management and analytics practices that support an organization’s BI efforts, as well as the specific platforms and tools that will be deployed.
Studying buying patterns of consumer behaviour, analysing trends, help in identifying the target audience, employing advertising techniques that can appeal to the consumers, forecast supply requirements, etc.
Agricultural Business Analytics
A large part of the Indian economy depends on agriculture. This sector has a major contribution to the economic growth of the country. However, you must know the difference between economic growths with economic development.
Indian agriculture experiences severe and drastic climatic conditions like depletion of ground-level water in rural areas, climate change, the emigration of farmhands from rural areas to urban areas in search of employment, urbanization, etc.
HR professionals can make use of data to find information about educational background of high performing candidates, employee attrition rate, number of years of service of employees, age, gender, etc. This information can play a pivotal role in the selection procedure of a candidate.
Business analyst improves the performance of the organization in terms of business process and profit by analyzing the variance in the market and updating the changing price or fluctuation in stock trends.
After analyzing the changes taking place in the stock market, he can provide the price list of shares of an item, relevant information regarding shareholder’s tracing of audience related to this market, etc.
The business analyst also makes flexible strategies and plans for future investment and earnings. For example, stocks are continuous trends in the market and change very frequently, so he works on the continuous trend dataset to implement strategies.
Business Analytics can help you in supply chain management, inventory management, measure performance of targets, risk mitigation plans, improve efficiency in the basis of product data, etc.
For example, they describe the status to the supplier and product management team regarding the most manufactured product.
The role of technology like IoT in the manufacturing industry shows the importance of technology and its uses.
A business analyst making use of such technologies can tell the highest number of customers for a specific product or service, the product’s performance, its demand elasticity (quality and quantity-wise), and product advertisement.
Business Analytics helps one analyse the key performance indicators, which further helps in decision making and make strategies to boost the relationship with the consumers. The demographics, and data about other socio-economic factors, purchasing patterns, lifestyle, etc., are of prime importance to the CRM department.
In the medical or healthcare department, the Business analyst makes predictions about the stock of medicine available in the hospital or medical store, the shipment of medicines in the local market, predictions related to disease, impacts of different medicines on same diseases, appointment and availability of doctor, arranging slots for patients, to a medicine available for cure.