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Data Analytics

By analytics we mean the extensive use of data, statistical and quantitative analysis and fact – based management to drive decision and actions. Analytics can support almost any business process. Maybe you strive to make money by being better at identifying profitable and loyal customers than your competition and charging them the optimal price for your product or service; If so, analytics are probably the answer to being the best at it. Perhaps you sell commodity products and need to have the lowest possible level of inventory while preventing your customer from being unable to find your product on the shelf; if so, analytics are often the key to supply chain optimization. Perhaps you compete in a people-intensive business in professional sports and are seeking to hire, retain, and promote the best people in the industry. There too, analytics can be key.

 

Analytics is a subset of business intelligence. Reports/MIS are the fist stage in Business intelligence it tells us “ what happened,  where exactly is the problem?, what actions are needed?”. Analytics is the next stage which tells us “ why is this happening?, what will happen next?, What the best/worst that can happen?

As the data explosion is happening in today’s business world, a lot smart tools are being introduced, posing a serious question to decision makers which one to go for. We suggest a step by step approach of decision making. First of all you must get the hang of output you expect from data analytics. Experts like us will help you to arrive at right way of doing data analytics, will handhold you to take right steps in making data based decisions. Eventually, if you wish to invest in sophisticated tools, we will help you define requirements and implementation of the same.

 

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