Business Analytics Homework Help
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Business Analytics is used to collect information regarding business decisions. It can also be used to modify and automate business processes. It refers to technologies and practices that used to study past business performance to gain understanding and planning future business statistics. Business Analysts depend on data and statistical methods for understanding of business performance and focus on developing new understanding of the business. Specific types of Analytics given by Business Analytics Homework Help are
• Descriptive Analytics- It uses past records and data to understand the present state of the business by tracking the key performance indicators.
• Prescriptive Analytics- It uses techniques like simulation and optimization to generate recommendations about handling of similar situation in future using past performance and it is analyzed by Business Analytics Homework Help.
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Applications of Business Analytics
Some applications of business analytics given by Business Analytics Homework Help are
• Market Basket Analysis- Market basket analysis is connected with transaction based data. It identifies the purchase pattern of High-Volume Consumer. It helps in forecasting supply demands and predicts future buying trends of the customers.
• Human Resource Department- Human resource departments take the help of Business Analytics to create a profile of their employees having excellent performance.
• Analytical Customer Relationship Management (CRM) – Business analytics help in analyzing customer’s behavior. Components of a well managed analytical CRM include Cross sell, Customer Churn, Customer Retention and Direct Marketing.
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