The covid-19 pandemic has accelerated the adoption of various processes of analytics by businesses. Depending upon their need, businesses have adopted analytics processes that may be diagnostic, predictive or prescriptive in nature. Various institutions have also played a key role in training professionals in various types of analytical processes. This has made the recruitment process of business quite simpler. A certification course in business analytics not only cuts down the probation period for a professional but also fits him into the working environment soon after he is recruited.
Let us briefly understand the scope of analytics in various subdomains of a business.
Insights about customer experience
It is important to provide a high quality experience to the customers because satisfied customers act as agents who indirectly help in extending a business. It is important to gain a deep understanding of the behaviour of customers as well as their purchasing habits. This can be done by historical data mined out from browsing history and previous transactions. Once we are able to form a catalogue of products that a customer is interested in, we can position newer brands and recommend new products. Business analytics not only helps in customer personalization but a wide range of processes like grievance redressal mechanisms that leads to customer satisfaction.
With the help of analytics, we can streamline various business processes and cater to various requirements of customers. These include timely delivery of orders as well as meeting other customer demands. Effective inventory management with the help of analytics also helps in reducing overhead costs. Strategic planning and supply chain management can be made more effective and efficient with the help of business analytics.
Business analytics is not only crucial for widening of the product base but it is also important for extension of sales and marketing. Analytics helps us in creation of extensive and targeted marketing campaigns. In addition to this, analytics also helps us in identifying various opportunities in the marketing sector that can be leveraged for greater returns on investment. Analytics can help us to detect various patterns and understand the purchasing behaviour of customers.
A report by McKinsey predicted that analytics would help the companies engaged in the financial sector to increase their worth by more than 50% if they utilise the analytics opportunities available to them. With the help of analytics, companies can track various transitions, product details as well as position themselves in a fluctuating market. Analytics can equip businesses with decision-making capabilities that can increase net profits and boost their sales and revenues in the long run.
Human resource management
Human resource management is extremely crucial and determines the growth prospects of a company in the long run. Human resource management is not only about managing the current technical teams but also recruiting new professionals who can take the business goals forward. In the present times, there are thousands of resumes that come for a particular job. Companies need to select the best possible profile that can cater to the role that the company is looking for. It has been observed in the past that despite holistic recruitment processes in place, companies end up selecting professionals that are not suitable for a particular role. It is in this context that business intelligence and analytics can improve the functioning of human resource management systems. Business intelligence and analytics can help in matching the best profiles to the appropriate roles that are available in the company and decrease the burden on human resource professionals. This can help in faster recruitment and improve business operations in the long run.
Future scope and the way ahead
In the future, analytics will benefit from technologies like artificial intelligence, machine learning, big data analytics, cloud computing, and data science. Inputs from these technologies will lead to diversification of business prospects as well as adequate data quality management. With the help of analytics and business intelligence, we would be able to personalize our services in accordance with the needs of the customers and provide an immersive experience to them while delivering products through both online and offline modes. Analytics presents diverse opportunities in various areas like finance, human resources, social media practices, customer management, and the like. As such, a holistic understanding of these areas can lead to the fulfillment of our long-term goals like growth in revenues as well as other business prospects.