How do I know how good my decisions are in various functions Marketing / Finance / HR /Sales Operations?
How to decide product pricing and discounts/ deals?
What metrics do I track?
Product Metrics e.g. Market share; Market Penetration
Brand Metrics e.g. Brand Salience
Sales Metrics e.g. Channel Productivity
Customer Metrics e.g. Customer Loyalty
How different is one customer from another?
a. Customer Segmentation Technique
How do these business marketing metrics swing together?
At the Market Level and Organization Level
i. Marketing Mix Models
ii. Impact of Aggregate Advertising on Aggregate SalesHow do these business marketing metrics swing together?
At a customer Level
i. Consumer Behaviour Metrics
Forecasting Propensity to Buy and Propensity to Churn
How much to reorder of an existing product line?
How can the inventory levels be optimised for maximum profit?
How to track the most profitable transaction?
Enhance new product introductions by understanding purchasing trends and better forecasting how different markets and customer segments will respond
Business analytics has become an important requirement for companies that want to be competitive—and stay that way. While certain kinds of advanced analytics have been on the market for decades, adoption is finally increasing for a number of reasons, including the economic climate, the availability of computing power, the growth in the amount and variety of data, and a greater appreciation of the power of analytics. The companies are moving towards more forward-looking analytics in order to increase operational efficiency, reduce fraud and waste, deliver incisive marketing campaigns, improve financial outcomes, and predict business risk
With aspirations of offering greater business value to the customers and to deal with domestic and global competitive challenges, the Mid-Sized Companies in India are turning to true business assessment and performance management solutions.
Forecasting, business analytics and similar tools are vital for them in order to manage the amount of data generated – it grows at an exponential rate with the accumulation of all-types of data – financial & accounting data, sales & marketing data, production data, HR related data, etc.
It is vital not only to possess data; but to be able to analyse it with a view to gain business insight. Unfortunately, this is one task that many Mid-Sized Companies are not equipped do. And this is precisely the reason for the adoption of BA tools by them.