Application Of Analytics In Business FunctionsDecember 13, 2016
Almost everyone today is familiar with the one key process, which makes use of all the data, in the world today, in turning helping every sector achieve respective goals. Data Analytics, since its inception has gone on to become the most prerequisite process throughout various industries, like Finance, Sports, Health Care, E-commerce, Retail, Manufacturing and so on. While these industries consider the process of data analytics very essential, it is also essentially used in a number of Business Functions. Regardless of any kind of organization, data analytics as a process, has come to becomes really important, in terms of a number of business functions, especially Marketing and HR. Apart from these, the various other business functions, which employ the use of data analytics include sales, supply chain management, Manufacturing, Strategy and many more.
The first rule of marketing, for any firm is striving hard to not only understand their target audience, but also to find and attract more people like them. Now as there are a huge number of customers and clients out there, it may make the task of knowing your audience, seem extremely daunting. This is where the importance of data analytics comes in. It is this process which helps the firm in figuring out the various nuances of every customer and thereby add more value to the company, by gathering data across all the present marketing channels and consolidating it into a common marketing view. Data Analytics helps in measuring, managing and analyzing the marketing performance, so as to increase the effectiveness and to double the rate of return of investments. The various questions that data analytics helps to answer in this field range from, performance of marketing initiatives to the allocation of marketing resources and the activities, that are conducted in comparison to that of the competition. The field of marketing involves the use of various tools of data analytics, in order to investigate the past performance and predict the future on the basis of it.
For any firm, regardless of the field of specialization, Human Resources department makes for the most important part. This is mainly because of the fact, that this department is responsible for providing the perfect talent in order to perform the suitable functions, so as to generate profits for the company. Data Analytics in this field, collects all the related data and helps in the creation of a single representation of the entire workforce, looking to be placed in the said field. The various valuable insights that the data provides, can be then used for taking various business decisions, in order to help drive the business processes, thus improving not only the productivity but also the profitability of the company. The various key areas in HR, where data analytics is important are, talent acquisition and retention, building leadership, optimizing of compensation and benefits, attrition and so on.
This why, the market has seen a growing demand for those, who are proficient in using data analytics tools. Many candidates have also begun to show great interest, in this field and are looking to get certified in various data analytics tools like SAS Programming, R Programming, Hadoop and so on. Imarticus Learning is making it possible for the candidates to get into the career of their choice, by providing industry endorsed courses in various data analytics tools.