APPLICATIONS OF

BUSINESS ANALYTICS
Dr. Anand Sharma
◻ The role of Analytics is widespread and important to
make logical decisions for any new or existing
endeavors. Analytics involves analyzing the past data
patterns and applying them to take predictive, well-
researched decisions that help in moving an
organization forward. Like every other sector, analytics
can take an active role in businesses too. The analysts
use statistics, mathematics, and software programs
through various stages of the business to provide
predictive and prescriptive solutions to reduce errors,
improve efficiency, and increase your planning
capabilities.
Applications of Business Analytics
◻ Any kind of business shows tremendous growth by involving approaches and techniques used
in business analytics. 
◻ Business analytics applications show tremendous growth in the relevant sector compared to
earlier. Analytics comprises of all the valuable data, computer-based models, and statistical
analysis. 
◻ With Analytics, appropriate decisions are made successfully for the growth of the company in
the future, also getting the companies ready to overcome the upcoming challenges. By these
techniques, most problems will be solved already before the issue arises.
  
◻ Agriculture Business Analytics
◻ Stock Marketing
◻ Finance Marketing
◻ Manufacturing Industry
◻ Medical Methodology
◻ Customer Relation Management
◻ Human Resources
1. Agricultural Business Analytics
◻ A large part of the Indian economy depends on agriculture. This
sector has a major contribution to the economic growth of the
country.
◻  Indian agriculture experiences severe and drastic climatic
conditions like depletion of ground-level water in rural areas,
climate change, the emigration of farmhands from rural areas to
urban areas in search of employment, urbanization, etc. 
◻  So, agriculture needs a lot of attention to focus on better
investment and growth.
◻ A business analyst can assure the availability of crops on time,
crop production, quality and quantity of seeds, the effect of
climate change, monsoon changes, rainwater storage, crop loss,
fertilizer requirements, wind direction, floods, and draughts risk
management, etc. can be controlled by predictions of business
analysts. 
2. Stock Marketing 
◻ Business analyst improves the performance of the organization in terms of
business process and profit by analyzing the variance in the market and
updating the changing price or fluctuation in stock trends. 
◻ After analyzing the changes taking place in the stock market, he can
provide the price list of shares of an item, relevant information regarding
shareholder’s tracing of audience related to this market, etc. 
◻ The business analyst also makes flexible strategies and plans for future
investment and earnings. For example, stocks are continuous trends in the
market and change very frequently, so he works on the continuous trend
dataset to implement strategies. 
◻ Business Analytics is surely a vast field to cover, many business analysts
are now using machine learning algorithms and natural language
processing techniques in order to predict the growth or shrinking of stocks.
Although the accuracy depends upon the quality of data being trained.
3. Manufacturing Industry
◻  Business analysts seek to tackle the best possible items for manufacturing and
supplying in the market. They investigate the detailed dataset to analyze and
implement in business development. 
◻  For example, they describe the status to the supplier and product management
team regarding the most manufactured product. 
◻  The role of technology like IoT in the manufacturing industry shows the importance
of technology and its uses. 
◻  A business analyst making use of such technologies can tell the highest number of
customers for a specific product or service, the product’s performance, its demand
elasticity (quality and quantity-wise), and product advertisement. 
◻  The right business analytics practice would do wonders for the manufacturing
industry. For example, imagine how good it can be if you can predict when the
sales would be high based on the factors such as location, season, and price!
Surely, a company would know when to announce a discount offer on the basis of
historical data and futuristic predictions.
4. Finance Marketing
◻ Business Analysts utilize various analytical techniques
and approaches to improve financially relevant issues
such as fraud detection, risk mitigation, product pricing,
marketing campaign optimization, financial planning,
forecasting, etc. 
◻ These issues can be controlled by a business analyst.
For example, a business analyst can find out the
number of customers who are not making payments on
time. Similarly, loan defaulters can be traced through a
graphical representation that shows the defaulter’s age,
gender, name, customer ID, etc. 
5. Medical Methodology 
◻ In the medical or healthcare department, the Business analyst
makes predictions about the stock of medicine available in the
hospital or medical store, the shipment of medicines in the local
market, predictions related to disease, impacts of different
medicines on same diseases, appointment and availability of
doctor, arranging slots for patients, to a medicine available for
cure. 
◻ For example, allotment of free slots to the patient considering the
doctor’s working hours, duties of working staff in the hospital, etc.
◻ Production of medicines can also be optimized by the business
analyst. He proposes the strategies regarding production costs of
medicines, areas of production and stock available, low cost, and
high yield preparation methods.
6. Customer Relation Management

◻ For every individual business, customer relationship

management is the most important factor. 
◻  Business Analyst takes the required steps for a strong
and healthy customer relationship with the organization.
He helps to assemble emotional links with customers. 
◻  The business analyst helps in increasing productivity
according to customer demand and variation in
products with consumptions. He utilizes data to maintain
the involvement of end to end-user and improves
internal and external factors for better customer
service and experience.  
7. Human Resources
◻  The application of business analytics in human
resources can be understood by understanding its role
in HR analytics.
◻  The analysis of employees’ behavior has been
recognized as HR analytics. Ultimately, business
analysis plays a significant role in HR analytics as it
provides crucial insights into the performance of a
project.  
◻  The insights generated can then be utilized by HR to
decide on the performance of employees on the project.