BUSINESS ANALYTICS

A decision-making framework for precision marketing can be used for structured problems and
strategic control decisions in retailing and sales. The framework generates a decision-making model
for products' precision marketing using data-mining techniques. For unstructured problems and
operational control decisions in retailing and sales, a generic framework for decision support in retail
inventory management can be used. This framework is proposed for decision support in inventory
management and is generic and may be adopted in any retail business. It is capable of
accommodating the complexity presented by a large number of products and can aid in making high-
quality replenishment decisions in modern retail warehouses. For semi-structured problems and
management control decisions in retailing and sales, a decision support system (DSS) can be used. A
DSS is an information system that aids a business in decision-making activities that require judgment,
determination, and a sequence of actions. It assists the mid- and high-level management of an
organization by analyzing huge volumes of unstructured data and accumulating information that can
help to solve problems and aid in decision-making. A DSS is either human-powered, automated, or a
combination of both. It produces detailed information reports by gathering and analyzing data. The
three main components of a DSS framework are the model management system, the user interface,
and the knowledge base

2.Descriptive analytics involves using current and historical data to identify trends and relationships.
It is the simplest form of data analysis, describing trends and relationships without delving deeper.
Examples of descriptive analytics include traffic and engagement reports, company reports tracking
inventory, workflow, sales, and revenue, KPIs and metrics used to measure business performance,
and social analytics to create snapshots of social media posts

3.Predictive analytics is a valuable tool for retailers to gain insight into customer behavior and
improve their business operations. Here are some examples of how predictive analytics is used in
retail:
-Forecasting customer demand: Predictive analytics is used to forecast customer demand and
company performance, which helps retailers make decisions about offerings and marketing
-Personalization: Retailers can use customer data to offer targeted and highly customized deals for
particular shoppers, which can increase loyalty and share-of-wallet among already-loyal customers
-Product facings: Predictive analytics can help retailers make decisions about product facings, which
is the number of products that should be outwardly faced on a shelf
-These are just a few examples of how predictive analytics is used in retail. By using historical data to
make predictions, retailers can gain insight into customer behavior and make data-driven decisions to
improve their business operations.

4.Prescriptive analytics is a type of data analysis that goes beyond explanations and predictions to
recommend the best course of action moving forward. In the retail and sales industry, prescriptive
analytics can be applied to various aspects of business, such as pricing, promotions, assortment, and
inventory management. Here are some examples of prescriptive analytics in retail and sales:
-Optimizing Pricing and Promotions: Prescriptive analytics can help retailers make better pricing and
promotional decisions by considering factors such as customer preferences, supplier contracts,
seasonality, and special discounting. For example, a retailer can use prescriptive analytics to
determine the optimal price for a product based on various factors and identify the most effective
promotional campaigns
-Assortment and Portfolio Management: Prescriptive analytics can help retailers make decisions
about which products to stock and in what quantities, taking into account factors such as customer
demand, profitability, and market trends.This can help retailers optimize their product assortment
and portfolio management, ensuring that they have the right products in the right stores at the right
time
-Trade Promotion Optimization (TPO): In the consumer packaged goods (CPG) industry, prescriptive
analytics can be used to optimize trade promotion campaigns, determining which campaigns to run
and for which products, considering various objectives and constraints. This can help companies
maximize the return on their promotional investments and drive sales.

These examples demonstrate the potential of prescriptive analytics in retail and sales to drive data-
driven decision-making and improve business performance.

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