JIS COLLEGE OF ENGINEERING

NAME: KARTICK RAY

ROLL NO.: 31805021020 5TH SEMESTER
REG. NO.:213182005010014 (2021-22) SUBJECT CODE: BBA 504A
SUBJECT NAME: DATA ANALYTICS FOR MANAGERS
ROLE OF DATA ANALYTICS IN
BUSINESS
WHAT IS DATA ANALYTICS

Data analytics is the process of examining and interpreting data to derive

meaningful insights, patterns, and trends. It involves the use of various
techniques, algorithms, and tools to transform raw data into actionable
information. The goal of data analytics is to extract valuable knowledge and
make informed decisions based on data-driven evidence.
The data used in analytics can come from a wide range of sources, including
structured data (e.g., databases, spreadsheets) and unstructured data (e.g.,
text, images, videos). With the advent of big data and advancements in
technology, businesses and organizations can now collect and store vast
amounts of data, creating opportunities for in-depth analysis and valuable
insights.
ROLE OF DATA ANALYTICS IN BUSINESS

1.Informed Decision Making: Data analytics helps businesses make data-driven decisions
rather than relying on intuition or gut feeling. By analyzing historical data and trends,
businesses can better understand customer behavior, market dynamics, and operational
efficiency, leading to more informed and accurate decision-making processes.

2.Identifying Opportunities and Trends: Data analytics allows businesses to spot emerging
trends, market opportunities, and customer preferences. These insights enable companies to
adapt quickly to changing market conditions, innovate new products or services, and stay ahead
of the competition.

3.Customer Understanding and Personalization: By analyzing customer data, businesses can

gain a deeper understanding of their target audience. This information can be used to
personalize marketing efforts, improve customer experiences, and foster stronger customer
relationships, leading to increased customer loyalty and retention.
ROLE OF DATA ANALYTICS IN BUSINESS

4.Optimizing Operations and Efficiency: Data analytics can be used to optimize various
aspects of business operations, such as supply chain management, inventory control, and
resource allocation. By identifying inefficiencies and areas for improvement, businesses can
streamline processes and reduce costs.

5.Risk Management: Analyzing historical data and patterns can help businesses assess
potential risks and develop risk management strategies. This can be particularly beneficial in
industries like finance and insurance, where accurate risk assessment is crucial.

6.Predictive Analytics: Data analytics can enable businesses to predict future trends, customer
behavior, and market changes. By using predictive models, businesses can anticipate demand,
identify potential issues, and proactively address challenges.
ROLE OF DATA ANALYTICS IN BUSINESS

7.Marketing and Sales Optimization: Data analytics can help businesses optimize their
marketing and sales efforts. By analyzing customer data, businesses can identify the most
effective marketing channels, tailor their messaging, and optimize pricing strategies for better
sales outcomes.

8.Product Development and Innovation: Data analytics can inform the product development
process by providing insights into customer needs and preferences. By understanding what
customers want, businesses can create more relevant and successful products and services.

9.Competitive Advantage: Embracing data analytics can provide businesses with a

competitive advantage. Companies that effectively use data to drive decision-making and
improve their operations are more likely to outperform their competitors.
ROLE OF DATA ANALYTICS IN BUSINESS

10.Performance Measurement and KPI Tracking: Data analytics allows businesses to set and
track key performance indicators (KPIs) to measure progress towards their goals. This enables
businesses to monitor their performance in real-time and make adjustments as needed.
CONCLUSION
In conclusion, data analytics is an indispensable tool that empowers businesses to harness
the power of data for strategic decision-making, operational efficiency, and customer-centric
approaches. Embracing data analytics enables organizations to gain a competitive edge,
uncover hidden opportunities, and achieve sustainable growth in today's data-driven world.
THANK YOU