Unconventional Guide To Analytics
Analytics is a continuously evolving field of science that can be used in determining patterns in data. These patterns can be represented in a graphical format. The data visualizations thus obtained can be used in converting the insights into results which guides in decision making. Ideally, analytics is a Sherlock in the field of vast unstructured data .
If an entertainment agency wants to sign up an actor to determine if it is profitable or not a simple social media analytics on the number of likes, number of fan following, number of tweets and retweets are the metrics that are used to determine the same. Thus descriptive is nothing but dividing the vast chunk of data into small sets of information.
If in a telecom industry the churn rate of the customer is to be determined then the current data usage of the individual customers, the type of data plan that they are using currently, demographical factors of the individual customers in the past months can be used to predict the same. This is an instance of the predictive analytics where the future scenario is predicted based on the current trends of data.
Analytics can be used in umpteen number of fields such as retail, pharm, e-commerce , medicine, banking etc. In retail sectors where Customer relationship is of key importance analytics can be used to determine the customer lifetime value thereby targeting the right set of customers. If any normal marketing strategy is adopted then the customers of a particular band in CLTV will be treated as homogeneous but through analytics we can observe that every customer pattern in unique. This helps to target the top decile of customers who will be more profitable to organization.
In e-commerce fields it can help in determining the sale traffic in the sites , average order rate ,number of non-conversions due to the traffic in their sites. This can be used by the e-commerce giants to grab the customers attention and be in par with competitors and prevent any collapse in the site especially during any 'Big Day Sale' .
In future almost all the fields may be driven by analytics because of the speedy and better insights it provides and may become an integral part of the day-to-day activities in an organization.