Analytics-Study One-Topic 5

Analytics

• What are analytics tools?

• How do these tools help companies to make better marketing and business decisions?

• What are the three stages that analytics tools move through to get to the end result?

Analytics is the use of data, statistical analysis explanatory and predictive models to gain insight and act on complex issues within a company or business. Analytics tools can paint a picture by analysing and interrupting large quantities of data such as customer demographics, product, purchase history, Internet website usage etc. Turning information into insight and developing fact based strategies to gain a competitive edge. Business are able to make decisions about their customers, competitors,new products &their own reputations. Spot hidden trends before they occur and predict outcomes before they occur and even financial performance.

1- Advanced analytics- Using search and index technology sifting through all the pieces of information ( data base reports)

2-Correlation of information- Analysing for patterns and trends

3-Information into insight- This information is used to determine which actions will drive optimal results. Recommended actions, along with supporting information can be given to the decision makers.