Identify the various business scenarios in which you can apply business analytics.
Answers
Answer:
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Answer:
BA is of utmost importance to the finance sector. Data Scientists are in high demand in investment banking, portfolio management, financial planning, budgeting, forecasting, etc.
For example: Companies these days have a large amount of financial data. Use of intelligent Business Analytics tools can help use this data to determine the products’ prices. Also, on the basis of historical information Business Analysts can study the trends on the performance of a particular stock and advise the client on whether to retain it or sell it.
Marketing
Studying buying patterns of consumer behaviour, analysing trends, help in identifying the target audience, employing advertising techniques that can appeal to the consumers, forecast supply requirements, etc.
For example: Use Business Analytics to gauge the effectiveness and impact of a marketing strategy on the customers. Data can be used to build loyal customers by giving them exactly what they want as per their specifications.