- Is There a Difference Between Analytics and Analysis?
- Where Does Data Mining Fit In?
- Why the Sudden Popularity of Analytics?
- The Application Areas of Analytics
- The Main Challenges of Analytics
- A Longitudinal View of Analytics
- A Simple Taxonomy for Analytics
- The Cutting Edge of Analytics: IBM Watson
The Application Areas of Analytics
Even though the business analytics wave is somewhat new, there are numerous applications of analytics, covering almost every aspect of business practice. For instance, in customer relationship management, a wealth of success stories tell of sophisticated models developed to identify new customers, look for up-sell/cross-sell opportunities, and find customers’ with a high propensity toward attrition. Using social media analytics and sentiment analysis, businesses are trying to stay on top of what people are saying about their products/services and brands. Fraud detection, risk mitigation, product pricing, marketing campaign optimization, financial planning, employee retention, talent recruiting, and actuarial estimation are among the many business applications of analytics. It would be very hard to find a business issue where a number of analytics application could not be found. From business reporting to data warehousing, from data mining to optimization analytics, techniques are used widely in almost every facet of business.