Business Analytics – Data to Information, Information to Insights, Insights to Knowledge and Knowledge to Wisdom!
Course Overview
“Knowledge is power” is a popular saying which is true for individuals and organizations. Analytics and knowledge are interlinked. Without analytics, there will be limited knowledge. There is a striking relationship between the power of an organization’s analytics and its competitive performance. The greatest obstacle to adopting analytics is the lack of knowhow about using it to improve business performance in various functions such as procurement, production, sales and marketing, human resources, finance, operations, etc.
Many companies offer similar kinds of solutions to customers based on similar design and technology and find it challenging to differentiate their value proposition from competitors. Business analytics helps companies find the most profitable customers and allows them to justify the marketing effort in highly competitive environments.
There is strong evidence from the corporate world that the ability to make effective decisions improves with analytical skills. According to research, relevance of effective data management and analytics is growing and is being considered strategic and occupy boardroom discussions.
This course is designed to provide in-depth knowledge of business analytics and its applications in improving business process and decision-making.
Learning Objectives
By end of this workshop you will be able to:
- Understand the role of business analytics within an organization
- Analyse data using the commonest statistical and data mining techniques
- Understand the relationships between the underlying business processes of an organization and role of analytics
- Use advanced analytical tools to analyse complex problems under uncertainty
- Use analytics in customer requirement analysis, general management, marketing, finance, operations, and supply chain management
Module #1: Understanding Business Analytics
- Definition of Business Analytics
- The importance of Business Analytics
- Issues & Challenges of Business Analytics
- Return on Investment of Business Analytics
- Understanding the New Consumer with Analytics
Activity #1: In your group, discuss the characteristics of the new consumer and the role of analytics in discovering, acquiring, retaining and developing them.
Module #2: Big Data and Business Analytics
- Harnessing Data: Variety, Volume, Velocity and Veracity
- Understanding Business Analytics Pillars
- Making More Informed and Risk-Aware Decisions
- Aligning Customers to Your Business Strategy
Activity #2: In groups, discuss the key pain points of the organization and identify ways by which analytics can help understand the pain points better and offer more informed strategic choices.
Module #3: Analytics Driven Marketing and Sales
- Understanding Consumer Buying Behaviour and Trends
- Looking at Unstructured Data: The New Age of Business Analytics
- Content Analytics in Sales and Marketing
- Understanding Affinities between Products and Customers
- The Role of Analytics in Marketing Mix Management
- Building Brand Loyalty and Measuring Customer Engagement
- Realizing ROI of Marketing Dollars
Activity #3: Create a Framework for Social Media Engagement Score for your Organization.
Module #4: Smart Merchandising and Data-driven Supply Chain Management
- Enabling Merchandising Efficiencies
- Developing Dynamic Business Assortments
- Aligning Business Level Assortment with Customer Demand
- Measuring and Managing Demand-driven Supply Chain
- Integrating Business Touchpoints in the planning process
- Managing incentive Compensation
Activity #4: Identify three main merchandise of the company and identify how data and analytics can make those smarter?
Module #5: Analytics to Create HR as a Strategic Resource
- Using Analytics to Optimize Staffing Plans
- Determining HR Analytics Signposts
- Addressing Strategic Human Capital Challenges
- Keeping tracks of KPIs
- Increasing overall performance
Activity #5: Carry out a workload analysis for a key employee within your department using a known method.