Question

IN 200 WORDS OR MORE

Explore how analytics is shaping different subject areas of organizations. Give an example

Answer 1

Data analytics is the process of analyzing the data sets available in the organization to draw logical inferences regarding the processes involved. Big Data and Data Analytics are changing the way of doing business of many organizations. The companies are involving the usage of data analytics in each and every domain or department.

Data Analytics in Finance Department:

• Predictive analytics is used to analyze the previous financials to predict the financial capabilities of the company in the future years
• Historical data of the company is used to forecast company’s liquidity. The financial strategy of the company can be designed accordingly.

Data Analytics in Marketing Department:

• Sales forecasting is done with the help of data analytics in the marketing department
• With the help of price forecasts and demand trend analysis using data analytics, the company decides upon its marketing plan and product pricing strategy.

Data Analytics in HR Department:

• Manpower planning and recruitment plans can be strategically decided with the help of data analytics
• Data Analytics helps the HR department to quantify its work and participate in strategic decisions of the company