Never believe is something until you actually see it. This is an important lesson for life and business. While the world says that business analytics is an important practice in running modern-day businesses, you should only believe it when you see an actual business finding the field helpful.
In other words, it is important to study examples of how business analytics can bring success to actual companies in the market. While the exact use of business analytics varies between different companies and sectors, the fundamentals are always the same – using data to make better business decisions.
In this article, study how business analytics has an impact on actual companies with examples.
Predicitive Analytics – Axis Bank
Axis Bank is a popular private sector bank in India. It is natural for a bank of such size to use business analytics to make better business decisions.
In the case of Axis Bank, professionals used machine learning to deploy deep learning in understanding customer behavior and trends. This information was in turn used to slow rate of customer churn by introducing measures like streamlined document processing, instituting of promotion campaigns, and so on.
The example of Axis Bank is interesting, especially from an Indian perspective as it sets the bar for Indian businesses. If Axis Bank has the resources to usher deep learning with reformative machine learning tactics to predict customer behavior, the rest of the companies in business have to reach that level of prowess. Thus, the example of Axis Bank is a clear example of how modern business analytics can have an impact on a big business.
In Conclusion
Everyone says business analytics is a very important for the working of modern business. And yet when it comes to giving actual examples of how business analytics helps a business grow, there is dead silence. More than learning the theoretical aspects of business analytics, it is crucial to know how the concepts of the field have an impact on actual companies.
In this article, we discuss some examples of how business analytics as a field was used to help a company grow. If you feel inspired reading some of these examples, there is a good chance you’d like to join a business analytics course in Delhi, the best one offered at Kapil Heera Academy.
About the Author – Ishita Soorma is a business blogger and analyst. She is well-known for blogging on the latest trends in the field of business and technology. Her interest include business development and marketing.