Can You Use Capital One Credit Card Before It Arrives
What is data analysis? The simplest definition of analysis is “the science of analysis.” However, a practical definition would be how an organization, such as a business, makes an optimal or realistic decision based on existing data. Business leaders can make decisions based on past experience or rules, or they can be other qualitative aspects of decision making, but as long as the data is not taken into account, it would not be an analytical decision-making process.
Analysis in business has been used from time management exercises initiated by Frederick Winslow Taylor in the late 19th century. Henry Ford measured the speed of the assembly line, revolutionizing production. But analysts began to pay more attention in the late 1960s, when computers were used in decision support systems. Since then, the analysis has evolved through the development of enterprise resource planning (ERP) systems, data warehousing և other computer և software և applications:.
Businesses of all sizes today use analytics. For example, if you ask my fruit grower why he has stopped serving our way, he will tell you that we are trying to make a lot of deals. for which he provides excellent services. This is the heart of the analysis. Our fruit seller TESTED serves my street և realized that he is losing money. He stopped serving us for a month, and even if we asked him, he would not show up. How many entrepreneurs today know who their most profitable customers are? Do they know who their most expensive customers are? And given the knowledge of the most lucrative customers, how do you go about your business to get more profitable customers?
Big business uses analytics to drive its entire organizational strategy. Some examples include:
• Capital One, a credit card company in the United States, uses analytics to differentiate customers based on credit risk; they match customer characteristics with relevant product offerings.
Harrah’s Casino, another US company, found that its most lucrative customers are believed to be automatic players. To use this insight, they have created marketing programs to attract and retain their most profitable customers.
• Netflicks, an online movie service, reveals the most logical movies offered based on past behavior. This model has increased their sales, as the choice of film is based on the preferences of customers և, therefore, the experience is tailored to each individual.
Common applications of analytics include the study of business data through statistical analysis to identify, understand, and predict historical patterns in order to improve business performance. Also, some people use the term to refer to the use of mathematics in business. Others believe that the field of analysis includes the use of transaction research, statistics, and probability. However, it would be wrong to limit the field of analysis to the fields of statistics and mathematics.
Whether the concept is simple, the concept is intuitive, the general lever of business analysis is in its infancy. Stay tuned to learn more about the science of analytics in Part 2 of this article.