It is difficult for someone new to find out the best way to start a career in Analytics. As this industry is in its new phase, hence it gets difficult to find proper guidance. Also there is a buzz created about Business Analytics but very actually understand these terms. There are limited well designed path which one could follow to enter the field. To build a career in Business Analytics you can follow two approaches-
Like any other employment skill, there are 2 approaches to enter an analytics career:
- Approach 1 – Get in touch, hired or trained by a company on the required skills be it on job or internal training.
These would be companies which have Analytics in their system and use it for their day to day decisions. This approach is better from long term perspective but yes it takes time and investment. Some of the companies known for using cutting edge Analytics (in India) are: (more…)
Name your price: The power of analytics
A new generation of pricing and revenue management practices can lead to meaningful results quickly.
In the travel industry, pricing has always been a tough job. Overprice an airline seat, hotel room, cruise cabin, or rental car today, and you won’t get a second chance to move that unsold unit tomorrow. Set the price too low, and you destroy value by selling out limited inventory too soon. No wonder, then, that the industry boasts some of the most sophisticated pricing capabilities anywhere. But in the era of analytics, those capabilities are looking increasingly outdated and inadequate. To meet the demands of large data sets and respond rapidly to fluctuations, targeted automation is a must have. Blame the Internet. An explosion of new sales channels, with price-comparison sites such as Expedia and Kayak, has ratcheted up competition and ever more frequent price changes. Digital technology and social media have also greatly raised the scope for one-to-one marketing — and made it possible to track the behaviors of millions of individual customers. As a result, pricing managers are faced with an overwhelming amount of information stored in a variety of places. For example, one travel company we know has three terabytes of pricing data in eight systems — including inventory data, current booking levels, historic demand patterns, and competitor information across thousands of categories. How can companies make sense of all this data — and use it to drive value? The answer lies in a new generation of pricing and revenue management practices that can yield meaningful results quickly. These have helped travel companies improve revenue per unit by 3-8 percent, and market share by 1-2 percentage points. But it is not just a matter of a software tool or a single new analysis. It requires a sharp prioritization, iterative building of tools, and hands-on engagement of many functions across the organization. (more…)
Putting advanced analytics to work
Putting Big Data and advanced analytics to work promise to transform the way many companies do business, delivering performance improvements not seen since the redesign of core processes in the 1990s. As such, these tools and techniques will open new avenues of competitive advantage. Many executives, however, remain unsure about how to proceed. They’re not certain their organizations are prepared for the required changes, and a lot of companies have yet to fully exploit the data or analytics capabilities they currently possess. Getting leaders’ attention Big data and analytics actually have been receiving attention for a few years, but the reason is changing. A few years ago the question was “We have all this data. Surely there’s something we can do with it.” Now the question is “I see my competitors exploiting this and I feel I’m getting behind.” And in fact, the people who say this are right. If you look at the advantages people get from using data and analytics—in terms of what they can do in pricing, what they can do in customer care, what they can do in segmentation, what they can do in inventory management—it’s not a little bit of a difference anymore. It’s a significant difference. And for that reason, the question being asked is “I’m behind. I don’t like it. Catch me up.” I get asked, “Who’s big data for?” (more…)
Big Data & Advanced Analytics: Success stories from the front lines
Big data and advanced analytics can transform business .Even though sometimes company have not able to capture true potential of analytics, some companies are already seeing significant values. These companies which incorporated data and analytics into their operation show productivity raised by 6% compared to the peers. Following are the three stories that show how companies have used advanced analytics to their advantage and had an impactful delivery.
- Asking the right questions
As business grows, more data-rich the business becomes and hence this increases the importance of asking right questions. These questions are encouraged at the start of any analytical process because the scale of data makes it easy to lose the way and get trap in the endless round of analysis. Good questions identify specific decision that data and analytics will support so as to drive positive business impact. For example, two simple questions helped one insurer find a way to grow its sales without increasing the marketing budget. First, how much investment should be in marketing. Second was to which channels, vehicles and messages should the investment allocated. This helped in developing a proprietary model to optimize spending across channels by guiding the company as it is triangulated between three sources of data. (more…)
- Job and studies at the same time:
- Easy to access.
- Better way of understanding the concepts.
- One can complete more than one course.
- It can be learned anywhere anytime.
- Reduces time as compared to traditional learning.
- Transportation costs is avoided.
- Ability to repeat the course.
- Fast Learning.
- Design thinking and its power to create positive change globally
- Sustainable business models
- Key principles of the evolving global economy
- Design innovation and leadership
- Management skills for creative projects and teams
- Governance, regulations, and how both are transforming today’s global economy
- Marketing Management
- Financial Management
- Human Resource Management