Identify a problem that can be solved by business analytics. Present an analysis on this. Here are the key questions you need to answer:
1. What is the problem that can be solved by business analytics? Provide a specific example where this applies.
2. What kind of data would you need to do this?Where can you find such datasets? Provide an URL if the datasets are available publicly.
3. Are there any issues surrounding the use of analytics for this?
4. What kind of skills you will need to have to accomplish this?
Answer:
1. One problem that can be solved by the use of business analytics would be when a company wants to expand its' client base to other parts of the country. A good example of this would be an online electronics store that is just starting out. What the company would like to do is grow out of only the local area knowing of their service and create a wider range of customers spread out across the US.
2. There are a few analytics tools that could come in handy when trying to achieve this goal. One tool that could be used is a geographical information system to figure out first what areas that they want to target. More likely than not, the company is looking to target areas with high concentrations of people and technology. From this, they can also figure out who in the area has ordered from them or not. This sort of information can be found using record of past purchases stored in databases. From this information they can run a query to narrow down just how many people in any given area have ordered from them in the past. Another tool that can be used would be social media marketing. The company would need to know what users on Instagram/Facebook/Twitter would be most likely to be interested in their services. One way they would have to do this is to search specific hashtags related to the electronics field and target the people who are interested in the technology that they offer. From here, they can directly interact with their audience and bring new customers in by running various promotions and even giveaways.