Data analytics: concepts, questions, projects

What is Data Analytics?

Data analytics (DA) is the process of examining data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialized systems and software.

It involves examining large and varied sets of data to uncover hidden patterns, unknown correlations, market trends, customer preferences and other useful information that can help organizations make more-informed business decisions.

Types of Data Analytics

3 Types of Data Analytics: Descriptive, Predictive, and Prescriptive. Jeff Bertolucci of Information Week has written a new article about what distinguishes the three types of Big Data analytics: descriptive, predictive, and prescriptive.

HR Analytics and its Applications

The rate at which the business environment is evolving due to digital transformation calls for a more strategic approach to human resource management. Technology is advancing at an unprecedented rate. As organisations become more focused on top line growth and bottom line improvements. There is a growing imperative to redesign, move faster, adapt quickly and learn rapidly.

As it is, organisations have too much data at their disposal, however only a few are using this data to predict the future for their organisations. Using the insights from people data and analytics, HR can strategically transform their business with evidence-based solutions and practice. Leaders & Teams that are affected due to Human Resource processes need to keep an eye on the latest technological and delivery tools & processes such as ERP/HR Systems/Visualization/AI & Machine Learning tools, delivery processes like DEVOPS & Agile are fast becoming essential parts of HR systems.

Academic Questions on Data Analytics

Management (BBA / MBA) Questions on Data analytics:

Q) Today companies are using various touch-points to interact with their customers constantly. These customers are responsible for spreading electronic word-of mouth thereby influencing others. You’re the owner of Snackathon, a subscription service that delivers snacks to homes and offices. Snackathon partners with grocers and other businesses and also sells directly to consumers. As an organization that has traditionally been dealing with customer’s offline, you realize the need to move online and dive deeper into analytics that help you understand why your customers left, if they’re thinking about leaving, and how you can work to keep them on board. What are the pros and cons of using analytics to engage with customers effectively? Justify your standpoint.

Q) Technology at the dining table (apps like Uber Eats, Swiggy, Zomato) is gaining firmer ground in India. Placing orders for food online is popular, especially among millennials, leading food delivery platforms to embrace analytics in a big way to better read fast-changing consumer behavior, minimize errors and enhance customer experiences. The primary reasons for this growing popularity can be attributed to the rise in the number of digital natives, improved internet connectivity, competitive pricing, quick delivery, variety of restaurants on-board, simple user interface and availability across different platforms.

a. How do you think these companies use analytics to give customers a great experience, unlock business growth and drive operational efficiency?
b. Define Social Media and explain how these companies use Social Media to increase their business? Is it a wise choice to use social media to connect with customers?

Q) Digital music is gaining firmer ground in India. 56 percent of digital music revenue in Asia comes from music streaming. Players like Gaana, Hungama, Saavn, Wynk etc. offer users to stream music online and save songs offline with a premium subscription. They have grabbed a significant share of the audience who have given up the traditional methods of downloading music to streaming it online. Advertisers and telecom providers have also joined the bandwagon. The primary reasons for this growing popularity can be attributed to the rise in the number of digital natives, improved internet connectivity, more localized curated song lists, personalization of content, competitive pricing, huge library , availability across different platforms, simple user interface and sharing digital music with others across social platforms. Despite this, the path to profitability is challenged by user ability to willingness to pay for subscription, low advertising prices, and high content costs.
a. How do you think these companies use analytics to lure customers to use their app or convert the existing ones from “freemiums” to “premiums” (the subscription based model)? What are the different type of analytics? Does using analytics benefit the companies?

Q) Social media and data analytics are changing the scene for most industries today. It is said that social media played a key role in propelling the Bharatiya Janata Party (BJP) to power in 2014. It is no surprise that with the elections round the corner in 2019, parties are getting their social media warriors ready to help them combat this war in the digital space. In your opinion, can Social media be used to influence voter behaviour? Can political parties actually leverage data analytics solutions to reach out to probable voters? Justify your answer.

Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.

Q) You are hired by a leading restaurant chain as a consultant on how predictive analytics can assist them in augmenting their sales. Please suggest and explain at least 5 scenarios to the retail chain.

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