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Analytics based on data to help optimize various business metrics (and thus processes), directly or indirectly related to long-term revenue. Includes traditional optimization (operations research, six sigma), root cause analysis, and statistical analysis / machine learning / data mining to boost efficiency of marketing campaigns, price optimization, inventory management, finance and tax engineering, sales forecasts, product reliability, fraud and risk management, user retention, product design, ad spend, employee retention and predicting success of new hires, competitive intelligence leveraging external data source, guessing new trends based on automated analysis of user feedback (on Twitter etc.) and much more - such as real estate optimization and how to optimize the locations of your warehouses.
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Nice comprehensive list. Your list could keep a business busy for years to come in implementing these things and have increased profits a long the way.
The only thing that I would add is to optimize the physical product layout of the store to maximize profit dollars in the sales/marketing campaigns, this would be for the physical store front(non on-line).
Hi, Vincent, good answer! But I still have a question, I find business analytics is always related to high lever BI or OLAP technology or tools, they are both cost and time consuming for general users, thus, many business users feel quite difficult to apply right analytics solutions. As a marketing manager, I cann't find easy ways on how to predict our sales trends.