Business Analytics is the process of converting data into insights. It is “the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.” With the increase in the availability of data, Analytics has now become a major differentiator in both the top line and the bottom line of any organization. It is hence not surprising that research has shown that data-driven companies perform 5%- 6% better per annum. One of the primary users of Business Analytics is the Financial Sector. Models that predict credit quality, fraudulent credit card transactions and cross-sell / up-sell possibility are very common in banks, insurance companies, credit rating organizations, etc.
Exampes of Business Analytics:
Credit ratings/targeted marketing:
• Given a database of 100,000 names, which persons are the least likely to default ontheir credit cards?
• Identify likely responders to sales promotions Fraud detection
• Which types of transactions are likely to be fraudulent, given the demographicsand transactional history of a particular customer? Customer relationship management:
• Which of my customers are likely to be the most loyal, and which are most likely to leave for a competitor?
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