As businesses strive to make more effective and strategic decisions, they require the skills required. Business analytics offers such capabilities.
bcom business analytics is a three-year undergraduate degree that offers an ideal blend of Commerce and Data Analytics, equipping students with skills necessary for success in today’s ever-evolving professional landscape.
Real-time Pricing
B2B customers today expect a consumer-like experience in their dealings with business suppliers — particularly when it comes to pricing. Companies must be able to deliver prices that reflect market conditions, are tailored, and are instantly available online – however, legacy processes have often proven cumbersome and slow to react when price triggers arise. Business analytics offers an alternative solution.
Business analysis solutions enable organizations to gain insights into their operations that can improve decision-making. This multidisciplinary field applies statistics, computer science, and information technology to data in order to understand how it can be used to solve business issues. Business analysis solutions are applicable across virtually every department in an organization – finance, human resources, supply chain management, sales & marketing, and sales and marketing can all utilize it effectively – not to mention all industries such as healthcare, financial services, consumer goods, etc.
This program equips students with the skills and knowledge needed to work within the rapidly expanding business analytics industry. This comprehensive yet tailored course blends commerce with data analytics with an emphasis on research and analysis – meeting rapidly shifting professional landscape needs.
With the right tools, businesses can better understand their customers, predict how they will behave, and identify ways to increase revenue and profitability. Such tools include business intelligence and analytics software, which can be applied across different departments and industries, offering insights into performance while providing forecasts of future success and allowing necessary adjustments to be made for long-term success.
As well as academic rigor, this program also offers practical training on software applications and hands-on project assignments, with social activities, guest seminars, and interactions with industry leaders to foster the overall holistic development of students. Students also get exposed to global perspectives within the profession, which enables them to think and act more informedly when thinking and acting on projects. Furthermore, students can pursue scholarships through scholarships and awards that provide available scholarships or start the application process for them.
Customer Loyalty and Engagement
Customers of a loyal company are likely to return and refer others, yet measuring loyalty can be tricky. There are various factors involved; these could include frequency of purchases and interactions as well as loyalty programs available, and requirements to receive rewards from these programs.
One effective metric to evaluate customer loyalty is the Customer Effort Score, which measures the effort customers must exert in order to reach support teams and obtain the assistance they require. This measure has strong links to customer retention as companies tend to generate far more revenue through upselling and cross-selling existing customers than attracting new ones. Another critical metric worth monitoring is the customer turnover rate, which compares how many customers leave an organization over time relative to those that were present initially.
Businesses can utilize data analytics not only to calculate customer loyalty metrics but also to optimize campaigns for their products or services by understanding the demographics of their target market and finding ways to reach them. This approach can prove particularly helpful when used for direct marketing, site selection (evaluating possible locations for new projects), or customer relationship management (CRM).
Utilizing business analytics to increase customer engagement is also of vital importance. This allows companies to identify the most efficient methods of communicating with their customers and providing a smooth experience for them. Standard analytics techniques for this task include measuring conversion rates, tracking pages viewed on websites and social media accounts, and performing text/sentiment analyses from open-ended questions in surveys.
As our world becomes more data-driven, possessing the skills necessary for analyzing and interpreting information will become ever more essential in every profession, discipline, and industry. To prepare yourself for this future, consider earning your Bachelor of Commerce with Business Analytics degree by 2022-23; doing so will equip you with knowledge about tools and technologies that are revolutionizing business today.
Sales Performance
“You can’t manage what you don’t measure” holds for sales teams, too. With a comprehensive metrics framework in place and adequate data infrastructure supporting it, companies can reach their sales goals more efficiently.
To increase sales, teams need to identify and respond quickly to market trends. Business analytics plays a vital role in this regard; using predictive analysis, forecasting, and data visualization tools, companies can gain insight into future revenue, profits, and trends that might otherwise go undetected – be that through decreasing spending ahead of slow seasons or investing in marketing campaigns to capture more leads. Furthermore, understanding how customer retention affects sales allows a business to provide necessary support services that ensure happy and loyal customers.
Analytics can not only assist businesses in recognizing market trends that impact sales but they can also be utilized to optimize internal processes. By streamlining and automating repetitive tasks, analysts can free up team members for more meaningful interactions with customers – and reduce administrative tasks like data entry that require manual, labor-intensive efforts – which can lower customer acquisition costs.
Tracking sales performance over time is essential to accurately gauging team and individual efforts and can be accomplished using sales performance management (SPM), which combines metrics and tools for optimizing planning, territory mapping, quota setting, compensation, etc. A modern SPM system like SPOTIO will allow you to set realistic sales goals that fit with larger business objectives.
Nothing ignites a sales team like an efficient compensation plan. By analyzing sales data, small and large businesses alike can design compensation structures that reward top performers while encouraging an atmosphere of motivation and competition among sales reps. Furthermore, it reveals any inefficiencies or areas for improvement, such as weak points in pipeline management or post-sale follow-up that require remediation using tangible and actionable data; this continuous process ensures the sales process keeps evolving while remaining practical.
Profitability
Profit is defined as the total revenue a business brings in after all expenses have been covered, regardless of industry or type. Profitability should be the goal of every business – from lemonade stands to Fortune 500 firms – using data to inform business decisions can help improve your bottom line and boost profits. Profitability plays a vital role in measuring business performance; its margins and ratios differ widely between industries.
Business analysts are change agents in the world of analytics. Their role is to take an organization’s current state and come up with plans to transform it for the better, making their services highly sought after by many companies and organizations – making business analysis an attractive career path for any individual looking for data-driven analytical work.
The three-year Bachelor of Commerce Business Analytics Programme provides students with a thorough education in data analysis that integrates commerce, business intelligence, and data science. It equips them for careers in this fast-moving industry by teaching them the skills needed to handle large volumes of data – research, critical thinking, technology – as well as an entrepreneurial mindset and understanding of complex business environments. Students benefit from having experienced faculty from leading business, tech, and government organizations teaching this course.
