Business analytics examples
Business analytics have use cases in a wide array of industries and organizations. As technology becomes more advanced, more and more companies are developing new ways to utilize big data to their advantage to maximize their profits and improve the customer experience.
For instance, let’s say you run a fast-food restaurant. You may use business analytics to speed up the ordering process for your customers using the drive-thru. When you use BA to monitor the traffic that the drive-thru receives, you’ll be able to know your peak hours and when to increase efficiency.
When you know the line is about to get long, you can move around your staff to get more employees working the drive-thru lane, or even have them recommend orders that can be completed quickly. When lines are shorter, employees can recommend items with higher margins that are more expensive and take more time to create.
The popular meal kit delivery service, Blue Apron, used business analytics to forecast demand for their orders and recipes. Each week they sent its subscribers a mixed menu of meals for purchase, and thanks to predictive analytics, they were able to use various data insights to avoid product spoilage and fulfill orders.
To do this, Blue Apron looked at customer-related insights that consisted of historical data of how often a customer made specific orders. There was also recipe-related data that focused on a customer’s preference for recipes in the past. Finally, they looked at seasonal trends to see if there were purchasing patterns of higher or lower order rates for a specific time of year. Learn Business Analytics Course and get successful.