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Analytics is a category tool for visualizing and navigating data and statistics. Most analytics tools resemble a series of reports that can be customized and explored in a fluid user interface. The following are illustrative examples of analytics.
Web AnalyticsTools that report web traffic with the ability to explore data by factors such as cohort, demographics, client technology, geography, traffic source, page, campaign and conversions.Tools that make predictions about the future from patterns in past data. Although no one can predict the future with certainty, such tools are useful when assumptions need to be made. For example, an airline that is considering investing in a new route may attempt to predict future travel demand for a destination.
Retail AnalyticsAnalytics for retail forecasts and operations. For example, a retailer may attempt to predict demand for a trendy new style of shoe by color and sales region.Marketing AnalyticsAnalytics to look at the results of product, pricing, promotion, advertising and distribution strategies. For example, analytics might show that female customers in their 20s are 70% more likely to purchase a particular item at price A as compared to price B.
Customer AnalyticsAnalytics are often used to model customer behavior. For example, modeling the events that lead to a customer becoming brand loyal.Business AnalyticsAnalytics can be applied to any area of a business including strategy, operations and sales. For example, operations analytics might look at product cost, quality control and the throughput of resources such as production lines.
Risk AnalyticsPredictive analytics is often used to model business risks such as the credit risk associated with a particular customer.Real-time AnalyticsTools that look at current as opposed to historical data. For example, a bank might monitor credit card transactions in real time using an analytics tool.
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