NMIMS BBA – B.Com Introduction to Analytics Solved Answer Assignment
14
Oct
2024
Introduction to Analytics
1. A leading retail chain faces a consistent sales decline and net margin decline. They hire a management consulting firm to ascertain its reason and suggest corrective actions. The management consultant advises the lack of analytics implementation is the primary reason for sagging sales and negative net margin. The retail chain now wants to engage an IT consulting firm to suggest them a roadmap toward the implementation of data analytics in their organization. Suggest how the retail chain can move up the analytics value chain and leverage the advantages of predictive analytics to derive valuable insights into future strategies. (10 Marks)
ANS:
Introduction
By first determining its business goals and objectives, a retail chain can follow a roadmap that will lead it toward applying data analytics throughout its organization. This involves gaining an overview of their existing data landscape, deciding upon the key performance indicators (KPIs) they wish to track, and identifying the data sources that will be required. The last step is to ensure that the data has been collected, cleansed, and categorized effectively to be utilized in analytics.
Concepts and Applications
The retail chain should proceed in the following manner to progress up the analytics value chain and take advantage of the benefits offered by predictive analytics:
Identify the business objectives: The first thing that must be done is to determine the business’s goals and what kinds of insights they want to obtain from the data. For instance, they seek to increase sales, lower costs, improve the quality of the customer experience, or optimize supply chain operations. The retail chain needs to establish crystal-clear business goals and objectives that they want to accomplish through data analytics. This may include boosting sales, strengthening consumer loyalty, cutting operating expenses, or enhancing inventory management.
Conclusion
The retail chain can acquire a competitive advantage by using predictive analytics, which enables them to make decisions based on data and remain ahead of the curve in a rapidly evolving market. In addition, the retail chain needs to invest in analytics expertise and technology to guarantee that its data architecture is up-to-date and able to deal with the increasing amount of data created by its operations.
2. Food has successfully paved its way as the favourite luxury in every family, emerging as an ample opportunity for many businesses to grow. Skipping the long queues to get tasty food and walking out of the house to a store have become outdated concepts. Currently, we are in an era of a plethora of options to choose from in every variety available in various locations and ready to be delivered to our doorsteps safely. The food-tech market in India is projected to grow at a robust pace, at a CAGR of over 12% during 2016 – 2021. The growth is expected because of the increasing internet penetration and proliferation of smartphone users, the budding e-commerce market, and the rising young working population. Against this backdrop, the number of food-tech players and aggregators has swelled –Swiggy, FoodPanda, InnerChef and FreshMenu. Elaborate on six key areas where food-tech start-ups put analytics to use to make data-driven decisions to maintain a competitive edge. (10 Marks)
ANS:
Introduction
These start-ups can cater their goods and services to match the requirements of their clientele since they gather and examine data about the activities and preferences of their customers. For instance, a start-up company can use customer evaluations and rating data to find areas in its products or services that could improve. They may also make use of data regarding the demographics of their customers as well as their purchase patterns to generate tailored marketing campaigns and promotions.
Concepts and Applications
The food technology sector is one of the fastest-growing markets in India, and analysts anticipate that this growth will only accelerate over the next few years. Food technology start-ups are increasingly looking to data analytics to assist them in making decisions informed by data. They can position themselves to stay ahead of the competition as the industry becomes more competitive. This post will examine six critical areas where food-tech start-ups employ analytics to keep a competitive edge.
Conclusion
In sum, food technology start-ups leverage analytics to acquire a competitive advantage in the food business. These start-ups can streamline their operations, improve their goods, and raise profitability by utilizing data-driven decision-making strategies in crucial areas such as supply chain management, food safety, customer experience, and product development.
3. The mobile analytics market was valued at $4.72 billion in 2021, and is estimated to reach $27.60 billion by 2031, growing at a CAGR of 19.4% from 2022 to 2031. Mobile analytics provides insights about consumer behaviour on mobile and their experiences with mobile apps, which can be improved to generate greater revenue. Marketers can use mobile analytics to determine the effectiveness of different campaign efforts on mobile devices. The market penetration of smartphones and the growth in demand to receive new and actionable insight into buyers’ preferences have accelerated the need for mobile analytics worldwide. In addition, the upsurge in mobile advertising and the advent of data analytics and big data have further boosted the growth of the mobile analytics market. Mobile location analytics, the science of figuring out where shoppers spend their time based on the movement of their cellphones, is being used to answer those questions and to help retailers, restaurants, and developers make more intelligent decisions about where they open and close stores. Mobile analytics firms say their data helps level the playing field between physical stores and e-commerce sites. Online retailers know how long their customers stay on their site, which search terms led them to the site, and where they go after leaving it.
a. What are the goals of using mobile analytics? Describe any five goals in detail (5 Marks)
ANS:
Introduction
The act of gathering, measuring, and analyzing data from mobile devices to acquire insights into users’ behavior, preferences, and trends is called mobile analytics. Mobile analytics can be used to accomplish a wide variety of purposes, all contingent on the organization’s business objectives and requirements.
Concepts and Applications
The goals of mobile analytics are to obtain insights into the behavior of consumers when using mobile devices, enhance the user experience, earn much more income, evaluate the efficacy of marketing campaigns, and make educated business decisions.
Consumer behavior insights: Mobile analytics offers valuable information regarding how customers engage with mobile devices and applications. Businesses can better understand these patterns of consumer behavior, tastes, and demands by using this data.
Conclusion
Identifying users’ interaction patterns and preferences allows businesses to optimize their apps better, increasing the likelihood that users will continue to use them. Utilizing mobile analytics can assist organizations in locating new avenues via which they can generate revenue from their mobile applications.
What information can an organization track by using mobile analytics? Explain any five points. (5 Marks)
ANS:
Introduction
Mobile analytics allows businesses to monitor various indicators, including app usage, user engagement, user demographics, device kinds, and app performance. Metrics that measure user engagement provide information about how users interact with an application, such as the total number of taps, clicks, and swipes.
Concepts and Applications
Mobile analytics lets businesses get vital insights into how customers engage with mobile applications, websites, and other digital channels. By watching the behavior of their customers, companies may enhance their digital strategy, so improving user experiences and ultimately leading to an increase in income. The following is a list of the top five pieces of information that companies can monitor by utilizing mobile analytics:
Conclusion
In conclusion, mobile analytics is a robust tool that gives businesses invaluable information about their users’ behavior, their apps’ performance, and the efficiency of their marketing efforts.
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