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Business analytics is an avoidable strategy in today's' business that must be embraced in order to reap the maximum benefits in any business endeavor.Business analytics comes with numerous benefits that will contribute very much in attainment of any company goals. This being among maximizing profits and yet lowering expenditure to the lowest achievable expenditure. Business analytics makes the company conscious of the current customer needs and better understanding of strategies to remain competitive. Business analytics help in pricing the different commodities and services provided by a company by using the data from data collected over a long period of time and then use this data for pricing. It leads to getting the best price for the company's commodities while the product remains competitive in the market. Therefore the company will be able to get the right price at the very first time without any financial risk. By using the data collected, the company can analyze the buying habits and behavior of the different clients and can easily identify the target group of their products. This can go a long way in identifying new market opportunities available, clients' preferences and marketing strategies that can be employed for the different products and services. The company will be able to put their money into market strategies that reaches to the specific target group and this lead to proper coverage among the target group. Insurance analytics helps in customer acquisition strategy. The data collected can be used to analyze the value of individual customers. When the value of each client has been determined, the company can decide the clients that they can focus on while leaving the low-value clients to its competitors. This will lead to better returns for the company per client. By employing business analytics, the company can use the data collected to build a profile for each client. The needs can be easily analyzed as well change of preference of different clients over time. This leads to personalized services to each client. Personalized service builds loyalty among the clients because they feel that their personal needs have been met while greatly minimizing the expenditure because the specific needs of each client is already known. Insurance analytics can be used to determine the overall efficiency of the company and ways to improve it. This leads to reduction of costs and cases of fraud because the products of the company have been standardized and categorized due to analysis of these products and supply data. This makes the company to be in a better position to make the necessary improvements to ways it supplies its products reducing the distribution cost of its products and services. Business analytics is important to a company when there are changes in the market structure which usually leads to a shift in economic and marketplace which greatly affects how a company runs but with the necessary data available, the company is able to cope during these turbulent times. Business analytics leads to knowing the facts and avoiding guesswork. What is working and what is not. Hence the company will be able to make informed decisions. Author bio: Sumit is an online marketing expert with more than 6 years of experience in 360 degree online marketing with a passion for innovation & brand strategy, digital marketing, social media, SEO and web analytics.
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