Commercial Analytics involves a varied spectrum of analytics tools and techniques used to identify growth opportunities and actionable insights through hypothesis testing, scenario building, and a plethora of reporting capabilities.
Commercial analytics are used to monitor and report on operational status and competitive forces. Further, the application of these analytics tools and techniques allows for the rapid creation and execution of new products and strategies based on the most pertinent data.
Commercial analytics involves scientific marketing, as it facilitates real-time testing and measurement of campaigns. Once ideas and theories have been tested, adjusted, retested, and honed into profitable operations, the process is repeated over and over to capitalize on ever-emerging market anomalies and windows of opportunity.
Analytical insights can reveal gaps or inconsistencies in product offerings or customer service and can suggest optimization through various quantifiable actions like pricing strategies and product changes. Predictive analytics solutions link existing data sources to glean business insights using dashboards and simulation models.
Proficient commercial analytics includes data warehousing, statistics, risk management, big data, machine learning, and business intelligence. Mastering and leveraging these tools creates an opportunity for data visualization, credit risk modeling, marketing campaign optimization, fraud detection analytics, and more.
Commercial analytics involves examining customers and markets, understanding real or perceived risk, exploring cost reduction solutions, and testing or creating new products and services. The best uses of commercial analytics are based on business initiatives and their inspiration of lucrative strategies, tactics, and business decisions.
How can Commercial Analytics techniques be best applied to your business?