What would you do if you could predict your future workforce needs?

Predict your future sales?

Reduce your inventory?

How fast would your sales grow if you knew which of your customers would most likely come back to your store?

Mathematical techniques and statistical analysis can assist you in making data-driven decisions for your business.

Below are a few example applications of data analysis for business applications.

Example 1: Workforce Analytics (Click here to see more on this topic.)
How will the baby-boomer retirement wave affect your business? How long do you have before the impact hits in larger numbers? Using workforce analytics, you can predict how many people will retire each year. Combined with turnover predictions, these models can be used to forecast your recruiting needs and align your talent management and sucession planning to your company strategy.

Example 2: Customer and Product Profitabilty
Do you know which products produce most of your profit? Do you know which customers drive your bottom line? Are you providing too much attention to low-value customers? Are you stocking inventory of low-value products?

Example 3: Predicting Future Sales
Is your business seasonal? Is it trending upward or downward? Is the data too chaotic to tell? A study of your historical business data may shed some light on the topic. Estimating your future sales would help you to better understand how many people your business needs, how much raw material you should keep on hand...

Example 4: Customer Analysis
Wondering who your most valuable customers are? What percentage are repeat customers? Do they shop all year or only during certain seasons? Do they prefer to ship online or in your store? Data collection and analysis may provide some insight.