Business Analytics (BA) refers to the tools and techniques that make it possible to glean value...

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General Management

Business Analytics (BA) refers to the tools and techniques thatmake it possible to glean value from big data. These tools are usedto turn data into actionable information for management,organization and decision making. Majority of organizations canbenefit from BA, but here are some of the indicators that youshould look into a BA strategy for an organization:

• The need to integrate data from multiple business applicationsor data sources

• Lack of visibility into the company's operations, finances,and other areas

• The need to access relevant business data quickly andefficiently

• Increasing volume of users requiring and accessing informationand more end-users requiring analytical capabilities

• Rapid company growth or a recent or pendingmerger/acquisition

• Introduction of new products / services

• Upgrades within the IT environment

Your task Your task for this assignment is to select at leastone industry such as telecommunication, healthcare, banking andfinance or any other relevant industries. You need to investigatethe utility and effects of a churn prediction model as a businessanalytics application in that industry. The report should be 3000words that should address the following aspects of BAimplementation:

1. Overview of the selected industry

2. Drivers to adopt churn prediction model as a BA model

3. Perceived benefits to achieve from that BA model

4. BA strategy employed by the industry

5. Challenges to BA strategy

6. Actual benefits achieved through the implementation of BA

7. Drawback of the selected BA strategy

8. Your recommendations to make more effective BA strategy

Answer & Explanation Solved by verified expert
3.6 Ratings (478 Votes)
1 Overview of the selected industry The Media and Entertainment industry is one of the fastest growing and Imagine Industry that adds a major part in boosting the GDP of a country Industries such as television radiomusic digital mediafilm print animation are subset of the Media and Entertainment Industry The growing popularity of the media and entertainment industry is due to the growing demand of youth customers towards this sector They found the media and entertainment industry as the major source of their entertainment Web seriesshort movies and many other superfighters movies attract the youth population towards the Media and Entertainment Industry The use of VFXvarious kind of attractive graphicsprosthetics are always fascinating for the todays youth population According to market survey the Indian media and entertainment industry is expected to reach around Rs 307000 core crore US 4393 billion by 2024 Introduction to new apps for entertaining the people are becoming very much popular such as Netflix Amazon PrimehotstarVoot etc attracts the youth customer towards itself The unique content available on such platforms are always fascinating for the youth and make them want to watch those serials web series movies or short movies with full zeal The content of the serial order web series acts as a magnet which attracts the youth customers who are like iron towards itself Also the emerging trend of music videos act as an addon to the growth of the media and entertainment industry The growth of the film industry across the world holds all levels of the customer segment 2 Drivers to adopt churn prediction model as a BA model Churn prediction model is the most widely and popular forecasting model to predict the customer churn and to make necessary decisions according to it Customer churn is also known as customer attrition where customers decide to break their relationship with the company ending their subscription It helps to determine the frequency with which customers are using the application and through this data company can find out who is near to end the subscription Customers usually end their subscription without notifying the company results in the loss for the company For this purpose the churn prediction model is a tool of the big data business analytical    See Answer
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