|
Behavioral Analytics
Behavioral analytics is a recent advancement in business analytics that reveals new insights into the behavior of consumers on eCommerce platforms, online games, web and mobile applications, and IoT. The rapid increase in the volume of raw event data generated by the digital world enables methods that go beyond typical analysis by demographics and other traditional metrics that tell us what kind of people took what actions in the past. Behavioral analysis focuses on understanding how consumers act and why, enabling accurate predictions about how they are likely to act in the future. It enables marketers to make the right offers to the right consumer segments at the right time. Behavioral analytics can be useful for authentication as for security purposes. It uses non-identifiable but individually unique factors to confirm who the user is. The identity of the user is authenticated in the background using factor such as mouse movement to typing speed and habits, login history netwo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Analytics
Business analytics (BA) refers to the skills, technologies, and practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning. In other words, business intelligence focusses on description, while business analytics focusses on prediction and prescription. Business analytics makes extensive use of analytical modeling and numerical analysis, including explanatory and predictive modeling, and fact-based management to drive decision making. It is therefore closely related to management science. Analytics may be used as input for human decisions or may drive fully automated decisions. Business intelligence is querying, rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Big Data
Though used sometimes loosely partly because of a lack of formal definition, the interpretation that seems to best describe Big data is the one associated with large body of information that we could not comprehend when used only in smaller amounts. In it primary definition though, Big data refers to data sets that are too large or complex to be dealt with by traditional data-processing application software. Data with many fields (rows) offer greater statistical power, while data with higher complexity (more attributes or columns) may lead to a higher false discovery rate. Big data analysis challenges include capturing data, data storage, data analysis, search, sharing, transfer, visualization, querying, updating, information privacy, and data source. Big data was originally associated with three key concepts: ''volume'', ''variety'', and ''velocity''. The analysis of big data presents challenges in sampling, and thus previously allowing for only observations and sampl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Terms
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative. Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Web Tracking
Web tracking is the practice by which operators of websites and third parties collect, store and share information about visitors’ activities on the World Wide Web. Analysis of a user's behaviour may be used to provide content that enables the operator to infer their preferences and may be of interest to various parties, such as advertisers. Web tracking can be part of visitor management. Uses of web tracking The uses of web tracking include the following: * Advertising companies actively collect information about users and make profiles that are used to individualize advertisements. User activities include websites visited, watched videos, interactions on social networks, and online transactions. Websites like Netflix, YouTube collect information about what shows users watch, which helps them suggest more shows that they might like. Search engines like Google will keep a record of what users search for, which could help them suggest more relevant searches in the future. * La ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Test And Learn
Test and learn is a set of practices followed by retailers, banks and other consumer-focused companies to test ideas in a small number of locations or customers to predict impact. The process is often designed to answer three questions about any tested program before rollout: # What impact will the program have on key performance indicators if executed across the network or customer base? # Will the program have a larger impact on some stores/customers than others? # Which components of the idea are actually working? Historical context Test and learn has been systematically applied as far back as 1988 by Capital One. Capital One has been aggressive about testing since the firm was founded, testing everything from product design to marketing to customer selection to collection policies. In a single year, the company performs tens of thousands of tests, allowing it to offer thousands of different types of credit cards to customers, based on the knowledge gained from their tests. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Path Analysis (computing)
Path analysis, is the analysis of a path, which is a portrayal of a chain of consecutive events that a given user or cohort performs during a set period of time while using a website, online game, or eCommerce platform. As a subset of behavioral analytics, path analysis is a way to understand user behavior in order to gain actionable insights into the data. Path analysis provides a visual portrayal of every event a user or cohort performs as part of a path during a set period of time. While it is possible to track a user's path through the site, and even show that path as a visual representation, the real question is how to gain these actionable insights. If path analysis simply outputs a "pretty" graph, while it may look nice, it does not provide anything concrete to act upon. Examples In order to get the most out of path analysis the first step would be to determine what needs to be analyzed and what are the goals of the analysis. A company might be trying to figure out why the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Funnel Analysis
Funnel analysis involves mapping and analyzing a series of events that lead towards a defined goal, like an advertisement-to-purchase journey in online advertising, or the flow that starts with user engagement in a mobile app and ends in a sale on an eCommerce platform. Funnel analyses "are an effective way to calculate conversion rates on specific user behaviors". This can be in the form of a sale, registration, or other intended action from an audience. The term 'funnel analysis' comes from the analogy with a physical kitchen or garage funnel, which gets narrower along its length, allowing less volume to pass through it. Similarly, an analytics funnel helps visualize how a large number of individuals enter the funnel, yet only a small proportion of them will perform the intended actions and reach the end goal on a website, eCommerce platform, application, or online game. Real world applications An example of how a company would use funnel analytics is by focusing on drawing act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Dynamics
Customer dynamics is an emerging theory on customer-business relationships that describes the ongoing interchange of information and transactions between customers and organizations. These exchanges occur over a wide range of communication channels, such as phone, email, Web and text, including those outside of organizational control like social media. Similar to the scientific disciplines of family and social dynamics, Customer Dynamics looks at the relationships between organizations and customers from an interpersonal viewpoint. It goes beyond the transactional nature of the interaction to look at emotions, intent, and desires. It views interactions as a chain of events rather than single point occurrences. Customer dynamics is a subset of organizational dynamics, which describes how people function together to accomplish a task. The level of operational success is said to be determined by the behavioral nature of organizations—individuals' roles, interpersonal relations, an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Process Discovery
Business process discovery (BPD) related to business process management and process mining is a set of techniques that manually or automatically construct a representation of an organisations' current business processes and their major process variations. These techniques use data recorded in the existing organisational methods of work, documentations, and technology systems that run business processes within an organisation. The type of data required for process discovery is called an event log. Any record of data that contains the case id (a unique identifier that is helpful in grouping activities belonging to the same case), activity name (description of the activity taking place), and timestamp. Such a record qualifies for an event log and can be used to discover the underlying process model. The event log can contain additional information related to the process, such as the resources executing the activity, the type or nature of the events, or any other relevant details. Process ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Intelligence
Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis and management of business information. Common functions of business intelligence technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text mining, predictive analytics, and prescriptive analytics. BI tools can handle large amounts of structured and sometimes unstructured data to help identify, develop, and otherwise create new strategic business opportunities. They aim to allow for the easy interpretation of these big data. Identifying new opportunities and implementing an effective strategy based on insights can provide businesses with a competitive market advantage and long-term stability, and help them take strategic decisions. Business intelligence can be used by enterprises to support a wide range of business dec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
