There is a host of applications for analytical processes. The intent of the data will determine on the specific application for data analysis. The many industries in modern business will each have their own unique analytic applications. Overall there are basically three common groups that applications can fall under. The three groups consist of customer, financial and supply chain analytics.

Three Common Analytic Applications

Any business will have clients, or customers. The study of customers is called customer analytics and many businesses utilize this type of analytical application. Customer analytics involves answering key questions about your customers. A business can discover who the top customers of the company are. Who the most profitable customers are and where they are located is discovered through customer analytics. Businesses use customer analytics to enhance relationships with various customers by focusing marketing efforts, product placement and price negotiations.

In order to fully understand how well the business is operating it is important to have a grasp on the finances of the company. Financial analytics benefit a business by providing important information about the company's finances. A business can analyze whether a merger or buyout would benefit the company. Margins can be tracked and compared to improve distribution of higher margin products. Analyzing and understanding the financial health of the company will help the business reduce expenses and expand growth.

Several companies are service based companies, such as insurance and brokerage firms, but a majority will provide hard goods to customers. Companies that sell hard goods need to be able to understand their supply chains. Supply chain analytics will show how a company is receiving, paying for, and distributing goods. Through proper analysis a company can enhance the efficiency of the supply chain. Increased efficiency will likely lead to lower costs; lower costs will in turn lead to higher margins or more competitive pricing power.