Accessing and Analyzing Data with Microsoft Excel (Bpg-Other)

Collecting and storing data in text files, spreadsheets, or databases has little benefit if you don’t take any actions based on that data. For example, retail sales organizations can use information gained from analyzing their sales data to

• Introduce new product lines.

• Discontinue poorly selling product lines.

• Mark up or mark down product sales prices.

• Provide an adequate level of products during peak seasons.

• Up sell or cross-sell products to specific customers.

• Conduct discount sales promotions.

Manufacturing organizations can use their data to

• Decrease the amount of rejected products.

• Increase product quality.

• Adequately allocate human and mechanical resources.

• Purchase proper quantities of raw materials and machinery.

Insurance organizations can use their data to

• Introduce new lines of coverage.

• Discontinue high-risk lines of coverage.

• Set overall policy premiums.

• Reward customers holding multiple lines of coverage with overall reduced premiums.

• Up sell or cross-sell specific lines of coverage to customers.

• Deny or restrict coverage to high-risk groups.

Customer service organizations can use their data to

• Match services to customer preferences.

• Improve service levels offered to customers.

• Introduce new service offerings.

• Discontinue poorly performing service offerings.

• Set overall service pricing.

• Up sell or cross-sell services to specific customers.

• Conduct service discount promotions.

Throughout this book, you’ll gain the skills you need to analyze data to make these types of business decisions and make them in a smarter way.