Trend Analysis
Trend Analysis is the practice of collecting information and attempting to spot a pattern, or trend, in the information. In some fields of study, the term trend analysis has more formally defined meanings.
In spite of the fact that trend analysis is often employed to anticipate future events, it could be employed to estimate uncertain events in the past, such as how many ancient kings probably ruled between two dates, based on data such as the average years which other known kings reigned.
Significance of Trend Analysis:
Data analysis including Trend Analysis is essential for a firm's competitive intelligence program. The power to correctly gauge customer response to changes in business and other environmental parameters is a powerful competitive advantage.
Trend Analysis Methods are crucial to running an organization's value chains and in adopting and merging corporate success. It permits business employs to make analytical decisions about those business processes that maximize revenue from core customers.
With the information explosion, an unbelievable amount of information is available to organizations. However, raw data by itself doesn't render much information. It is the conversion of this raw data into substantial facts, relationships, patterns and trends, that could otherwise go unseen.
This makes Trend Analysis ethods an essential part of running an organization's value chains and in acquiring and consolidating corporate success. It permits business employs to make analytical decisions about what direction the business should focus its resources on and to focus on those business processes that maximize revenue from core customers.
Trend Analysis Proper permits investor to plot aggregated response data over time. This is especially valuable, if investor are conducting a long running survey and would like to evaluate differences in perception and responses over time. Thus Trend Analysis renders an insight into the following:
Changes and trends in customer requirement and behavior and shifts in the customers' perception of value
Trend in price change and cost drivers for the industry and or particular segments
Change and development of the industry in terms of competition and new entrants, threat of substitutes and relationship with suppliers and buyers.
Upcoming business models and changing best practices of the industry and related emerging sectors
In depth investigation of long term industry, domestic and global economic cycles and trends.
Market Basket Analysis insight into services and product purchasing trend patterns
Market Segmentation analyzes common characteristics of a consumer base
Customer Churn is identifying those consumers who are most likely to discontinue that service or product
Fraud Detection is predetermining those transactions that are most likely to be fraudulent, taking into account previous trend analysis
Direct and Interactive Web-based Marketing is predicting in advance the products or services a person is most likely to employ based on past and present trends
Trend Analysis renders business decision makers with the power to direct the focus of an organization and facilitate the continued success of the enterprise.
Positive Aspects of Trend Analysis:
Detailed Trend Analysis is a method to anticipate the threat of new entrants and permits management to develop competitive strategies thus enabling industry position as well as pursuit of leadership.
It renders security of strategic investments and protection of assets.
Allow crucial decisions on mergers and acquisitions as well as the power to develop alliances and partner relationships.
Trend Analysis data can be further employed for various cost/benefit analysis. And can be exceedingly valuable as an early warning indicator of probable issues with product line and service level changes.
Trend Analysis enables a business to view strategies from a long-term perspective with respect to effective asset and investment deployment and can safeguard against costly errors in relationship management and strategic positioning.
Advantages of the Trend Analysis:
The power to accurately gauge customer response to changes in business and other environmental parameters is a powerful competitive advantage. Furthermore Outsource2india's trend analysis lets in the process of studying data to gain insights into long-term trends such as failure models that can be employed to incident and problem management as well as capacity management.
Internal and external employs can apply Trend Analysis to decide weaknesses and strengths. This will allow internal employs to increase administration efficiency of the company when necessary and external employs to form valuation models of the company based on how well the company is managed.
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