How 3m Company Will Institute An Analytics Strategy

1956 Words Sep 18th, 2016 8 Pages
There is an increase in the reliance of analytical models in various business environments by modern companies, which seek to make more accurate decisions. In essence, this requires business firms to develop their competence in this area to enable them to manage their customer relationships and supply chains more effectively. More importantly, knowledge of analytics allows companies to identify factors that influence their business processes to ensure they have better control of different activities they perform. Thus, efficient analytics strategies allow companies to optimize their activities to ensure they offer a higher value to customers and other stakeholders. In this paper, the discussion examines how 3M Company will institute an analytics strategy to achieve a high level of competitiveness in its operations.

Discussion

The company deals in fast moving consumer products and requires an analytics system that helps it serve the needs of its stakeholders more effectively. It has three major rivals in the industry and seeks to streamline its supply chain and inbound inventory processes to improve its cash flows. This implies that the ability of its employees to gather and act on different sources of data will allow them a chance to perform their responsibilities in a timely fashion. Thus, by becoming more conversant with various trends in the market, the organization will be in a position to predict future performance in its key business units. Moreover, modern firms…
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