How 3m Company Will Institute An Analytics Strategy

Just like in baseball there are large and small businesses. Businesses have to make decisions, decisions that will help the business in the long run. By using analytics business can measure their performance to know where they stand financially and economically. Numbers are very important in a

Decision making and communication are at the center of business success and efficient business analytics would only be effective through the use of proper information systems and that are up to date with current trends as well as optimizing on the available channels.

In order to be an effective analytical competitor, Davenport and Harris (2007) assert that firms must meet certain prerequisites. Those prerequisites are at least a moderate amount of quality data about the type of business that analytics will support, hardware and software, the commitment of managers to develop analytics, and executive sponsorship (Davenport and Harris, 2007, p.16). Analytics is about extrapolating new information and

The analytics software is the useful tool and great supporter for organization to reduce workload, increase the productivity and create competitive advantages. The analytics software helps organization knows exactly what customers want and their purchasing power, which will assist the company makes best decisions whether big or small every day. What is more, the analytics software works like an effective predictor, which will help organization look forward to the future scenario and make the best plan. Also the software is the key business enabler

Forecasting analytics will enable SYSCO to make appropriate upfront decisions and monitor customers as well as the industry. Extraction and data mining are also useful tools that will positively affect SYSCO’s decision-making process. Lastly, consulting support and employees’ training will facilitate the implementation of the new software in the company. For all these reasons, the use of BI at SYSCO can create a competitive advantage of the company in the industry. However, this competitive advantage depends on the competition – do the competitors use a similar software or by chance the same and do they already have a strong position in the market? Outperforming for example “U.S Food Service”, SYSCO’s main competitor, might be arduous if that company relies on a similar software and already has an eminent role in the

The latest technological development in data analytics and implementation helps organizations gain insights and how to deal with informed decisions.

Sumangla Rathore, Avinash Panwar, Prakriti Soral (2014). Critical Factors for Successful Implementation of Business Analytics: Exploratory Findings from Select Cases. International Journal of Business Analytics and Intelligence, 2(2), 14-15.

CLM Designs Unlimited is the premier design firm of the Southeast United States. They have over 2,000 clients and growing. The clientele is not just in the states but does include overseas customers as well. There have been instances where they have been unable to locate information at the time when it was needed. This is not to say that the information is not accessible; but, there is a need for the overall information system to provide insight into utilizing business analytics into the business. Business analytics is used in order to provide awareness into the market that a particular business is involved. It can be used to report on historical data as well as providing information related to future events by adding value and insight (Stubbs, 2013).

Stage 5, Analytical Competitors – Analytics have been applied at an enterprise-wide level and have had time to produce big results and a sustainable advantage over intuitively-driven competitors

Data collected by a business includes internal data, such as financial or operational information, as well as external data, such as customer or website usage information. Properly analyzing and acting on this vast amount of data can transform the way companies do business and can become their biggest competitive advantage. Leaders of the organization no longer have to rely on their “gut instincts” to make key decisions, instead they will make decisions off historic data and will be able to more easily measure and track the effectiveness of those decisions.

For years, companies have been relying on market research, data tracking, and data warehousing to help create marketing strategies. Marketing managers rely on this data to spot opportunities and problems and try to stay ahead of the competition.

Companies are adopting business intelligence system within their organizations because by using the system reports they can gain the advantages of understanding their internal strength and weaknesses to face external competitors and challenges to increase profits and reduce cost on their everyday operations and processes.

In an uber globalized market of today, companies are faced with challenges in each and every step of their business. Our analytics and research services are geared towards giving those companies that extra edge over the competition. We process and analyze terabytes of data and break down all the fuzz and chatter around it to give our customers meaningful insights about their competition and the market they are engaged in.

Part 2. How Business Analytics can be used to gain advantage in a competitive marketplace

“Competing on Analytics” defines an analytical competitor “as an organization that uses analytics extensively and systematically to outthink and out execute the competition.”(1) Business analytics is a new way for companies to separate themselves from their competitors. I recently completed an internship at the firm PricewaterhouseCoopers (PwC) and will work there full-time upon completion of this program. PwC uses analytics to help solve complex business issues and to identify opportunities across different industries. PwC is the largest professional service company in the world and is part of the Big Four accounting firms. PwC operates in over 157 countries with more than 750 offices throughout the world.(2) PwC is structured into three service lines, which are Assurance, Advisory and Tax. The assurance practice audits almost 30% of the global fortune 500 companies.(2) The advisory practice is mainly consulting activities that cover strategy, cyber security and privacy, human resources, deals and forensics. (2) These three practices generated $35.4 billion in revenue in 2015. (2)