How to Compete on Analytics Essay

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.

Furiusstiles.com it is important to look at the past trends of the website to determine

Establish guidelines for researching and gathering information and work with the staff to gather and evaluate the data.

Distinguishing one 's firm from the alternatives is a major concern for any business. Strategic analysis provides the starting point in the strategic management process organizations use to evaluate and choose the competitive advantages that distinguish them from other organizations within the market. Dominating businesses should also "choose among alternative grand strategies to guide the firm 's activities, particularly when they are trying to decide about broadening the scope of the firm 's activities beyond its core business (Robinson & Pearce, 2009)."

The Business Strategy and Policy course relies on conceptual and analytical skills to examine the challenges of firms. We apply and integrate analytical techniques from accounting, finance, management, marketing, economics, and related business disciplines. Two capabilities are of particular importance: (1) the ability to critically evaluate the profit potential of industries or environments and deal with the threats and opportunities presented by each; and (2) an

Competitive analysis main objective is to research, analyze, and compare the competition in relation to the company. Analytical tools used for competitive analysis include the five forces framework, value net, driving forces, strategic groups, competitor analysis, and key success factors are analytical tools. The competitive analysis will enable the trucking company to understand more about the industry and the competition, to be able to develop a competitive strategy that will give the company a competitive advantage by taking into account the actions and responses of the competitions (Thompson, Peteraf, Gamble & Strickland, 2016).

Competitor analysis is a serious part of the organization therefore; Target must identify and address all issues pertaining to the business. Target must pinpoint the tangible competitors, and substitutes, evaluate opponents’ objectives, strategies, strengths and weaknesses, and opportunities and threats, and uncover what opponents Target should take on or stand clear of. Therefore, Target must analyze the company’s economic, sociocultural, technological, political, and future.

The four pillars of analytics competition are (1) Support of a strategic, distinctive capability, (2) an enterprise-level approach to and management of analytics, (3) Senior management commitment, and (4) Large-scale ambition (Davenport & Harris, 2007).

2. Uniqueness - There is no single path to follow to become an analytic competitor, and the way every company uses analytics is unique to its strategy and market position. Accenture 's use of analytics has always been unique to acquire the market position. Accenture, in telecommunication industry uses bundle

The article by Chandler (2015) “The Business Intelligence and Analytics Leader 's First 100 Days” hit a cord with me after a talk with a friend of mine who was just added to the BI team at his company. The new BI director at my friend’s company could have used this article to help him with his new role of BI director. My friend’s boss came in with prebaked ideas and thought he knew what the company needed from the BI department, but after 380 days the department is still feeling its way around in the dark.

All business needs to take action which helps them keep good position on the market. Before taken any action analysis has to be made. Answers and data which were obtained during analysis can help chose strategies, which help achieve objectives.

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)

Operating – ABC has traditionally competed on operating efficiency thus, ABC may not have operating expertise necessary to compete extensively on analytics. ABC needs to create an organizational level of expertise through the implementation of IT architecture, data scientist skillsets, and a comprehensive objective to implement these tools and skills.