Decision Making

Decision Making

How can a company become and prosper as an analytics competitor?

Analytics competitors are considered as influential leaders in diverging fields like finance, consumer products, entertainment and retail. For company to become and prosper as an analytics competitor, they are required to use the analytical data as most of the organizations provide similar products and employ equivalent technologies. It is only business processes that can create the differentiation among companies competition. Analytical competitors utilize every promising analytics value by the help of these processes (analytics.theiegroup). The prosperity of companies can be possible if they start making products that their customer needs, tag a suitable price for consumer, evaluate their life time purchasing requirements, and the methods to trigger the buying demand. It is important for the company to estimate the turnover rates and compensation costs, as they could also asses how much personnel contribute and what they deserve in the salary levels (Davenport, 2007).

Companies can prosper when they depend on their processes of the analytics data that facilitate them to distinguish when inventories are going low, and how they could evaluate the predictable problems with the supply and demand chains or for gaining high rates of prefect orders and low rates of inventory. It is already defined that analytics competitors have specific space in the market where they can strengthen their market by creating their own monopoly. Moreover, for the companies to become analytical competitors, they first would be required to hire skilled employees for their firm to grow on greater level. Resource is the key factor to provide good quality and to strengthen the pillars of the organization.

What are the sources of strength for an analytics competitor?

There are four key sources of strength for analytics competitors that are produced by Davenport.

The Right Focus

Every company has the capability and it is essential to have definite focus on only some analytics subjects. The purpose of diffusing could make the organization concise with the purpose of analytics. Moreover, it is required to deeply analyze on seven functions. Currently, algorithm and advanced models of statistics could be employed greatly which includes advertising and other measures of marketing. The success of analytics competitors could not be achieved singly by the organization, but they required help from their customers and vendors.

The Right Culture

Every company has their specific culture and they should appreciate the usage of those facts and data for conducting the proper procedure. Organizational culture is common in the business industry as it require great entrepreneurship and high creativity for the innovation that must be made on the evidences. However, analytics competitors should inspire a wide respect of the company for testing, measuring, and evaluating quantitative evidence. It is important to notice that employees should make decisions on the harsh facts. Within analytics competitors, Human resource organizations are careful in employing the metrics for rewards and compensations.

The Right People

It has been researched that analytics competitors employ analytical people in their company so that can compete the skills required as per ...