Posted: September 19th, 2020
In the ever-changing business world, business analytics stands out as an organization’s most valuable tool. The subset predictive business analytics as a skill is gaining mainstream value because of its flawlessness and reduced margin of decision error. Analytics helps a business to simplify complex data sets to increase its value. The paper examines the concept of business analytics in developing a competitive advantage to the company.
According to Bartlett (2013), conducting customer analytics from an integrated framework of business analytics will help direct the company’s growth plan. It is important to know more about your customers, why they buy, and why they wish to remain loyal to your organization (Bartlett, 2013). Such information would be useful to the firm, especially while making future decisions. He holds that having a complex but trusted set of analytics in the business that helps provide customer analytics creates a competitive advantage. The reason being that customers are complex to handle, hard to deal with, and their loyalty grows elusive by day. The contemporary customers seek a faster solution and hope to find a long-term, trusted business partner (Bartlett, 2013). Therefore, analytics will let the business be ahead of the client; knowing their information, wants, and planning prior helps sustain them.
A scenario where business analytics has been so crucial in our organization was concerning product development. We were overproducing and realized that our supply was way below the demand in our market. However, since we employed analytics, it helped us evaluate the current state of the market and the business processes, therefore, providing the basis to predict the future. Our firm has been able to delve deeper into the current market and the processes that would trigger change, thereby shifting our production and product development in ways that match the market needs. The ability to predict the market and develop products and brands that meet the current demand is every company’s dream. Therefore, we take exception, putting us ahead of our competitors.
According to O’Neill & Brabazon (2019), when a company starts using data analytics, it begins to realize massive transformation and operational efficiency. The focus on using analytics to identify potential opportunities and streamline operational processes in a way that helps the firm maximize profit (O’Neill & Brabazon, 2019). Since integrating the analytics to the operation process, it is easy to isolate potential problems and take actions that eliminate them before they occur. It also allows the company to examine which of the processes has yielded the best result under the existing conditions and the ones that need to be improved. Further, allowing companies to always be on the know cushions our processes against any challenge eventuality before they occur, which places the firm at an advantaged position compared to our competitors (O’Neill & Brabazon, 2019).
Merida, in his Christ-centered exposition, as found in 1st and 2nd Kings, explores the reign of King David, especially how it was marked with wealth, prosperity, and wisdom (Merida, 2015). However, when he got off the track, the whole kingdom got compromised. The same can be said of data analytics. Without it, even the greatest companies can yield to pressures of competition and lose its key competitive advantage. Like the Merciful God who offers hope, especially in healing Naaman (2 Kings 5:1-19). However, with a good plan and analytics, it is not possible to go wrong. The business will operate like Jehoiachin, the last King of Judah, who got out of prison and dined with the kind regularly for the rest of his life (2 Kings 25:27-30). Business analytics can correct the wrongs and set the business in the success path for the rest of its cycle (Merida, 2015).
Bartlett, R. (2013). A Practitioners Guide to Business Analytics: Using Data Analysis Tools to Improve Your Organization’s Decision Making and Strategy. (1st ed). New York, McGraw-Hill. ISBN: 9780071807593.
Merida, T. (2015). Exalting Jesus in 1 & 2 Kings. B&H Publishing Group.
O’Neill, M., & Brabazon, A. (2019). Business analytics capability, organisational value, and competitive advantage. Journal of Business Analytics, 2(2), 160-173.
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