Question

1. As a manager you are or will be amassing large amounts of data. Like never before decisions are very complex and time-sensitive. Discuss how a well- implemented business analytics tool could help improve the quality of your business decisions.

Answer 1

Data analytics helps improving business decision on many fronts, including:

Improve internal process:

• Based on data analytics managers gauge efficiency of their processes. Based on various reports of data analytics, manager can find root cause of the problem and analyse the situation.
• Further, based on analysis they can improve the operating procedure to minimize the gaps.

Explore new business opportunity:

• A well implemented data analytics tool can highlight untapped customers segment or missed sales opportunity. Which otherwise may not be noticed due to scattered data.
• Further, identification of potential customers and classifying their needs based on unique characteristics is streamlined with the supporting data driven results.

Managing logistics overhead:

• Most of business involves a large quantum of goods movement. It includes raw material movement to factories or final product distribution to customer centres. Data analytics tools provide real time tracking through sensor data. Further, data analytics helps improving production schedule, demand generation etc.