Analytics and the use of them in business Essay

Analytics and the use of them in business Essay

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I have often heard it said that if you want your business to succeed you should hire and surround yourself with people who are smarter than yourself. In the modern business world companies are finding it more and more difficult to compete solely on product, especially as it seems that every company a given industry is producing the (or very similar) products. Even competing on quality is a hard sell in the modern market as quality standards have become intense as consumer expectations have continued to rise. Thomas Davenport, professor of information technology and management at Babson College in Massachusetts is also the forerunning spokesperson for analytics and the use of them in business to achieve a competitive edge.
Becoming a competitor on the analytic edge of business involves several factors, including hiring the people who are smart about statistics and analysis to be able to interpret the data that firm has collected, as well as being able to determine the exact data that needs to be accumulated from the entire enterprise and even the industry to best direct the approach of the business (Davenport,2006).
Davenport expresses the need for a widespread use of modeling to take the basic statistical data to a new level. By generating predictive models firms become better able to determine the places in the business and the customers that will help to drive the greatest potential profitability while at the same time determining those customers who are most likely to discontinue their relationship with the firm. These tests can theoretically analyze the possible outcomes of business factors on profitability and provide viable options for things such as price point, shipping costs and even product R&D (Davenport,2006).

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...g closed on Sundays (the accepted Sabbath of the majority of Christendom), not just giving employees the choice to be off Sundays, but to be closed completely, almost boggles the mind. How can they be so profitable? I think that Malachi 3:10 says it well: “Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.”
Statistics may never show it, I know my own budget does not work on paper, but the more faithful we are to the principles of the gospel of Jesus Christ and the commandments of God, both in our personal and professional lives, the more God will “open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it.”

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