Understanding Strategy, Core Competencies, Competitive Advantage And Perceptions Of Strategy

Understanding Strategy, Core Competencies, Competitive Advantage And Perceptions Of Strategy

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2. Conceptual Framework
In this paper, I combine insights from the literature on strategy, core competencies, competitive advantage and perceptions of strategy makers to generate a theoretical framework that explains how and why business analytics will help managers to make strategic decisions in favor of the organizations by giving useful insights from the data which in turn will lead to gaining competitive advantage over its rivals. Earlier researchers have explored how business analytics will influence firm performance, how these systems can be implemented to achieve the improved firm performance and competitive advantage but they have failed to look Business Analytics as a core competency that can be developed by an organization to gain competitive advantage.
As market boundaries are changing ever more quickly, targets are elusive and capture is at best temporary. With core competencies companies can invent into new markets, exploit emerging one and delight customers with products they hadn’t even imagined but definitely needed.(C.K. Prahalad, 1990) described that firstly a core competence should provide potential access to a wide variety of markets, secondly, it should make a significant contribution to the perceived customer benefits of the end product and lastly it should be difficult for competitors to imitate.By integrating business analytics technology and tools into organization’s working structure, it will not only lead the company on the path of growing business and successfully competing with other firms but they can also reap the benefits of market demands by foreseeing the trends and would be always ahead of competition. By using business analytics company can maintain customer relationships, i.e. segmenting their...

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...and integrate feedback to adapt subsequent predictions of future events.Using Business analytics especially in strategic planning and decisions will provide decision makers with reliable information about key performance drivers to focus decisions on problem’s primary aspect.The goal of business analytics is theunderstanding, exploration, and exploitation of businessdynamics and opportunities(BONGSUG (KEVIN) CHAE, 2013).Business analytics systems enable managers and other decision-makers to interpret organizational data to improve decision-making and optimize business processes (Watson, 2007). For example, using insight gained from analyzing data, an organization might launch new products, develop new products, introduce differential pricing, or create new channels for customer interaction(Harris, 2007). It is these value-creating actions that drive firm performance.

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