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Using Analysitcal Tools To Improve Business Sustainability

1432 words - 6 pages

In everyday routine, people make hundreds of decisions in their personal and professional lives in response to different situations. For example, whether a particular candidate should be hired for the designation offered or the promotional discount will help to enhance sales or not etc. It is considered that more the background information or data available, the better the human’s ability to make good decisions from the various possibilities (Nauman, 1990).
Organisation’s success depends on the alignment of its business processes, resources and values and not only on the employee capabilities working in. Smart organizations make multifaceted interventions such as, organisational structure, technology, methodologies etc in order to examine the accessible components of decision making .Ideologically, there are four basic steps that can improve decision making process including Identification, Inventory, Intervention and Institutionalization (Davenport, 2009). Alignment of the decisions made in terms of prioritizing the improvements for example, what are the major concerns, intensity of occurrence , what information is available to support it?, designing of processes, systems in order to make effective decisions. what tools and analytical models to be used for the execution of the decision making etc.
In order to streamline various business processes and its enhancement and proper functioning, business analytics approach has its own importance nowadays in the organisations. According to Evan (1990), Analytics can be considered as any data-driven process that provides insight either on past information or predictions about future proceedings by adding value to data turning into information. For example, reporting, predictive modeling, segmentation etc. Use of analytics in business helps to improve business performance and result in better customer satisfaction. Laursen (1990) defines business analytics as delivering the correct decision support to the right person at the right time, as it gives information, knowledge or data to act upon or not according to your own choice. For example, check-out receipts at the grocery store can guide manager the placement of goods on the shelves providing the necessary decision support.
Best Buy and Circuit City were two of the most famous electronics retailers of United States with almost similar mindsets but with different strategic approaches. The role of business analytics played a vital role in maturing the image of both the retailers .Focusing on striving to exceed customer satisfaction and live the values of the store making them as a guidepost for their actions that end up working all in the same direction respectively. There were several reasons behind the Best Buy success and the Circuit City’s failure. There were numerous observations and contrasts among both the organisations which played a vital role in the bankruptcy of Circuit City and the Best Buy thrives. One of the major concerns was of the Circuit...

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