Informational technologies play an important part of any company's and business's development, as this is a strategic weapon nowadays. Killer apps have a strong power and more and more companies question for them as they promise to provide the biggest competitive advantages. Some companies have upgraded in this competition and now transformed their institutions into Killer apps. This is not only because the business has more and more data and information that turns around it, but also is it a great challenge to take. Analytics competitors are a key link in all processes, as only they know the market and who and why is going to buy the exact product. The purpose of the following essay is to talk about analytics competitors and their influence on business in general.
Only high-skilled professionals are hired for those positions, while they know all the areas of influence that can make a company prosper. Those are leaders in multiple areas - finance, consumer products, travel, entertainment, and retail. For instance, the company known as Capital One can thank for the 20 percent grow in shares every year to analytics competitors. Amazon also used it to win the market share and turn the profit irrespective of the fact that they made huge investments in infrastructure and growth. Not steroids, buts statistics is the key to win in sports, as it give an advantage of knowing the facts.
How can a company become prosperous as an analytics competitor? The answer is quite simple - just never stop at what you have achieved. Marriott International is a brilliant example of top winners in global game. Besides the optimal price system establishment for guests, this company has increased its expertise in areas such as catering and conference, and created special Internet application that is easily accessible for managers and hotel owners. The system that shows the customer's likelihood to choose the competitor's offer was also developed. Revenue of Marriott International has increased from 83% to 91%. The behavior of this company is not traditional and includes three behaviors, which can be summarized into the following: common usage of optimization and modeling, an enterprise approach, and senior executive advocates.
First approach, which is a common usage of optimization and modeling, talks about looking beyond the statistics, which is available within any organization. The specialists in order to analyze and get a comprehensive understanding of their customers generate the in-house and external data. Such methods as supply chains optimization, alternatives simulations, shipment routing and mapping are used. Experiments are also an important part of this approach.
An enterprise approach.The sophisticated quantitative difference that is implemented regularly can improve the situation significantly, and this is the pillar of this approach. The information-based strategy is important to analytics competitors as it is one of sources to their strengths as well as statistics.
Senior executive advocates. This approach is all about changes in processes, behavior, skills, and culture for many employees that are led by top management, especially CEO. The analytics change requires the top leader to have a familiarity and an appreciation of the subject. Another source of strength to analytics competitors are observations done by human beings.
People who use proper strategies together with informational technologies will give the strength to the organization. Finding the right focus is very important, as it is critical to choose at some stage where to put all the resource-intensive efforts. The right culture is the next important factor, as such methods as rewarding, bonus systems and measurement of leadership traits are more often used in organizations. The right people is another strength and means that when a company is looking for a person to fulfill the vacant position, it seeks for a candidate with analytical thinking or an analyst that would perform much better and provide more benefits for the company. Such people can generate complex ideas in a short timing and have proper relationship skills with decision makers. The right technology is about getting all possible data from any source in a quick manner in order to analyze it with the help of IT techniques. It includes data strategies that are about collecting information, business intelligence software, which helps to extract, lead, and transform information into reports, scorecards, and alerts, and computing hardware that is related to quicker processing of the information (Davenport, 2009).
Business modeling is done with the help of management science professionals and operations research (OR). It requires the usage of the computer and quantitative methods for proper planning the efficient resources allocation in industry, business and the organizations of government (Monash University, 2013). This article has influenced my views in a positive way, as I have once again understood that it is really important for any company to have a proper combination of data usage along with people' s management. If to talk about business decision making, I found a clear correlation of the article with the basis process, they are related to the fact that in any company's management, before making a decision, it is critical to demand more evidence, examine logic and encourage experimentation (Harvard Business School Publishing, 2013).
To conclude, I am more inclined to say that in general my view conforms to the ideas given in the article, as it is important to develop the analytics competitors. The right culture, the right resource, and the right people can really make a difference for the company and give more profitability in the times when the market is as competitive as ever. However, talking from the Christian worldview, I want to mention that sometimes it is not very important to think only about the profitability or money, but to think more about employees and consumers. There are some companies (I would not name them, but they are in the area of food industry) who would say that safety of employees and customers is much more important that profitability of the company.