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Business Analytics Implementation - Term Paper Example

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This paper "Business Analytics Implementation" provides a profound analysis of business analytics, its advantages, and its disadvantages, challenges, techniques, implementation plan, and backup proposal. It also analyzes 3 main analytics techniques: MOST, SWOT, and PESTLE. …
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Business Analytics Implementation
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Download file to see previous pages Nowadays, fashion-conscious consumers take their prompts online, and from their peers. They now have a world outlook that is much larger than the streaming orders that conventionally have come through fashion runways and dealers. Therefore, predictive analytics, by interacting with social media, can definitely have an effect on future design trends in the industry. Consequently, this will ensure that the organization is able to predict what it is that consumers want to buy, instead of what it is that fashion designers want them to buy. This is bound to give the organization a competitive advantage and add to its revenue. Predictive analytics does not predict the future; no technology that can achieve it. It only gives the management an idea of what may likely occur in the future and help it the decision-making based on the assumption.  Predictive analytics tools make use of the data they have to predict the likely data that they do not have.             Venturing into new markets can be a bit tricky, especially for a firm that is not so well known. Despite there being an opportunity presenting itself, this however does not necessarily imply that the business will obviously be successful in the new market. Advantages of Business Analytics (Stubbs, 2011) The management is able to make fact-based decisions once the business analytics program has been properly implemented. The management can easily see comprehensive and up-to-date data on all aspects of the business, ranging from customer information, production, and financial data. They can reports that fuse these data in pre-determined ways, such to include investment reports for specific products or product lines. This information can help management make fact-based decisions, such as which products to take off the markets and which ones to concentrate on.
A well-implemented business analytics system can be a valuable asset to the organization since it provides access to current reports that identify trending sales, product developments or embellishments, current customer taste and preferences, and new unexplored markets globally. Furthermore, detailed and current information can serve as a valuable backup during negotiations with supplies and other sellers. Business analytics can help the organization in its SWOT analysis. In addition, it plays a key role in the decision-makers’ swift action towards any new opportunities, and help the company identify their most profitable customer base, as well as potentially profitable customer base and identify any reasons that may cause customer dissatisfaction before they cost them sales. ...Download file to see next pages Read More
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