Question

Business analytics in creating strategic value and competitive advantage


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Answer 1

Answer:

Competitive advantage of data analytics

Companies collect information from across their organization and industry. This gives them a competitive advantage in seeing where improvements are needed and where trends in sales have increased or decreased. It enables companies to identify potential gaps in the market.

Answer 2

At the same time, the amount of available data is also growing. Companies can now collate information from across their organisation and industry. This gives them a serious competitive advantage in seeing where improvements are needed, where trends in sales have increased or decreased, and where there are potential gaps in the market.

It’s therefore no surprise that data analytics has become an important tool across organisations. According to Robert Hetu, research director at Gartner: “Advanced analytics tools enable deeper insights and discovery that will challenge business assumptions. They also put information in the hands of business analysts and business users and offer significant potential to create business value and competitive advantage.” Among many benefits, using data can help companies save thousands of pounds, improve their procurement efficiency, develop their marketing strategies, support business growth and, critically, differentiate themselves from competitors.

By bringing together data from across the business, companies can get real-time insights into finance and sales, marketing and product development, and much more. This data enables each team within the business to collaborate better, achieve better results and outsell rival companies.