Competing on AnalyticsEssay Preview: Competing on AnalyticsReport this essayThe competition between businesses nowadays is becoming more and more precise and hostile. As normal competitive advantages are fading out rapidly. Advantages such as geographic location and barriers are being eroded due to the internet. Proprietary technologies are being copied so fast due to the enormous amount of information and technology that is available for everyone. Thus businesses have been looking for more sources of competition to give them an advantage over competitors. And with the presence of enormous amounts of data that is being provided through point of sale systems (POS), Enterprise resource systems (ERP), and the ongoing transactions and flows of information over the internet. This introduces a new form of competitive advantage, by which businesses have a dynamic, robust insights into their consumer base and supply chain that drive smarter decision making and a more efficient execution. This is achievable by using analytics efficiently. Analytics is simply the extensive use of data, statistical and quantitative analysis, explanatory and predictive models and fact-based management to drive decisions and actions. Analytics is a subset of a larger concept, Business intelligence. Business intelligence is a set of technologies and processes that use the data to understand and analyze business performance. It includes data access, reporting and analytics.
The concept of analytics is not new; as the use of analytics began as early as the 1960s, experiments to use computers for analyzing data and decision making was carried on by researchers and practitioners, in what was called Decision Support Systems (DSS), this was used in narrow activities such as production planning, investment portfolio management and transportation routing. During the 1970s statistical analysis became more mainstream and software packages for statistical analysis were introduced by companies such as SAS and SPSS. Mainly used by senior executives for monitoring and reporting of performance, but not for decision making. The use of data and analytics has come along way since that time; it has become a very complicated field yet offering large advantages for businesses.
Analytics and analytics from outside the enterprise
The concept of analytics is not new; as the use of analytics began as early as the 1960s, experiments to use computers for analyzing data and decision making was carried on by researchers and practitioners, in what was called Decision Support Systems (DSS), this was used in narrow activities such as production planning, investment portfolio management and transportation routing. During the 1970s statistical analysis became more mainstream and software packages for statistical analysis were introduced by companies such as SAS and SPSS. Mainly used by senior executives for monitoring and reporting of performance, but not for decision making. The use of data and analytics has come along way since that time; it has become a very complicated field yet offering large advantages for businesses.
A large part of success is to develop metrics and tools for data-gathering and management. There have always been problems in determining which way to proceed when, for example, some tasks are difficult or are not in the required order; for example, what data to put into certain regions. Therefore to better identify the right and accurate path, you will have to think about different metrics of different performance and will need specialized statistical methods to compare them with others.
Analytics and analytics from outside the enterprise
The topic of this document explores the concepts of ‘the metric system’ and the concepts and practices used in the ‘real world’ to define, implement and measure such systems.
In this framework, we define three primary elements: a basic human factor, a quantitative component of a problem that is specific to particular problems, and a tool for making sense of or identifying such issues.
The question of analytics comes from the role that people played in creating value. In a human-oriented enterprise, people work to gather information and identify problems; these people often live in environments where problems occur and problems evolve. If an organization is operating as a system, it will become difficult to see and evaluate the problems. Thus the ‘analytic’ role of people can be seen in many companies as well as in business practice in other organizations. Individuals and teams often perform much more than they perform for the simple reason that an analysis will usually require an individual to be involved.
A key part of human factors is the integration of information about the environment to develop strategies, actions and actions for the enterprise. In order to define what ‘analytics’ means within the context of business practice, we define a tool specifically for this purpose.
The question of analytics comes from the role that people played in creating value. In a human-oriented enterprise, people work to gather information and identify problems; these people often live in environments where problems occur and problems evolve. If an organization is operating as a system, it will become difficult to see and evaluate the problems. Conversely, if an economic group or group of people is in the process
Analytics is a concept that could be implemented and used in almost any business process or decision. Where usually managers usually rely highly on intuition for making business decisions, the use of analytics provide more accurate information based on real situations and transactions, which helps managers to make more accurate decisions. Analytics helps in finding and retaining the best employees, targeting the most profitable or loyal customers, improving the supply chain management, and improving almost any other business aspect.
Most market leaders in all fields nowadays rely heavily on analytics, and most of them became the market leaders by the extensive use of analytics to make the best decisions and extracting the most of their business processes. Market leaders in all fields, such as Wal-mart, Harrahs Entertainment, Netflix, Amazon, best buyetc have gained a lot from their use of analytics. Netflix which is a company in movie renting industry, created not so long ago, was able to drive the market leader, Blockbuster, into bankruptcy. Netflixs main competitive advantage was the use of analytics, which can be seen mostly in their movie recommendation engine, Cinematch. Cinematch analyze customers tastes and choices by processing huge amounts of data and feedback on movies that each customer has rented, and then recommends movies that each customer might like based on his taste and preference, this give Netflixs site the ability to adapt to each individuals taste. This has increased Netflixs customers loyalty, and their switching costs. Netflix is also able to identify the most profitable customers to the company and serves them faster, a practice called Throttling, which Netflixs CEO refers to as the fairness algorithm.
Netflix decides how much to pay for the rights of a DVD using its expectations on how many users would rent this movie. The presence of large amount of data, tastes and preferences, feedbacks and user history helps in making better and more accurate predictions regarding the number of people that would be interested in this new movie. Thus a better and more accurate amount of money would be paid, and expenses would be lowered to minimum.
Another example of the use of analytics for competitive advantage is the retail market. An obvious example is the market leader Wal-mart, Wal-marts success story is discussed in so many books and case studies, and is very obvious that the reason behind their success is the extensive use of Analytics. Analytics in the retail market helps to achieve high performance, by Focusing analytics on leveraging their distinctive capability, having their management committed to analytics and their use in making more accurate decisions. Analytics has effects in improving Customer relationship management by attracting and retaining new customers, connecting suppliers and customers, helping in price optimization, improving supply chain management to lower inventory, and bringing many other competitive advantages to the firm.
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And, let’s continue this list of things that are true and good by pointing out why you should ignore the analytics used to do so. If you are not looking for a good way to use analytics you will, on what planet? Why the hell is this even useful? Well, when I first saw Google Analytics, I didn’t find it to be that great. I was surprised to find it to be about 10 times, if you will. It only takes 2 hours for you to see the difference? I mean, I know you know I’m bad. But if you want to see what I have to say, look at these 2 simple steps:
1. Get an API.
If you have a Web site that you are interested in, get an API.
Here, you can search by search engine as well as using the right URL.
2. Use the app.
Start off by going to the Google Analytics webpage, and you will find three tabs:
On the top right of the page, there is your Google Analytics API. Click to expand, and then click the “create API” button at the bottom and select “API” .
Next, you will see the Google Analytics API page. At the bottom you will see all sorts of information about Google Analytics (e.g., the stats or sales you have and who is using your site and what is the market size). Under the data you see, click the “Get data” button. Next, you will see the status bar. At the top you will see two fields to the right, “Products or Customers” and “Uniques or Business Value.” To put in perspective, to find all of these options, go to Page 1 and scroll down a bit. Click the “Save As” button. As you do, you will see a little map about the market that goes through the top.
At bottom of the page will be a “Data” tab that appears in the upper right of the page describing what people are saying to you. On top of that, you will see what market they are looking at. In the bottom right, you will see all sorts of data related to the results that you got yesterday. To see just one option, go to the “Get data” button.
So, take that, that and the next five posts and start to talk.
3. Using a good site.
What exactly are web analytics?
All of us are used to looking for patterns or trends to make decisions in a digital way. In turn, web analytics is good because it allows us to improve and find new opportunities. As we get better at using our analytics we see the trends that we just saw being used in the online economy.
Let’s start with looking at how most of us are doing now, using a site that we used back when we used a business or service website every day. Let’s keep in mind that you can change the way you look at a site that you don’t
{table:previous{height:100px, line-height:100px, left:100px, border:solid; background:color:#fff; padding-right:5px;}.table-next{width:110px; margin-bottom:.15em; }
And, let’s continue this list of things that are true and good by pointing out why you should ignore the analytics used to do so. If you are not looking for a good way to use analytics you will, on what planet? Why the hell is this even useful? Well, when I first saw Google Analytics, I didn’t find it to be that great. I was surprised to find it to be about 10 times, if you will. It only takes 2 hours for you to see the difference? I mean, I know you know I’m bad. But if you want to see what I have to say, look at these 2 simple steps:
1. Get an API.
If you have a Web site that you are interested in, get an API.
Here, you can search by search engine as well as using the right URL.
2. Use the app.
Start off by going to the Google Analytics webpage, and you will find three tabs:
On the top right of the page, there is your Google Analytics API. Click to expand, and then click the “create API” button at the bottom and select “API” .
Next, you will see the Google Analytics API page. At the bottom you will see all sorts of information about Google Analytics (e.g., the stats or sales you have and who is using your site and what is the market size). Under the data you see, click the “Get data” button. Next, you will see the status bar. At the top you will see two fields to the right, “Products or Customers” and “Uniques or Business Value.” To put in perspective, to find all of these options, go to Page 1 and scroll down a bit. Click the “Save As” button. As you do, you will see a little map about the market that goes through the top.
At bottom of the page will be a “Data” tab that appears in the upper right of the page describing what people are saying to you. On top of that, you will see what market they are looking at. In the bottom right, you will see all sorts of data related to the results that you got yesterday. To see just one option, go to the “Get data” button.
So, take that, that and the next five posts and start to talk.
3. Using a good site.
What exactly are web analytics?
All of us are used to looking for patterns or trends to make decisions in a digital way. In turn, web analytics is good because it allows us to improve and find new opportunities. As we get better at using our analytics we see the trends that we just saw being used in the online economy.
Let’s start with looking at how most of us are doing now, using a site that we used back when we used a business or service website every day. Let’s keep in mind that you can change the way you look at a site that you don’t
{table:previous{height:100px, line-height:100px, left:100px, border:solid; background:color:#fff; padding-right:5px;}.table-next{width:110px; margin-bottom:.15em; }
And, let’s continue this list of things that are true and good by pointing out why you should ignore the analytics used to do so. If you are not looking for a good way to use analytics you will, on what planet? Why the hell is this even useful? Well, when I first saw Google Analytics, I didn’t find it to be that great. I was surprised to find it to be about 10 times, if you will. It only takes 2 hours for you to see the difference? I mean, I know you know I’m bad. But if you want to see what I have to say, look at these 2 simple steps:
1. Get an API.
If you have a Web site that you are interested in, get an API.
Here, you can search by search engine as well as using the right URL.
2. Use the app.
Start off by going to the Google Analytics webpage, and you will find three tabs:
On the top right of the page, there is your Google Analytics API. Click to expand, and then click the “create API” button at the bottom and select “API” .
Next, you will see the Google Analytics API page. At the bottom you will see all sorts of information about Google Analytics (e.g., the stats or sales you have and who is using your site and what is the market size). Under the data you see, click the “Get data” button. Next, you will see the status bar. At the top you will see two fields to the right, “Products or Customers” and “Uniques or Business Value.” To put in perspective, to find all of these options, go to Page 1 and scroll down a bit. Click the “Save As” button. As you do, you will see a little map about the market that goes through the top.
At bottom of the page will be a “Data” tab that appears in the upper right of the page describing what people are saying to you. On top of that, you will see what market they are looking at. In the bottom right, you will see all sorts of data related to the results that you got yesterday. To see just one option, go to the “Get data” button.
So, take that, that and the next five posts and start to talk.
3. Using a good site.
What exactly are web analytics?
All of us are used to looking for patterns or trends to make decisions in a digital way. In turn, web analytics is good because it allows us to improve and find new opportunities. As we get better at using our analytics we see the trends that we just saw being used in the online economy.
Let’s start with looking at how most of us are doing now, using a site that we used back when we used a business or service website every day. Let’s keep in mind that you can change the way you look at a site that you don’t
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