Why are American Companies no Longer Manufacturing Cars?
American car companies are pursuing a very unique strategy to increase growth and profitability. Generally, when companies talk about increasing growth and profitability, they talk about exploring new markets and launching newer products. However, the American automotive industry is planning to do the exact opposite. Executives from Ford Motor Company have announced that within a […]
The New Trend: Insourcing IT Services
Insourcing is the opposite of outsourcing! Well, that sounds obvious, isn’t it? However, many people do not know what it means. However, this is a trend that is hitting the market in developing countries. Take India for instance; it is the largest exporter of software services in the world. A few bellwether companies primarily ran […]
What Caused the Global Economic Crisis ?
The previous article in the module introduced the global economic crisis with a brief overview of the causes. This article looks at the causes of the global economic crisis in depth. For starters, the global economic crisis carries a distinct “Made in the USA” tag which means that the origins of the crisis are to […]
Why the Chief Technology Officer has become so critical to the Success of Corporates?
The Transformation of the Role of the CTOs since the 1990s and to the Present Digital Age Until a decade or so, the CTO or the Chief Technology Officer used to be someone who was by name an executive position, but, in reality, was secondary to other execs including the finance and administration persons. Indeed, […]
Training & Development and HRIS Applications
HRIS is a systematic process of compiling different information for easily accessing them further. HRIS helps in training and development issues within a business. It facilitates performance evaluation of an employee understanding proper training methods, utilizing the knowledge imparted to employees in an accessible manner. Training and Development – Strategic Implications and Learning Organization The […]
The word analytics has come into the foreground in last decade or so. The proliferation of the internet and information technology has made analytics very relevant in the current age.
Analytics is a field which combines data, information technology, statistical analysis, quantitative methods and computer-based models into one. This all are combined to provide decision makers all the possible scenarios to make a well thought and researched decision. The computer-based model ensures that decision makers are able to see performance of decision under various scenarios.
Business analytics has a wide range of application from customer relationship management, financial management, and marketing, supply-chain management, human-resource management, pricing and even in sports through team game strategies.
Business analytics has been existence since very long time and has evolved with availability of newer and better technologies. It has its roots in operations research, which was extensively used during World War II. Operations research was an analytical way to look at data to conduct military operations. Over a period of time, this technique started getting utilized for business. Here operation’s research evolved into management science. Again, basis for management science remained same as operation research in data, decision making models, etc.
As the economies started developing and companies became more and more competitive, management science evolved into business intelligence, decision support systems and into PC software.
Business analytics has a wide range of application and usages. It can be used for descriptive analysis in which data is utilized to understand past and present situation. This kind of descriptive analysis is used to asses’ current market position of the company and effectiveness of previous business decision.
It is used for predictive analysis, which is typical used to asses’ previous business performance.
Business analytics is also used for prescriptive analysis, which is utilized to formulate optimization techniques for stronger business performance.
For example, business analytics is used to determine pricing of various products in a departmental store based past and present set of information.
Business analytics uses data from three sources for construction of the business model. It uses business data such as annual reports, financial ratios, marketing research, etc. It uses the database which contains various computer files and information coming from data analysis.
Business analytics can be possible only on large volume of data. It is sometime difficult obtain large volume of data and not question its integrity.
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Communication Systems and Groupware – Information System Concepts that Apply in All Functional Areas of Business
February 12, 2025
