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Question 1 The process of business analytics aims at solving a need for the company. Whether it is product diversification, boosting productivity or a cultural
Question 1 The process of business analytics aims at solving a need for the company. Whether it is product diversification, boosting productivity or a cultural shift the analytics process uses SMART objectives in the processes. The process uses current and historical data to reproduce short term and long term outcomes. In this sense the analytics process encompasses the past present and future in each process in order to facilitate decision making. It is also imperative for the analytical process to measure the results of the implementation of the objectives which is part of the future. Statistical tools are used in the analytics process to measure current variables that influence future occurrences, are a good example of the wholeness of the processes. For example, the use of ANOVA to find the relationship of new products on increase in sales will assist managers make a decision to launch a product in the present that will improve future sales. Results of statistical tests provide firm foundation for the analytical process. This all depends on data collected in the current market and historical trends. It is evident that three vital components of the descriptive, prescriptive and predictive analytics incorporated into the business analytics process are useful for a firm in using past data to predict future outcomes and decide on which current actions will make the business profitable and efficient in preparation. Business analytics will enable companies become more competitive in order to survive in the market, reduce inefficiencies that reduce waste of valuable resources need for the continuation of the business. Analytics will also identify areas and strategies for growth. Without growth the business will stagnate and eventually die. Using business analytics the organization can implement green process in their business that will also aid in the sustainability of the business environment as a whole.
Question 2 Sustainability has been identified as a key predictor of a businesss success. Data mining can help identify new customer bases that have not yet been tapped by the market. The market that has yet been served represents only a small portion of the available markets due to resource constraints. Business analytics will enable firms repurpose their resources towards markets that have not reached saturation. For example, the richest people in the world are investing in space travel to discover resources outside of earth. Business have a social responsibility that can not be ignored. Most people now expect business to run their business with least impact on the environment. Sustainable business have been touted as those with a focus on adversely impacting the environment least. Business analytics can be used to make decisions in the daily business operations while also considering the impact to society. Reducing emissions from manufacturing has been a key focus of many environmental summits. Analytics is used to determine how much emissions are produced by companies or nations and by what index the emissions should be reduced to ensure sustainability. Business analytics and sustainability intersect in various areas that are of interest to organizations operating in the common market. Data used in analytics is directly linked to key decisions that affect sustainability.
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