Topic > Analytics and their use in business - 1693

I have often heard that if you want your business to succeed you should hire and surround yourself with people who are smarter than you. In the modern business world, companies find it increasingly difficult to compete solely on product, especially since it seems that every company in a given industry produces the products (or very similar products). Competing on quality is also difficult in the modern market as quality standards have become high while consumer expectations have continued to rise. Thomas Davenport, a professor of computer science and management at Babson College in Massachusetts, is also the leading spokesperson for analytics and its use in business to gain competitive advantage. Becoming a competitor on the analytical side of the business involves several factors, including staffing people who are smart in statistics and analytics to be able to interpret the data collected by the company, as well as being able to determine the exact data that must be accumulated by the entire company and even the industry to better direct the business approach (Davenport,2006). Davenport expresses the need for widespread use of modeling to take basic statistical data to a new level. By generating predictive models, companies become better able to determine the positions in the business and customers that will help generate the greatest potential profitability, while at the same time determining those customers who are most likely to discontinue their relationship with the company. These tests can theoretically analyze the possible outcomes of business factors on profitability and provide viable options for things like price, shipping costs, and even product research and development (Davenport,2006).Mov...... middle of paper .... ..g closed on Sunday (the Saturday accepted by the majority of Christianity), not only giving employees the choice of being free on Sunday, but of being closed completely, almost disconcertingly. How can they be so profitable? I think Malachi 3:10 says it well: “Bring all the tithes into the storehouse, that there may be food in my house, and test me now with this, saith the Lord of hosts, whether I will not open the windows unto you.” of heaven, and I will pour out a blessing upon you, that there may not be room enough to receive it.” Statistics may never prove it, I know my balance sheet doesn't work on paper, but the more faithful we are to the principles of the gospel of Jesus Christ and the commandments of God, both in our personal and professional lives, the more God will "open the floodgates" for you of heaven and will pour out upon you a blessing, such that there is not enough space to receive it”..”