Do you know the importance of data analysis in building an organization’s overall strategy For a 150-200 word answer, please answer the following questions:
1. How do you think data analytics will impact your company’s near-term strategy (e.g. seasonal sales, market dynamics, economic data, etc.)?
2. Support your answer with examples and references (textbooks and/or valid external sources are acceptable).
Data analysis is the process of collecting, designing and examining information to generate insights for better decision making (Roldós, 2021). Globalization and increasing competition among companies have revealed the need for improved strategic planning to achieve business goals. Strategic planning is essential for making decisions based on specific goals and minimizing uncertainty about the future. Therefore, this article aims to critically analyze the impact of data analytics on short-term strategies of organizations.
Dbyler (2018) outlines the different ways in which data analytics is essential to effectively achieve organizational goals and outcomes. Firstly, data analytics to better approach customers by evaluating external data such as public holidays and current trends to gain a better understanding of the customer base. Hence, seasonal sales increase due to business-specific and relevant personalized marketing techniques based on target audience. Subsequently, the identification of target audiences, the strengths and weaknesses of the company, and the ability to predict future trends or market dynamics enables low-risk innovation of new products and services and the identification of new lucrative opportunities (Dbyler, 2018).
Additional analysis of economic data such as company productivity or inefficiencies and efficient allocation of resources can effectively reduce costs. Result data…
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