Analytical tools are mostly used in the organization to help create values, achieve, and maintain a competitive advantage. They help improve cost savings, drive market strategy, redefine the process, build customer experience exceptional, and establish competitive differentiation. Provision of better products, market innovations, financial planning, environment analysis, and dynamic allocation of resources are analytical strategies to maintain and achieve competitive advantage. The most used analytical tools in organizations include SWOT analysis, PESTEL, and SWOTT analysis. The SWOTT analysis is more beneficial than the SWOT analysis since it evaluates trend analysis of the products and services. The SWOTT analysis helps in the provision of organization leadership that will focus on problems that need to being addressed, which will keep the company grows, competitive, and prosperous (Thompson et al. 2019). It helps the organization evaluate its strengths, opportunities, weaknesses, threats, and trends before launching its venture throughout its life.

The SWOTT analysis covers the regression models and trend analysis. Still, it does not include computer simulation models and effective allocation of resources that will help improves products and achieve competitive advantage. The problems of long term constraints and capital flow require evaluation of the proper allocation of resources. Computer simulation methods will help evaluate domestic markets, foreign manufacturers, inflation on future capital needs, leading to timely organization decisions, and strengthening the company's long-term competitive situation.

The use of analytics tools helps in improving customers and employee satisfaction. The analytic tools assist in making the right decision in company operations where it adds value to the business. A better company decision helps the organization build technological capability that customers and employees can adopt to create value in the industry (Grover et al. 2018). Advanced analytics tools offer faster and better-informed decision that helps in lowering costs, improves markets attractiveness, and competitive strength. This is attained by reducing payment history and extensive demographic data to separate accounts into simple categories.

Reference

Grover, V., Chiang, R. H., Liang, T. P., and Zhang, D. (2018). Creating strategic business value from big data analytics: A research framework.Journal of Management Information Systems,35(2), 388-423.

Thompson, A. A., Jr., Reidenback, M. A., Stappenbeck, G. J., Harms, C. C., and Thrasher, I. F. (2019). The business strategy game: Competing in a global marketplace. https://www.bsg-online.com/

In addition to the points made, SWOT analysis is a great tool to use as it helps a company to build on what they do well, to address the areas they need to work on in other to reduce their risk, take advantage of the opportunities they have, and make sure they guide against what will constitute a threat to thebusiness. What would you consider are the two elements of SWOT analysis?

What would you consider are the two elements of SWOT analysis?