Question: can i get a positive feedback about this post below made by my classmate, After reading Identifying the Need for Data Analytics, Ive come to

can i get a positive feedback about this post below made by my classmate,

After reading Identifying the Need for Data Analytics, Ive come to realize the importance that Big Data analytics brings to organizations. Relationship management of all customers is essential to all business processes. Consumers tastes and preferences greatly impact the success of the business. By having a log of the things customers want help will help cater products to their needs and wants. Data analytics can zone in to a specific group of people allowing companies to target advertising in order to retain customers, or even attract new ones. by understanding the demand for a specific products companies can adjust inventory levels as they see fit. If companies fail to meet demand customers will tend to move on to substitute product in order to meet their needs. The more companies know about their customers the more strategy can be used in company-wide business processes such as the supply chain. Firms can start to buy only what they need for the production or development of new product or services. Many firms find themselves spending the most money in sourcing goods from suppliers. Analytics is a good was to understand what they need before they buy. The implementation of transportation analytics can greatly improve the movement of goods as well as save the company money in transportation costs. This ultimately leads to the customer having their product when and where they want it when they need it most. I feel the biggest form of data analytics when it comes to the selling of products is the development of POS Data. This data gives the most information to what customers like and how much they are willing to spend for it. They can see at which prices or times customers are most likely to buy a specific product. Companies who can stay ahead of what customers want have a better chance of surviving in todays competitive markets.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!