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Mayank Kumar PandeyDiscussion week 6COLLAPSETop of FormToday, almost every organization is exploring or want to explore the power of stats and analytics to create better business opportunities for itself,But its not only about using analytics but its also about using themgood.The quality of prediction will also depend upon the quality of data supplied.The organizationswhich have commanded the analytics have outperformed others in varied fields.Amazon,capitalone, paypal,Marriot are some of the examples.Organizations which have successfully managed their commitment, adopted multiple initiatives long before and shown their commitment to analytics driven business decision and one thing is common among all those organization that they have adopted it at enterprise level and not at the department level.Almost every corporate these days using basic simple descriptive stats for its business but those who have outperformed are looking well beyond it.Majority of them are using predictive modeling , and they are relying not only on the data generated from in house business but also from outside source and combined them for effective data model building.Reference:https://hbr.org/2006/01/competing-on-analyticshttps://channels.theinnovationenterprise.com/articles/how-does-business-analytics-provide-a-competitive-edgeBottom of FormDhruv Vijay GujrathiWeek 6 DiscussionCOLLAPSETop of FormThe companies will not become obsoleteif all of them start using analytics. The magic lies in the decision of choosing how, where and whento use the skill. Also, recruiting the right people for the job is also very important.For example, a technology company known for a creative and innovative corporate culture can use insights-driven recruitment to make the best hiring decisions, align talent to business objectives, and define the future workforce. Leveraging data, HR leaders can determine why top talent leaves the company and which employees are most likely to succeed in specific functional areasData analytics has helped rewrite the rules of business competition, creating a growing number of analytical competitors — businesses that have gained an advantage by competing not only on products or services but also on advanced analytical capabilities.Many companies use analytics to drive decision-making and better understand their businesses, markets, and customers; analytical competitors go a step beyond by leveraging analytics extensively and systematically to help out think and outmaneuver the competition. Many of today’s most advanced analytical competitors are Silicon Valley innovators that pioneered applications — such as search engine algorithms, network graphs, recommendation systems, and advertising algorithms — and have since moved on to analytics for employee performance, digital marketing attribution, venture capital investment decisions, and many others.References:https://deloitte.wsj.com/cio/2017/12/14/how-to-outflank-the-competition-with-analytics/Bottom of Form

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