Decision Analytics and IT
March 11th 2015 Posted at Uncategorized
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It is not very common to find many managers today, especially in very large firms, who do not make use of Decision Analytics in making major decisions. In the competitive modern markets, managers simply cannot afford to make major decisions based on intuition or experience alone. All of the decisions that are made have to be based on unshakeable facts. This is why many companies are willing to spend millions of dollars every year to simply collect consumer data. The kind of data that is normally collected is diverse and may include information relating to:
Discover preferred commodities – the manufacturers as well as the distributors of various commodities normally take a lot of interest on the type of product that is most popular with their customers. Specialized Decision Analytic tools analyze all of the data collected in an attempt to find out which are the commodities that are preferred the most by their customers. Sometimes the volume of such information is so large that it cannot be analyzed without the use of the Decision Analytics tools that have proved to be invaluable at performing this task. Once the managers have established the products that are most preferred, they can then redirect the firm’s resources to increasing the quantities of such commodity.
The expectations of the customers – it is through the collection and analysis that the managers and business proprietors get to find out what their customers expect from them in terms of service delivery or branding and penetration. Armed with this kind of information, the business managers can then make the right decisions to ensure that the customers get the services they ask for.
From the above discussion, the necessity of having reliable Decision Analytics tools and the expertise to use these tools is really self evident. They require expertise because many of the tools employ complex mathematical algorithms that are not easy to grasp for someone who is not very well versed in their use. Due to the fact that the greatest proportion of customer data, in terms of customer opinion, is usually collected online, it is common for the IT Management department of the firm to be tasked with using these tools to analyze the consumer data. Another reason for this is because the tools are computer based and, as such, fall within the parameters of the IT Management department.
In the competitive modern markets, managers simply cannot afford to make major decisions based on intuition or experience alone.
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