I have often heard it said that if you want your business to succeed you should hire and surround yourself with people who are smarter than yourself. In the modern business world companies are finding it more and more difficult to compete solely on product, especially as it seems that every company a given industry is producing the (or very similar) products. Even competing on quality is a hard sell in the modern market as quality standards have become intense as consumer expectations have continued to rise. Thomas Davenport, professor of information technology and management at Babson College in Massachusetts is also the forerunning spokesperson for analytics and the use of them in business to achieve a competitive edge.
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Of course moving to an analytics platform requires change to start at the top levels first, C-Level executives must either learn to use the data that their companies accumulate for them, or at the very least surround themselves with people who can interpret it for them. Unfortunately the one area that caution should be employed is in human capital, people are chaotic and trying to order them “by the numbers” is not always the best strategy, in fact the best strategy is often using human instinct and their assessments of personality and character (Davenport,2006).
Sources of strength
The three primary sources of strength for companies that choose to move to analytics as the way that they focus their business activities are focus, technology and people. By creating a culture of data accumulation and implementation companies will find that they will generate the solutions to many different business related problems (Davenport,2006).
By having the right focus it becomes possible for business to fine tune their processes in areas that they believe will generate the best effect on their revenue streams. As an example UPS has focused on their logistics and ensuring that packages are shipped efficiently around the world, while Mariott Hotels has focused their analytics on Customer Service above all (Davenport,2006).
Hiring the right people is also very important as data alone is worthless, you need to have