ACCT1081 Business Analytics | Organization to Build Future Growth

Introduction

Business analytics is an approach that is undertaken by a number of organizations to determine the performance of an organization and make decisions based on it. For all the organization whose decisions are driven by the data of the company, a business analytics is a crucial part of such organization. The business analytics can be used for specified projects, processes, plans and any other management that is vital for an organization. It is also used to identify the weaknesses and the strengths of an organization to build future growth, challenges and improvement plans.

Business Analytics for a Supermarket

Under the given case, the business analytics can help the supermarket in many different ways that will be beneficial for the overall growth of the organization. Business analytics will help in keeping the supermarket ahead of its competitors by providing the company with important information that will help in earning higher revenues and managing the crowd at the supermarket. The business analytics will utilize the past information of the supermarket that will be associated with the days when the supermarket had experienced a huge rush and the organization made higher profits in comparison to the weekdays, weekends and during the peak season (Alexander, 2015). This will require, the deploying of the workers effectively between the cash counters and refilling stock. The optimum workers should be deployed to cash counters and the rest of the staff should be allotted to the work of refilling stock. This will be conducted through the diagnostic analysis, which is the best way to handle the crowd at the supermarket. The diagnostic analysis along with the predictive analysis will provide with the appropriate information regarding the percentage of customers who visits the supermarket during weekdays, weekends and peak season (Brock, 2017). Through the business analytics the allocation of workers can be effectively done, helping the supermarket know when and how many workers have to be called at different days. The business analytics will further help with the supermarket with its MOST analysis, which will help in setting a mission along with the objectives and many strategies and tactics for handling the crowd in the supermarket. These analysis will also help the supermarket in making better decision as all the decisions will be data driven (Delen & Ram, 2018).

Data Needed for Better Decisions

For conducting the different analysis and implementing various strategies there is a need for some data that will be the base of the analysis and thus is very crucial. The data needed for the business analytics process of the supermarket are-

Sales Information

The sales received at different days will provide with information that will help in allocation of workers. Like, during the days when the sales are less than less workers be called and during the days when the sales are very high more workers will be called for refilling the stock and handling the cash counters (Jie, 2010).

Inventory Information

This is the main information that is required for the business analytics. The stock information will inform about the different percentage of stock filling at different days. The stock reduction information is mainly used for allocating the workers accordingly. The main issue that the supermarket is facing is they do not know when to call the workers and in which amount. The stock information will help in the diagnostic and predictive analysis, telling the supermarket about the days it will receive more rush then the usual days (Liu & Shi, 2015).

Customer Footfall Information

It happens many a time that many customers visit a supermarket and will stroll for hours and will buy nothing. These people come only for window shopping. The customer footfall information will help in differentiating between the people who provides sales to the supermarket and those who do not.

Workers Information

This information will help in knowing the number of workers during different time periods and how they manage the supermarket. This is required as it will inform about the real deficiency that the supermarket face on particular days. The workers’ information will provide with the efficiency report at the supermarket that will help in making the accurate allotment for different days (Power, Heavin, McDermott & Daly, 2018).

Conclusion

The business analytics work on the traditional principle of making organizational decisions that are based on information that helps in formulating decisions and making more accurate predictions. For handling the crowd at the supermarket, the information needed will be utilized further for analysis that will help the supermarket to handle the workforce between the cash counters and refilling the stock. The business analytics also help in making better strategies to gain more revenues by offering the customers the best deal that are planned with the help of information gained through the analysis.

References

Alexander, A. (2015). Decision-making authority in British supermarket chains. Business History, 57(4), 614-637.

Brock, T. (2017). Performance Analytics: The Missing Big Data Link Between Learning Analytics and Business Analytics. Performance Improvement, 56(7), 6-16.

Delen, D., & Ram, S. (2018). Research challenges and opportunities in business analytics. Journal Of Business Analytics, 1(1), 2-12.

Jie, Y. (2010). The Optimal Supermarket Service. International Journal Of Business And Management, 5(2), 45-85.

Liu, K., & Shi, J. (2015). A Systematic Approach for Business Data Analytics with a Real Case Study. International Journal Of Business Analytics, 2(4), 23-44.

Power, D., Heavin, C., McDermott, J., & Daly, M. (2018). Defining business analytics: an empirical approach. Journal Of Business Analytics, 1(1), 40-53.

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