Strategic analytics is the making informed business decisions by using data on analysis of the overall industries, competitors, SWOT, risk factors, operational environment, political, economic, social and legal factors. Quantification of these qualitative factors and modeling helps in producing actionable metrics and recommendations for clients.
Based on the company’s products, services and definition, markets can mean a particular geography, country, end user, demographic and so on. Prioritizing of these market segments is necessary so that they align with the business goals. Opportunities, investments and planning are key areas to make a strong case in trying to tackle and grow in any market. Companies need to plan for entry costs, competitive pressure, sales and distribution channel availability, overall market size and growth rates.
Market watch is the creation of custom and curated data feeds based on business news, stock market data, and landscape analysis for the company. All the factors which are considered key internal or external factors of influence are extracted and shown in a dashboard to the company executive. This is helpful in understanding the real time market scenario of your competitors, product pricings, economic and political situation of your target market and so on.
Every company inherently operates on a business model which helps structure the team, organize, create and deliver value based on their business goals. A business model encompasses many things including ethics, targets, strategies, processes, policies, infrastructure, trading practices and so on. Capturing all this data and ensuring that business decisions and suggested strategic recommendations are within the purview of the core business model is necessary for focused business development.
Online retailers, airlines are classic examples of companies whose profitability and sales depend on the optimal pricing of a product. The balance between a price which ensures profits but doesn’t drive away customers is necessary and these companies need to do this daily and almost on a real-time basis. Multiple factors are analyzed before arriving at the optimal price suitable for that moment and with improved recommendation engines and competitive sites comparing prices, pricing management is absolutely necessary to remain profitable in the current scenario.
Supply chain management or SCM is the tracking, maintenance, management of the product from the raw material stage to the finish stage to the end consumer, efficiently and cost effectively. It involves other fields like procurement, logistics and operations management working in tandem to manage the overall supply chain of the company’s products. Data analytics can help realize savings in optimizing the supply chain, cut down costs by using Just-in-Time shipment model, use lean manufacturing, reduce warehouse space, remove unnecessary links in the chain etc. Reducing costs and improving delivery times will have a significant impact on the bottom-line of any company’s revenues.