Class 17 and 19

Question 1

future of the distribution industry (3)

Answer 1

• increased use of alternate sourcing (less overseas)
• shrinking workforce
• more technology (robotics, AI)

Question 2

concerns of distributors in 2023 and 2024 (5)

Answer 2

• supply chain and inventory
• customer spending and market demand
• economic uncertainty and recession
• labor/staffing
• pricing, inflation, and costs

Question 2

how to play offense in defensive time (5)

Answer 2

• evaluate last price paid
• invest in innovation
• react to threats and opportunities quickly
• get a better buy price
• make a value creation plan with key suppliers

Question 3

geopolitical unrest countries (7)

Answer 3

• Israel
• Ukraine
• Russia
• China
• Iran
• north Korea
• Mexican cartels

Question 4

its not what you know, its…

Answer 4

what you do with what you know

Question 5

why business analytics?

Answer 5

• bridges the gap between what is currently happening and what do you want to happen
• helps identify the problem
• provides tools to help solve the problem

Question 6

4 reasons to use analytics

Answer 6

• measure company performance
• make better decisions
• understand your customers activity
• give customers exactly what they want

Question 7

definition of business analytics

Answer 7

practice of iterative methodical exploration of an organizations data with emphasis on statistical analysis. DATA DRIVEN DECISION MAKING

Question 8

value of business analytics to a distributor (3)

Answer 8

• tell you what has happened
• helps you determine what you want to happen
• provides a path to your desired destination

Question 9

three types of business analytics

Answer 9

• descriptive
• predictive
• prescriptive

Question 10

question answered by descriptive analytics

Answer 10

what has happened?

Question 11

question answered by predictive analytics

Answer 11

what will happen?

Question 12

question answered by prescriptive analytics

Answer 12

what should we do?

Question 13

successful business analytics depends on…

Answer 13

data quality, skilled analysts, and commitment

Question 14

What are tools for descriptive analytics (5)

Answer 14

• reporting
• dashboards
• scorecards
• segmentation
• clustering

Question 15

What are tools for predictive analytics (3)

Answer 15

• data mining
• modeling
• forecasting

Question 16

What are tools for prescriptive analytics (3)

Answer 16

• optimization
• simulation
• big data analysis

Question 17

4 analytics challenges

Answer 17

• not having complete data
• not factored into budget
• we are already successful, why do we need analytics attitude
• we dont have the bandwidth to implement

Question 18

top reasons for using analytics (4)

Answer 18

• gain competitive edge
• make better informed decisions
• build better strategy
• knowledge and experience are no longer sufficient

Question 19

top challenges to making business analytics work

Answer 19

• not focused on what really important (customers & products = profit)
• data not present in relevant manner
• ERP not set up to make data easily accessible

Question 20

7 Practical steps for making business analytics work

Answer 20

1) expand the use of business analytics where feasible
2) integrate analytics across organization
3) deploy analytics on specific business tasks
4) create a management strategy that includes ready access to data
5) deliver and communicate value
6) hire and develop the right analytical talent
7) use business analytics in decision making process

Question 21

3 usual analytics

Answer 21

• financials
• sales
• inventory

Question 22

this is why we use business analytics to make…

Answer 22

better informed decisions and integrate technology to enhance our operations as a distributor

Question 23

why is business analytics important? (5)

Answer 23

• decreased risk with strategic decision-making
• reveal growth opportunities
• strategies can be built to increase operational efficiencies
• can aid in effective human resources decisions
• improve productivity

Question 24

definition of descriptive analytics

Answer 24

the use of data to find out what happened in the past, and what is happening now

Question 25

descriptive analytics can help to identify ____ & ______

Answer 25

strengths and weaknesses

Question 26

what does diagnostic analytics answer

Answer 26

the why of descriptive analytics