Class 17 and 19 Flashcards
(27 cards)
future of the distribution industry (3)
- increased use of alternate sourcing (less overseas)
- shrinking workforce
- more technology (robotics, AI)
concerns of distributors in 2023 and 2024 (5)
- supply chain and inventory
- customer spending and market demand
- economic uncertainty and recession
- labor/staffing
- pricing, inflation, and costs
how to play offense in defensive time (5)
- 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
geopolitical unrest countries (7)
- Israel
- Ukraine
- Russia
- China
- Iran
- north Korea
- Mexican cartels
its not what you know, its…
what you do with what you know
why business analytics?
- 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
4 reasons to use analytics
- measure company performance
- make better decisions
- understand your customers activity
- give customers exactly what they want
definition of business analytics
practice of iterative methodical exploration of an organizations data with emphasis on statistical analysis. DATA DRIVEN DECISION MAKING
value of business analytics to a distributor (3)
- tell you what has happened
- helps you determine what you want to happen
- provides a path to your desired destination
three types of business analytics
- descriptive
- predictive
- prescriptive
question answered by descriptive analytics
what has happened?
question answered by predictive analytics
what will happen?
question answered by prescriptive analytics
what should we do?
successful business analytics depends on…
data quality, skilled analysts, and commitment
What are tools for descriptive analytics (5)
- reporting
- dashboards
- scorecards
- segmentation
- clustering
What are tools for predictive analytics (3)
- data mining
- modeling
- forecasting
What are tools for prescriptive analytics (3)
- optimization
- simulation
- big data analysis
4 analytics challenges
- 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
top reasons for using analytics (4)
- gain competitive edge
- make better informed decisions
- build better strategy
- knowledge and experience are no longer sufficient
top challenges to making business analytics work
- not focused on what really important (customers & products = profit)
- data not present in relevant manner
- ERP not set up to make data easily accessible
7 Practical steps for making business analytics work
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
3 usual analytics
- financials
- sales
- inventory
this is why we use business analytics to make…
better informed decisions and integrate technology to enhance our operations as a distributor
why is business analytics important? (5)
- 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
