Application of Data Analysis on Business Disciplines to Support Strategic Design-Making
Module 2 - SLP
STRATEGIC ADVANTAGE: ANALYTICS AND ECONOMICS
Assignment Overview
Data Analytics and Strategic Decision-Making
Your study of Business Analytics and Decision Making may seem long ago, but you’ve been building on what you learned throughout the program. That will not stop even after you’ve hung the diploma on your wall.
Session Long Project 2 Resources
SWOT Framework (2022)
Strategic Issue Identification (2022)
Management/Leadership: How Education and Training Affect the Economy (2022)
Managerial Economics: Improve data value by relying on economic principles (2022)
Financial/Accounting Functions: Four Ways Big Data Analytics Can Add to Profits (2022)
Managing Operations: Sectors Being Transformed by Big Data (2022)
Marketing: Why we care about AI in marketing (2022)
SLP Assignment
Cross-Department Data Analytics
For this project, research how data analysis is applied across business disciplines to support strategic design-making. Use quality research published within the last year. Articles from the library databases are a good choice. Library databases allow searching by date. In Google search, click “Tools” and enter the date range. Write ¾ of a page of fully research-supported content for each discipline:
Management/Leadership
Managerial Economics
Financial/Accounting Functions
Managing Operations
Marketing
3/4 of a page for each, 3 ¾ pages total. Research required.
Overall Data Analysis Strategy
Formulate connections between all of the areas covered to capitalize on trends and strategic decision-making. (1¼ page). Research required.
No quotations are permitted in this paper. Since you are engaging in research, cite and reference the sources in APA format. NOTE: Failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” across the grading rubric. This is a professional paper, not a personal one based on feelings. It must be written in the third person. This means words like “I,” “we,” and “you” are not appropriate.
Assignment Expectations
Use the attached APA-formatted template to create your submission.
The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.
Data Analysis 1
Student’s Name
Institutional Affiliation
Course Code
Professor’s Name
Date
Introduction
Today's data-driven corporate environment relies heavily on data analysis to assist strategic decision-making. Businesses in all industries increasingly know the enormous advantages of using data analytics to learn important insights and make wise decisions. The essay examines the use of data analysis in important in business disciplines, such as leadership and management, economics, accounting and finance, operations, and marketing. Data analysis in management and leadership enables managers to glean useful insights from various data sources, improving business performance, employee productivity, and client satisfaction. Managers may successfully reduce risks, pinpoint areas for improvement, and make data-driven decisions by seeing patterns, trends, and correlations. The essay examines how data analysis is used in these five crucial business sectors to inform strategic choice-making and accomplish organizational objectives.
Management Leadership
By giving people the knowledge, skills, and expertise required to contribute to the workforce, education, and training play a significant role in fostering economic growth. Employees are empowered to improve their skills, adjust to shifting market circumstances, and innovate in their respective professions through quality education and ongoing training programs (Inc, 2022). Consequently, productivity and efficiency rise across all industries. A thorough awareness of organizational dynamics and the capacity to make wise judgments based on trustworthy data analysis are necessary for effective management and leadership. Managers and leaders can analyze complicated data sets, spot patterns, and derive valuable insights with the help of education and training. They can predict market trends, spot development possibilities, and choose strategic design options that support the organization's goals because of their analytical abilities.
Additionally, managers and leaders benefit from education and training as they improve their critical thinking, problem-solving, and judgment capacity. They learn how to evaluate risks through data analysis, optimum resource allocation, and formulate effective solutions to issues. By employing data-driven insights, managers and executives may encourage innovation, enhance operational efficiency, and make better-informed decisions that benefit the firm's bottom line. The economic benefits of education and training extend beyond specific organizations. A nation's economy becomes more competitive overall when its personnel is well-educated and trained. Increased productivity and innovation can attract foreign investment, promote entrepreneurship, and aid the growth of knowledge-based sectors. These factors can all be influenced by higher levels of education and training. As a result, more employment is created, salaries rise, and living standards rise.
Managerial Economics
Data analysis plays a significant role in managerial economics by offering important insights for wise decision-making and strategic planning. Utilizing economic concepts to maximize the value derivable from data has become increasingly important in recent years. Using this strategy, organizations may generate more accurate predictions, allocate resources more effectively, and spot development possibilities by incorporating economic theories and frameworks into the data analysis (Kennedy et al., 2020). Demand forecasting is one area where the application of economic principles is very strong. Businesses may create reliable demand models based on economic concepts like elasticity and demand elasticity by examining past sales data, industry trends, and customer behavior. These models can aid companies in comprehending how shifts in variables like pricing, income, or advertising spending impact consumer demand for their goods or services. Businesses can maximize profitability by optimizing production, inventory control, and pricing strategies based on an accurate demand estimate.
As a result, applying economic concepts to the decision-making process can considerably improve data analysis in managerial economics. Organizations can use economic theories and frameworks to enhance consumer segmentation, cost analysis, and demand forecasting. In today's competitive market environment, organizations may make strategic decisions that maximize profitability, optimize resource allocation, and achieve sustainable growth by applying economic concepts to data analysis.
Managing Operations
Operations management is one of the many areas that big data is transforming. Integrating data analysis tools can help businesses increase operational effectiveness, streamline procedures, and reach smarter judgments. The benefits of big data analytics in the industrial industry are widely known. Modern sensors and Internet of Things (IoT) gadgets may help manufacturers collect information on how their production lines, supply chains, and other gear are operating(Radcliffe, 2022). Manufacturers may find patterns, spot abnormalities, and improve operations using data analysis technologies like predictive analytics and machine learning algorithms. Downtime is decreased, and productivity is boosted throug...