How do you define management analytics?
Management analytics involves developing a precise understanding of the factors influencing managerial decisions, and designing analytical solutions to support those decisions. Put simply, it extracts insights from real-world data. A typical analytics project starts with acquiring a deep understanding of the managerial problem at hand, then identifying the data sources that are most relevant to it, creating data sets and designing and implementing analytical solutions.
In today’s world, every move people make online generates some form of data. The smart use of this data can help organizations generate competitive advantage, improve their customer experience, identify risks and optimize their operations. One of the main uses for analytics is around balancing supply and demand. For instance, figuring out what the demand will be for your product tomorrow or next month. While COVID-19 taught us that we can never know exactly what tomorrow will bring, putting today’s and yesterday’s data to work for a business definitely helps it keep supply and demand in balance. It’s not perfect, but we can predict things significantly better with data than without it.
Supply-chain management has been in the news a lot lately. How would you
