BUSINESS ANALYTICS 4
Industriesand companies that will be innovators of analytic-based competitionhave to utilize the mined and processed data to understand theircustomers’ behavior to come up with new ideas. For an organizationto be a leader of analytic-based competition, it has to utilize mostof its information considering that there are firms whose specialtyis the development of web analytics (Cheng, Chiang, &Storey,2012). Social media entities are examples of businesses thatspecialize in the development of analytics-based competitionconsidering that media consumption is high, and they also generatetheir data.
Anearly implementer of the analytics-based rivalry has to be one thatutilizes predictive diagnostics habitually, where they forecast thefuture using information models (Ransbotham, Kiron, & Prentice,2015). E-commerce vendors are another example of the early users ofanalytics-based competition. These platforms can obtain Web 2.0content from other forums such as social media, and they can apply itto establish what the market needs.
Companiesthat can be an early majority of analytics-based competition includethose that would see the need for big data after the initialacceptors. Such firms include those that share their analytics withfirst users so that they can achieve their strategic businessobjectives (Kiron, Prentice, & Ferguson, 2014). Most healthinsurance companies fall into the category of organizations that relyon adopting diagnostic information early. In fact, the businessesneed to have access to big data with their business partners.
Thefirms that are in the late majority and laggard groups ofanalytics-based competition have to be the last in making use oflarge data. The majority of businesses that are part of the endadoptors of the analytics-based competition have to be resistant tochange (Chen, Chiang, &Storey, 2012). For instance, hospitals arelate users of analytic-based competition since they do not revealmost of their patients’ records. Besides, the financial sector is alaggard of analytics based competition since most of theorganizations in the industry do not seek a competitive edge usingbig data.
Chen,H., Chiang, R. H., & Storey, V. C. (2012). Business intelligenceand analytics: From big data to big impact. MISquarterly,36(4),1165-1188.
Kiron,D., Prentice, P. K., & Ferguson, R. B. (2014). Raising the barwith analytics. MITSloan Management Review,55(2),29.
Ransbotham,S., Kiron, D., & Prentice, P. K. (2015). Mindingthe analytics gap. MIT Sloan Management Review,56(3),63.