Raising the Bar With Analytics

Raising the Bar With Analytics Description

This is an MIT Sloan Management Review article. A majority of managers see the importance of increasing the use of analytics in decision making, according to a recent survey of 2,037 managers conducted by MIT Sloan Management Review, in partnership with SAS Institute.More than half of this year's survey respondents strongly agree that their organization needs to step up the use of analytics to make better business decisions -and that percentage rises to 87% if respondents who agree "somewhat"are included. This finding -that a majority of survey respondents agree strongly about the need to step up analytics use -holds true across a range of industries. Several forces, the authors argue, are helping spur managers'interest in analytics, including increased market complexity (for example, omnichannel retailing that encompasses both digital and brick-and-mortar channels) and the availability of better analytics tools and data. The authors report that some companies are sharing their data and analytics with business partners in order to meet strategic business objectives. For example, WellPoint, a U.S. health insurer based in Indianapolis, Indiana, is using analytics to help forge a payment model with physicians that rewards providers when they reduce overall health-care costs and enhance quality and health outcomes. Specifically, WellPoint is converting administrative claims and authorization data into useful information about populations of patients and sharing that information with physicians and their care teams. The survey data suggests that companies for which analytics has improved the ability to innovate are more likely to share data with partners and suppliers. Half of this year's survey respondents somewhat or strongly agree that analytics is helping their organization innovate -and 16% believe that strongly. Those survey respondents who strongly agree that analytics is helping their organization innovate are much more likely to say they collaborate with partners and suppliers through the use of analytics than respondents who don't think that analytics is helping their company innovate. The authors conclude that as companies use analytics to improve their ability to innovate, they also tend to collaborate more through their use of analytics: Analytics becomes an important medium through which organizations interact with both internal and external stakeholders. Thus, organizations that innovate thanks to analytics don't merely increase their use of analytics in decision making; they also change the way they behave as organizations.

Case Description Raising the Bar With Analytics

Strategic Managment Tools Used in Case Study Analysis of Raising the Bar With Analytics

STEP 1. Problem Identification in Raising the Bar With Analytics case study

STEP 2. External Environment Analysis - PESTEL / PEST / STEP Analysis of Raising the Bar With Analytics case study

STEP 3. Industry Specific / Porter Five Forces Analysis of Raising the Bar With Analytics case study

STEP 4. Evaluating Alternatives / SWOT Analysis of Raising the Bar With Analytics case study

STEP 5. Porter Value Chain Analysis / VRIO / VRIN Analysis Raising the Bar With Analytics case study

STEP 6. Recommendations Raising the Bar With Analytics case study

STEP 7. Basis of Recommendations for Raising the Bar With Analytics case study

Case Analysis of Raising the Bar With Analytics

Raising the Bar With Analytics is a Harvard Business (HBR) Case Study on Strategy & Execution , Texas Business School provides HBR case study assignment help for just $9. Texas Business School(TBS) case study solution is based on HBR Case Study Method framework, TBS expertise & global insights. Raising the Bar With Analytics is designed and drafted in a manner to allow the HBR case study reader to analyze a real-world problem by putting reader into the position of the decision maker. Raising the Bar With Analytics case study will help professionals, MBA, EMBA, and leaders to develop a broad and clear understanding of casecategory challenges. Raising the Bar With Analytics will also provide insight into areas such as – wordlist , strategy, leadership, sales and marketing, and negotiations.

Case Study Solutions Background Work

Raising the Bar With Analytics case study solution is focused on solving the strategic and operational challenges the protagonist of the case is facing. The challenges involve – evaluation of strategic options, key role of Strategy & Execution, leadership qualities of the protagonist, and dynamics of the external environment. The challenge in front of the protagonist, of Raising the Bar With Analytics, is to not only build a competitive position of the organization but also to sustain it over a period of time.

Strategic Management Tools Used in Case Study Solution

The Raising the Bar With Analytics case study solution requires the MBA, EMBA, executive, professional to have a deep understanding of various strategic management tools such as SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

Texas Business School Approach to Strategy & Execution Solutions

In the Texas Business School, Raising the Bar With Analytics case study solution – following strategic tools are used - SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

We have additionally used the concept of supply chain management and leadership framework to build a comprehensive case study solution for the case – Raising the Bar With Analytics

Step 1 – Problem Identification of Raising the Bar With Analytics - Harvard Business School Case Study

The first step to solve HBR Raising the Bar With Analytics case study solution is to identify the problem present in the case. The problem statement of the case is provided in the beginning of the case where the protagonist is contemplating various options in the face of numerous challenges that Analytics Respondents is facing right now. Even though the problem statement is essentially – “Strategy & Execution” challenge but it has impacted by others factors such as communication in the organization, uncertainty in the external environment, leadership in Analytics Respondents, style of leadership and organization structure, marketing and sales, organizational behavior, strategy, internal politics, stakeholders priorities and more.

Step 2 – External Environment Analysis

Texas Business School approach of case study analysis – Conclusion, Reasons, Evidences - provides a framework to analyze every HBR case study. It requires conducting robust external environmental analysis to decipher evidences for the reasons presented in the Raising the Bar With Analytics.

The external environment analysis of Raising the Bar With Analytics will ensure that we are keeping a tab on the macro-environment factors that are directly and indirectly impacting the business of the firm.

What is PESTEL Analysis? Briefly Explained

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Raising the Bar With Analytics case study. PESTEL analysis of " Raising the Bar With Analytics" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

How to do PESTEL / PEST / STEP Analysis? What are the components of PESTEL Analysis?

As mentioned above PESTEL Analysis has six elements – political, economic, social, technological, environmental, and legal. All the six elements are explained in context with Raising the Bar With Analytics macro-environment and how it impacts the businesses of the firm.

How to do PESTEL Analysis for Raising the Bar With Analytics

To do comprehensive PESTEL analysis of case study – Raising the Bar With Analytics , we have researched numerous components under the six factors of PESTEL analysis.

Political Factors that Impact Raising the Bar With Analytics

Political factors impact seven key decision making areas – economic environment, socio-cultural environment, rate of innovation & investment in research & development, environmental laws, legal requirements, and acceptance of new technologies.

Policy Making Impact on Raising the Bar With Analytics

Government policies have significant impact on the business environment of any country. The firm in “ Raising the Bar With Analytics ” needs to navigate these policy decisions to create either an edge for itself or reduce the negative impact of the policy as far as possible.

Data safety laws – The countries in which Analytics Respondents is operating, firms are required to store customer data within the premises of the country. Analytics Respondents needs to restructure its IT policies to accommodate these changes. In the EU countries, firms are required to make special provision for privacy issues and other laws.

Competition Regulations – Numerous countries have strong competition laws both regarding the monopoly conditions and day to day fair business practices. Raising the Bar With Analytics has numerous instances where the competition regulations aspects can be scrutinized.

Import restrictions on products – Before entering the new market, Analytics Respondents in case study Raising the Bar With Analytics" should look into the import restrictions that may be present in the prospective market.

Export restrictions on products – Apart from direct product export restrictions in field of technology and agriculture, a number of countries also have capital controls. Analytics Respondents in case study “ Raising the Bar With Analytics ” should look into these export restrictions policies.

Foreign Direct Investment Policies – Government policies favors local companies over international policies, Analytics Respondents in case study “ Raising the Bar With Analytics ” should understand in minute details regarding the Foreign Direct Investment policies of the prospective market.

Taxation & Regulation Impact on Raising the Bar With Analytics

Corporate Taxes – The rate of taxes is often used by governments to lure foreign direct investments or increase domestic investment in a certain sector. Corporate taxation can be divided into two categories – taxes on profits and taxes on operations. Taxes on profits number is important for companies that already have a sustainable business model, while taxes on operations is far more significant for companies that are looking to set up new plants or operations.

Tariffs – Chekout how much tariffs the firm needs to pay in the “ Raising the Bar With Analytics ” case study. The level of tariffs will determine the viability of the business model that the firm is contemplating. If the tariffs are high then it will be extremely difficult to compete with the local competitors. But if the tariffs are between 5-10% then Analytics Respondents can compete against other competitors.

Government Scheme & Subsidies Impact on Raising the Bar With Analytics

Research and Development Subsidies and Policies – Governments often provide tax breaks and other incentives for companies to innovate in various sectors of priority. Managers at Raising the Bar With Analytics case study have to assess whether their business can benefit from such government assistance and subsidies.

Consumer protection – Different countries have different consumer protection laws. Managers need to clarify not only the consumer protection laws in advance but also legal implications if the firm fails to meet any of them.

Political System & Stability, and its Impact on Raising the Bar With Analytics

Political System and Its Implications – Different political systems have different approach to free market and entrepreneurship. Managers need to assess these factors even before entering the market.

Freedom of Press is critical for fair trade and transparency. Countries where freedom of press is not prevalent there are high chances of both political and commercial corruption.

Corruption level – Analytics Respondents needs to assess the level of corruptions both at the official level and at the market level, even before entering a new market. To tackle the menace of corruption – a firm should have a clear SOP that provides managers at each level what to do when they encounter instances of either systematic corruption or bureaucrats looking to take bribes from the firm.

Independence of judiciary – It is critical for fair business practices. If a country doesn’t have independent judiciary then there is no point entry into such a country for business.

Government attitude towards trade unions – Different political systems and government have different attitude towards trade unions and collective bargaining. The firm needs to assess – its comfort dealing with the unions and regulations regarding unions in a given market or industry. If both are on the same page then it makes sense to enter, otherwise it doesn’t.

Economic Factors that Impact Raising the Bar With Analytics

Social Factors that Impact Raising the Bar With Analytics

Technological Factors that Impact Raising the Bar With Analytics

Environmental Factors that Impact Raising the Bar With Analytics

Legal Factors that Impact Raising the Bar With Analytics

Step 3 – Industry Specific Analysis

What is Porter Five Forces Analysis

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Raising the Bar With Analytics case study. PESTEL analysis of " Raising the Bar With Analytics" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

Step 4 – SWOT Analysis / Internal Environment Analysis

Step 5 – Porter Value Chain / VRIO / VRIN Analysis

Step 6 – Evaluating Alternatives & Recommendations

Step 7 – Basis for Recommendations

References :: Raising the Bar With Analytics case study solution