A firm should collect technologies, applications, and methods that enhance business data analysis for precise data-driven decisions. Business analytics can accelerate a company’s achieving its objectives (Kristoffersen, 2021). Implementing data analysis in various business disciplines can be a strategy to achieve business success.
Management and Organizational Behavior (MGT501) and Data Analysis
A coordinated social unit comprising more than two people who function to achieve a common objective is referred to as an organization. Organizational behavior is associated with the activities of people in an organization and how their behavior influences the organization’s success. Managers enable the organization to function since they complete tasks through people; they take decisions, direct the actions of others, and allocate resources to achieve company objectives (Griffin et al., 2019). The organization helps to save on transaction expenses, exert power, manage the external environment, use large-scale technology, and increase specialization and division of labor.
In the contemporary world, globalization has paved the way for opportunities and challenges for organizational behavior. Several challenges have been witnessed, such as the increase in the number of temporary workers, corporate downsizing, and the rise in the number of women employees (Griffin et al., 2019). Business is driven by technology; therefore, managers should use organizational behavior concepts to tackle the challenges and take opportunities that propel the company. Organizational effectiveness necessitates that a company provides superior products at equitable prices. Additionally, it helps to connect the needed expertise to attain the organization’s aims. Managers should keep the interest holders satisfied, which is reflected in the degree of satisfaction derived by stakeholders.
Managerial Economics (BUS530) and Data Analysis
Using tools of economics to analyze significant management decisions is referred to as managerial economics. Several concepts from economics are applied to assist managers in making better economic decisions; they include allocation of resources, monopoly and competition, economic trade-offs, and demand and cost. The firm’s model is based on its objective and how it behaves. The priority of the theory is to maximize the firm’s profit (Samuelson et al., 2021). When making any decision, the managers should predict its impact on future profit flows. In contrast, it is challenging to apply the objective for decision-making when predicting the revenue and cost taking place in the same period.
Secondly, the model intends to maximize total sales to achieve an acceptable profit level. The visible benchmark of managerial success is the total dollar sales. Sometimes the self-interest of the top management is more inclined in the maximization of sales. Business firms contribute adequately to economic welfare in modern capitalist economies, and the management focuses more on corporate social responsibility (Samuelson et al., 2021). Companies compete to supply goods and services that customers need within the free market. As much as the firms pursue profit, they consistently aim to produce quality goods at lower costs. They create new and improved goods and services by investing in research and development and focusing on technology innovation.
Accounting for Decision Making (ACC501) and Data Analysis
Accounting information assists managers in knowing the present situation of the company and knowing what happened in the past. Besides, the data provides a quantitative overview of the business and makes particular visible activities that are not appreciable through daily events. Through that, they can draw inferences for future activities and decisions (Zimmerman, 2019). Accounting information must be comparable, reliable, relevant, and intangible to help make decisions. Managers carry out controlling, decision-making, and planning responsibility through management planning. Managerial accounting can be implemented to make short-term and long-term operational recommendations concerning a firm’s financial health.
External users use financial accounting that reports general-purpose information to assist them in making sound financial judgements about the business’s performance and economic position. There are three main areas where accountants generally work: commerce and industry, public accounting, and not-for-profit entities such as government departments, charities, and churches. In commerce and industry, accountants are highly involved in accounting information systems, internal auditing, taxation, budgeting, and cost accounting (Zimmerman, 2019). It is necessary to consider current information and personal beliefs, and representation to make a final decision.
Strategic Corporate Finance (FIN501) and Data Analysis
Strategic corporate finance is a multi-indicator approach to finance a corporation. The current and future generations of environmental, financial, and social factors are interrelated and unified to develop an explicit system. It helps balance the economies of scale and not be biased through excessive use of debt. Institutions have an inside financing advantage in a market assimilated with sustainability drivers. They assist in the creation of sustainable long-term cash flows. Therefore, sustainable corporate finance is significant for the companies to balance the social, environmental, and financial factors towards sustainability (Bui et al., 2020). A sustainable corporate model has four key driving forces: revenue, costs, risks, and intangibles to estimate returns and benefits. Primary donors raise the pressure on businesses through sustainable investment policies to enhance triple bottom line performance.
Strategic Marketing (MKT501) and Data Analysis
The business model of a company determines the particular way in which an offering creates value. The company’s ability to create value in a chosen market can be seen in its success. The company should identify the target market to compete and develop value (Chernev, 2018). Besides, it should design an offering that will pave the way for the value proposition to the target market and develop a relevant value proposition for its target customers, company stakeholders, and collaborators. A marketing strategy outlines the value the company desires to create its industry choice to compete. Additionally, it is associated with a value proposition and target market.
Strategic marketing outlines how an offering will create value in the market exchange for the relevant participants. Factors that determine marketing strategy include the customers, the context in which the company operates, the company managing the offering, and collaborators that work with the company to satisfy customers’ needs. Additionally, competitors aiming to fulfill the exact need of the same target customers are a factor to consider in developing a marketing strategy. On the aspect of value exchange, the creation and capture of value in a given market are described (Chernev, 2018). For a value of exchange to occur, a relationship should exist between the company, customers, collaborators, and competitors.
Overall Data Analysis Strategy
Determine the Organization Objectives
When building a business strategy, it is essential to start with the purpose. In a profit-making organization, measured through revenue, market share, service quality, inventory control, sales, and customer loyalty determine whether the goal has been achieved or not. A firm should be motivated by the driving desires to make money and make a difference to achieve the goals. In this case, the objectives include:
- To produce quality goods and services at a relatively lower price;
- To maximize total sales subject to achieving an acceptable profit level;
- To maximize the firm’s profit by the management.
Consider Current Events
Current events can pose a significant threat to the survival of the organization. In 2020, for instance, the COVID-19 pandemic led to unexpected distraction of operations in most industry sectors; many businesses were forced to close. Some of the challenges experienced were related to cash flow, marketing, customer demand, supply chain, and workflow (Donthu & Gustafsson, 2020). It is significant to have sustainable corporate finance to balance sustainability’s social, environmental, and financial factors. The way a company responds when current events shift and create new challenges and opportunities can pave the way for its strategy in the future.
Consider Data, Case Study, and Trends
Information and knowledge about the company, other firms, and essential theories of economics are necessary to strategize a business venture. Besides, this information paves the way for managers to learn from other organizations’ mistakes and successes and then orient the firm in the current business landscape. Accounting information helps managers get an insight into the firm’s situation. The financial position of the company can be deduced from the data. Besides, considering both successful and unsuccessful historical strategies is essential when creating a strategy.
Set and Effectively Communicate Goals
Effective communication of the company’s goals to its employees is critical. It makes them feel empowered and responsible for attaining the company’s objective. For this reason, appropriate external and internal communication channels should be selected
Think of Strategy as an Ongoing Process
A strategy is a continuous development process; it should work regularly. New challenges and opportunities can be adopted by reassessing the company’s strategy. After that, the evolution should be effectively communicated to all relevant stakeholders.
The company’s success can be achieved by applying data analysis from various business disciplines. Each different field has its unique strategic data analysis that can be formulated together to attain its goals. Therefore, business analytics and economics are necessary to gain a competitive advantage.
Bui, T., Ali, M., Tsai, F., Iranmanesh, M., Tseng, M., Lim, M. (2020). Challenges and Trends in Sustainable Corporate Finance: A Bibliometric Systematic Review. Journal of Risk Financial Management, 13(11), 264.
Chernev, A. (2018). Strategic Marketing Management. Cerebellum Press.
Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research, Journal of Business Research, 117, 284-289.
Griffin, W., Phillips, J., & Gully, S. (2019). Organization Behavior: Managing People and Organization. Cengage Learning.
Kristoffersen, E., Mikalef, P., Blomsma, F., & Li, J. (2021). The effects of business analytics capability on circular economy implementation, resource orchestration capability, and firm performance. International Journal of Production Economics, 239, 108205.
Samuelson, W., Marks, S., & Zagorsky, J. (2021). Managerial Economics. John Wiley & Sons.
Zimmerman, J. (2019). Accounting for Decision Making and Control Tenth Edition. McGraw-Hill.