Leveraging Business Analytics for Global Market Competitiveness
Unmesh Punjabi
MBA Scholar, Faculty of Management Studies, Parul University
Dr. Indrajit Kumar
Assistant Professor Faculty of Management Studies, Parul University
Abstract
The concept of business analytics has become an important source of performance and competitiveness of an organization in the digital era. This paper will look at how companies are using business analytics to make better decisions, increase operational efficiency, and drive innovation to become more competitive in the international markets. This study will follow a secondary data and conceptual analysis methodology, based on the findings of industries reports, literature, and examples of major companies all over the world.The results also show that business analytics can enhance the quality of decision-making processes largely by providing an opportunity to employ data-driven policies and minimise the level of intuition. It also makes operations more efficient through optimization of processes and utilization of resources and promoting innovation by creating predictive insights and using data to develop products and services. The paper also notes that the organizations that embrace analytics potentials are in a better position to react to dynamic market environments and have sustained competitive advantage.The overview shows that business analytics is considered a strategic resource, which is consistent with models of Business Analytics and Strategic Management. The use of analytics is on the rise in emerging markets, including India, but the issues regarding the skills, availability of data, and infrastructure still hamper the efficient use of analytics.The research adds to the current body of literature through offering a cohesive and holistic view on the place of business analytics in the competitiveness of the international market. It has meaningful implications on any organization and policymakers as it points out the relationship of building analytics capacity and incorporating it into their decision-making procedures. The evidence highlights the importance of using business analytics as a tool to attain competitiveness in the long-term, in a data-driven global landscape.
Keywords
Business Analytics, Global Competitiveness, Data-Driven Decision Making, Operational Efficiency, Innovation, Strategic Management, Big Data, India
