Please read the article “Big Data, Analytics and the Path from Insight to Value” by LaValle, Lesser, Shockley, et al. from MIT-Sloan Management Review. You will look at a survey on how leading organizations are using statistics and you will compare the findings to your experience with respect to another organization.

QUESTION

Please read the article “Big Data, Analytics and the Path from Insight to Value” by LaValle, Lesser, Shockley, et al. from MIT-Sloan Management Review.

You will look at a survey on how leading organizations are using statistics and you will compare the findings to your experience with respect to another organization.

Most companies that are evolving tend to use intuition rather than analytics in their decisions. Select one of the 11 categories listed in the first chart (p. 23) titled “Analytics Trumps Intuition,” and comment on which side your organization is on (clearly label as “Analytics” or “Intuition”). Give an example in which the decision-makers use intuition or analytics.

Please use the template below in your answer. Copy and paste this in your post.

Use the template below:

Analytics or Intuition

Category 1: (title)

(description with example)

ANSWER

Analytics or Intuition

Category 1: Customer Understanding

My organization leans more towards “Analytics” in the category of Customer Understanding. We recognize the value of data-driven insights in gaining a deeper understanding of our customers and their preferences (Szukits, 2022). Instead of relying solely on intuition or gut feelings, we employ advanced analytics techniques to analyze vast amounts of customer data and extract meaningful patterns and trends.

For example, we recently conducted a comprehensive analysis of our customer data using machine learning algorithms. By examining various customer attributes, purchase history, browsing behavior, and demographic information, we were able to identify distinct customer segments with specific needs and preferences (Rahim et al., 2021). This analytical approach helped us tailor our marketing strategies and product offerings to better meet the diverse requirements of each customer segment.

Moreover, we consistently monitor customer feedback and sentiments through social media listening tools and sentiment analysis techniques. By analyzing the sentiment behind customer conversations and feedback, we gain valuable insights into their perceptions of our products and services (Wankhade et al., 2022). This data-driven understanding enables us to make informed decisions in areas such as product development, customer support, and marketing campaigns.

Conclusion 

In summary, our organization prioritizes the use of analytics to comprehend our customers better. We recognize that relying solely on intuition can be subjective and prone to biases, while data-driven insights provide a more objective and evidence-based foundation for decision-making in the realm of customer understanding.

References

Rahim, M. A., Mushafiq, M., Khan, S., & Arain, Z. A. (2021). RFM-based repurchase behavior for customer classification and segmentation. Journal of Retailing and Consumer Services, 61, 102566. https://doi.org/10.1016/j.jretconser.2021.102566 

Szukits, Á. (2022). The illusion of data-driven decision making – The mediating effect of digital orientation and controllers’ added value in explaining organizational implications of advanced analytics. The Illusion of Data-driven Decision Making – the Mediating Effect of Digital Orientation and Controllers’ Added Value in Explaining Organizational Implications of Advanced Analytics, 33(3), 403–446. https://doi.org/10.1007/s00187-022-00343-w 

Wankhade, M., Rao, A. C. S., & Kulkarni, C. A. (2022). A survey on sentiment analysis methods, applications, and challenges. Artificial Intelligence Review, 55(7), 5731–5780. https://doi.org/10.1007/s10462-022-10144-1