Data Analytics

Optimizing Business Performance through Business Intelligence and Data Analytics.

Introduction

The following paper presents a critical evaluation on the research conducted by Asare et. al. (2020) on socio-economic crises due to COVID pandemic. Their paper concentrates on the appliable business intelligence strategies during such a crisis, and further reflects on practical examples that allowed companies to stay competitive. The article takes a holistic approach in the beginning examining the over all market and gradually builds towards the market flexibility and usefulness of data processing and business intelligence.

Economic shift

The pandemic has influenced a broad range of industries. In the article under evaluation the following market sectors are recognised to be highly influential and adaptive to change and development. Supply chain and logistics as an essential part that is sustaining global economics, and constantly developing their warehousing operations, inventory control, and delivery processes.  Thus, the research identifies increasing demand for data management and analysis through AI.  

The socio-economic crises present challenges for all companies however, in some situations it also presents opportunities. In the examined article by Asare et. al. (2020), it is clearly shown that some companies deal with the pandemic in a more proactive manner than others, and in some industrial areas this crisis may present more opportunity rather than danger. And even though the paper is mainly focused on practical strategies in data analysis showing that SMEs specialised in business intelligence are more flexible and likely to survive an economic crisis, there is also evidence towards a broader area of opportunities for the companies. For example, re-structuring and developing competitive advantage based on employee knowledge. Since, many companies find this high unemployment rate as an opportunity for hiring the most knowledgeable and most experienced workers.

Data collection and manipulation is seen as a particularly rich source of information and contributor in a company’s predictability for resilience. Companies that successfully utilise data analysis towards a market adaptive strategy are flexible and successful in staying competitive during the pandemic. The same attribute is recognised to be a big facilitator in a future crisis. Companies need to be more flexible and adaptive to this constantly shifting environment. Firms should be focus on predicting future challenges or leading change through innovative products and/or innovative business strategies.

In relation to data analysis the research suggests multiple modelling methods, but in focus is artificial intelligence for its ability to move a business from a reactive mode to a more proactive position in market. This shift allows the company to monitor, measure, and control market environments. As a result, this means real-time insights, more business opportunities, and better chances in meeting stakeholder’s demand.

Personal reflection

I agree with the position that the article takes regarding data analysis and its importance in global supply chain. In articles that I have read in the past on Born Global companies, my research analysis showed that they are the result of technological innovation and emerge through market demand for a more efficient process. In relation to this paper by Asare et. al. (2020), their position on business intelligence during COVID economic crises suggest a competitive advantage derived from technological advancement. Analysing and effectively predicting market environments based on data historic evidence. In conclusion, I find the paper to be economically insightful and with a well positioned argument.

Conclusion

My opinion on the article is that it establishes a well-developed argument. The writers take a more general approach in global economics by presenting statistical analyses from various countries, and after establishing the current socio-economic challenges on a global scale, the research presents a solution in strategic development through business intelligence. By examining supply chain, the research possibly places business intelligence and data management in the most appropriate environment. Finally, regarding the size of this article, I consider the information provided satisfactorily. In my opinion there is some space for more referencing and data outsourcing. However, considering the crisis to be relatively recent and ongoing, there might be limited number of information and data available corelating to the topic. The Global Journal intends to keep updating its audience on emerging innovations and changes in the industry, as well as how to take advantage of market fabulations and build appropriate business strategies.

Reference:

Asare, A. O., Addo, P. C., Sarpong, E. O., & Kotei, D. (2020). COVID-19: Optimizing Business Performance through Agile Business Intelligence and Data Analytics. Open Journal of Business and Management, 8, 2071-2080.

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