Rocket Science Retailing, Research Paper Example

Q1. Explain the meaning of “business analytics.” What are they and how are they applied in a business?

Business analytics id the practice of systematic and repetitive assessment of an organization’s data with a focus on statistical analysis (Laursen and Thorlund). Business analytics is employed by companies whose decision making process is data-driven.

The main aim of using business analytics is to gain insights into the different aspects of the business in order to enable informed decision making that may involve the optimization and automation of business processes (Laursen and Thorlund). Business analytics is an important tool for a company whose decision making process is data oriented this is because the data is an asset and it is employed to attain a competitive edge.

The following aspects determine how successful business analytics can be employed:

• quality of the data collected
• level of experience and skill of the analysts
• the technologies that the company employs in the business analytics process
• the commitment of the organization towards making data-driven decisions

Q4. Research the problem of employee turnover. Many retail companies turnover staff by more than 100% a year. What are companies doing to improve turnover rate?

Employee turnover is the rate at which a company loses its employees resulting from the decision of the employee to quit (Putzier and Baker). This has been a major concern in the business world with managers looking for ways to reduce employee turnover.

• Employee turnover can be reduced in the following ways:
• Employ the right people from the beginning
• Setting a reasonable compensation and benefits package for employees
• Annually review the compensation and benefits packages for all employees
• Give room for innovation and employee engagement in business operations
• Create a positive and safe working environment(Putzier and Baker)
• Works Cited

Laursen, G. N. and J. Thorlund. Business analytics for managers: Taking business intelligence beyond reporting. Hoboken: Wiley, 2010.

Putzier, J. and D. J. Baker. The everything HR kit: A complete guide to attracting, retaining & motivating high-performance employees. New York: American Management Association, 2011.