One of the areas where data analytics helps organizations with is Strategy Formation. Companies will typically spend significant time, energy, and resources in this area as they lay out plans for the future. Which of the following is the best example of a company using data analytics for strategy formation?
A) A clothing store collects real-time data about employee clock-in times to determine who has been late in the past week.
B) A clothing store collects real-time data about what items are being sold so they can improve the inventory they have on hand.
C) A restaurant collects real-time survey data from customers to determine how to not attract customers who are unhappy.
D) A restaurant collects real-time survey data from customers to improve future customers' dining experiences.

Question

Quizplus · Accepted Answer

This question requires familiarity with data analytics and how it is used in strategy formation. Choice D is correct because using real-time data to create an improvement for the group the data is collected from would be a proper use in strategy formation. The remaining choices are incorrect as they are not proper uses of data analytics or present scenarios best served by another category of data analytics.

One of the Areas Where Data Analytics Helps Organizations with Is