Essay about The skills gap in Big Data analytics - 1486 Words

Our every day life has changed forever, thanks for the ubiquitous smart phones and technology dependent information age. We leave a trail of data while travelling, shopping, driveing, bloggin, and even voting. All of these activities leave a digital signature unique to us, which if analyzed can predict our next move. Similarly, a large set of data is being created each day by businesses, researchers and the World Wide Web. According to an estimate by the government, there are about 1.2 zettabytes (250 billion DVDs) of electronic data generated each year by everything from underground physics experiments and telescopes to retail transactions and Twitter posts (Mervis 22). This data growth has created a new challenge and opportunity. The†¦show more content†¦The type of inquiry varies by the type of the field of study and each field has its own approaches. A person who is in charge of the data inquiry is called a data scientist. The discipline of studying about data is calle d a data science. In the study published by Harvard business review, data scientist is labeled as â€Å"The Sexiest Job Of the 21st Century (Davenport 70).† It is a new field of study where analyzing a large set of data has become a key to the success of a business. Data science is applicable in almost every discipline where a large set of data is generated and consumed. In pure science, specifically astronomy and physics, Big Data analytics has long been used for finding undiscovered planet or unknown atomic particle in the accelerator labs. Other areas like Biology and Chemistry are still developing techniques for the Big Data Analytics. In the study the Big Challenges of Big Data Vivien Marx wrote, â€Å"Biologists are joining the big-data club. With the advent of high-throughput genomics, life scientists are starting to grapple with massive data sets, encountering challenges with handling, processing and moving information that were once the domain of astronomers and high-energy physicists† (Marx 255). The uneven level of Big Data analytics usage within the pure sciences signifies the need to produce new talents and the gap that exists today. In health care, hospitals and laboratories keep electronics health records (EHR), about their patient dataShow MoreRelatedData Analytics, An Integral Part Of Modern Audit Practices1202 Words   |  5 PagesData analytics in audit Introduction: It is interesting to know how modern technology has helped auditors to become efficient with respect to time and resources. Not only that, auditors of late have become heavily dependent on technology for their easy and efficiency. 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National Fabricators Free Essays

Key Events/Case Synopsis National Fabricators Inc. is a company that specializes in the manufacturing of lockers, school furniture, toilet partitions, steel shelving, and is now currently owned by Tom Kruger after buying out $75,000 of shares from shareholders in 1992. The industry is very competitive as costs are rising and prices being cut while the economy declines at the same time. We will write a custom essay sample on National Fabricators or any similar topic only for you Order Now As the president of National Fabricators, Tom Kruger needs to bring the company back on its feet in order to generate profits and reduce its losses of $480,315 and outstanding bank loans of $784,000. Tom Kruger also predicts that sales would fall as much as 10% during the 1994 fiscal year due to government cutbacks on medical and educational spending as well as a sluggish level of consumer confidence. Tom Kruger is now faced with trying to get a 60 day extension for his temporary line of credit in order to get the company to start making profits again. Problem Statement and Objectives To save the company, Tom Kruger needs to get an extension of 60 days on his temporary line of credit so that he can keep losses to a minimum and start generating more profits. At the same time, the economy is declining, competitors are setting low prices, and the government is cutting back on educational spending. Tom Kruger realizes that his plant is not being utilized at full capacity and most of the operations were being primarily financed on bank credit due to insufficient cash at hand. To address these problems, Tom Kruger is now planning on developing a new plant layout for efficiency as well as requesting a line of credit extension in order to finance debt. Situation Analysis Porters As we can see from the case, the metal industry is not an attractive industry because of high competition with low bids, unstable economy, high bargaining power of buyers, and high start up costs. Since the buyers have very little suppliers to choose from to do business with, it can be concluded that suppliers have bargaining power in this industry. Buyers on the other hand only have power when they are specialized at what they do and offer a very low price. Substitution is quite limited due to different specifications offered by the major companies. Barriers to entry on the other hand are very high due to the huge amount of capital needed to get a foot in to the industry. All in all competition is very high in this industry and one must bid aggressively in order to gain a contract. However, this is hard when everyone is giving their lowest bid. SWOT Analysis Overall, for National Fabricators the weaknesses outweigh the strengths for due to its failure towards managing both finance and operations for approximately 10 years. The threats also outweigh the opportunities mostly due the intense competition whcih provides a negative trend towards profits for National Fabricators within the industry. Strengths: †¢ The company has kept all of their old employees at the management level and this will allow them to keep stability while the company is under new ownership. †¢ With a strong sales team being compenstated on a commission basis, this will isnpire each employ to work harder to make and close sales; which in the long run will increase company profits. National Fabricator has contracts from purchaser who are very unlikely to default on their payables, because majority of them come from the government. †¢ Mr. Kruger, is well experienced for this position mostly due to his education and qualifications Weaknesses: †¢ The company lacks in a sufficient inventory management and cost management system, which impacts profits. †¢ With a deficiency of cash flow it forced the company to purc hase materials from more costly warehouses other than Steelmills which is cheaper, which inreturn had increased manufacturing cost. Inproper scheduling and status reporting for work in progress caused a major ineffectiveness on plant capacity use, which had openly increased operating cost and reduced net profits. Opportunities: †¢ Buying from the Steelmills will result in an increase of operating profit while costs are being decreased. †¢ The company has the opportunity to grow in various markets and aquire new customers such as malls, hotels, offices, and motels not only in Canada but as well as the United States. Threats: †¢ Tremendous price and wage competition in a recurring industry will lead to additional losses in profits. The highest risk for National Fabricators is the three companies which are dominating the industry that have the investment ability to control industry standards and requirements, which could lead to a decrease in profits. †¢ Due to the long term contracts from the government it is impacting the company’s cash flow in a negative trend. Historical Financial Analysis †¢ Sales fluctuate due to the frequently cyclic nature of the industry but they aim to remain above 3 million annually. †¢ In 1993 cost of goods sold being 90% of sales and 9. 6% gross profit of sales. Company’s lack of ability to manage inventory and lack of cash forced them to order from more expensive (12-15%more) warehouse than steel mills. †¢ Net profit margin has been negative and no major patterns over the 9 year period on net profit since the trend of the industry is based mostly on economic factors, and whether or not they secure contracts. Due to high percentage of COGS they are only left with a net profit of $980 or 0. 024% of sales in 1993. As a result, if the company lower the material cost, the profit margin will improve drastically. †¢ In 1984 current ratio went from 2. 07 to 1. 2 in 1993 which still is at an acceptable level, mainly due to the fact that operations were losing money in the past few years and there was a large cash drain on the company which resulted in the lowering of the current ratio. †¢ Operations were being financed by National Fabricators bank credit which resulted in outstanding bank loans of $784,000; this could cause ser ious problems on their credit rating from the local bank due to the worse intereage coverage ratio. †¢ Their average age of receivables in days is 78. 79 which had been steady around that number except in 1993 with 101 days mainly due to the holdback on large accounts. Since it is taking longer for them to convert accounts receivable into cash, the liquidity ability for the company is getting worse. | |1993 |1992 |1991 |1990 | |Liquidity | | | | | |Current Ratio |1. 12 |1. 34 |1. 32 |1. 58 | |Quick Ratio |0. 70 |0. 4 |0. 81 |0. 81 | |Profitability | | | | | |%Sales Growth |25. 7% |(17. 6%) |14. 4% | | |Gross Margin |9. 6% |10. 7% |7. 0% |7. 0% | |Net Margin |0. 02% |(1. 8%) |(5. 6%) |(6. %) | |Expenses/Sales |10. 0% |13. 3% |12. 8% |14. 1% | |ROE |0. 2% |(11. 4%) |(37. 8%) |(26. 3%) | |ROA |0. 04% |(4. 1%) |(12. 8%) |(11. 9%) | | | | | | | |Debt/Assets |75. % |64. 2% |66. 1% |54. 7% | |Debt/Equity |310. 4% |179. 4% |195. 0% |121. 2% | Recommendation and Analysis We have chosen to recommend alternative #1, which will focus on improving their profits because they will be reducing the cost of materials from purchasing directly from Steel Mills rather than buying from the warehouses. By doing so this will help them convince Confederation Bank. Purchasing from producers rather than the warehouses will significantly save us an approximate 12-15%. This can help drastically with their profits being made. Another way to improve profit is by increasing profit margins and to do so they need to cut the cost of materials, which will be approximately 68%. By having cut material cost by 13. 5% National Fabricators will have $314,600, which is the amount they saved from the materials and it would increase their gross profits by that amount. Having laid out this plan everything looks very convincing but there are a couple set backs, which need to be worked out. Delivery is three months once purchased from the producers directly rather than one-day delivery from the warehouses, this may cause problems for daily operations. National Fabricators now has to pay off their suppliers in 30 days payments. It used to be 60-90 days but the change requires the need for more cash on hand. Nationals Fabricators will require the financial support of Confederation Bank in order to solve these set backs that will take place if they don’t receive the help financial help they require. Being able to execute this plan we believe that National Fabricators would be able to convince the bank to extend the loan. This will benefit the company because not doing so will increase the financial problems. The reason being we didn’t choose alternative 2 was because it was just too risky and way too costly especially with the risk at hand. Yes it was to better their sales but factor in that their attempts to migrate in the U. S. market also have the risk of not being successful. Also the number of other companies already settled their will give a great competitive market and putting all this together would just show that there is much more risk at hand than reward. Exhibits and Analysis: Attached on next page How to cite National Fabricators, Essay examples

Business Economics Expanding Economic Prospects

Question: Discuss about the Business Economics for Expanding Economic Prospects. Answer: Introduction The present role of tourism in expanding economic prospects in developing countries presents a paradox. The tourism industry plays a potential leadership role in order to resolve the problem within the industry and the trade community as a whole. There are some broadly cited examples of individual tourism business enterprises as well as companies that collaborate with communities and as a result, they bring economic wealth to isolated areas. This mainly includes local business relationship that initiates for sourcing fresh products as well as crafts. Tourism and hospitality industry is a severely competitive, specialized as well as rapidly developing commercial sector (Mowforth Munt, 2015). Body Components of GDP As we know there are mainly four components of GDP that comprises of private consumption expenditure, investment expenditure, and government purchases of commodities and services as well as net exports. I have analyzed the fact that tourism and hospitality sector will help to add to the economic growth and development. This is mainly because, tourism and hospitality helps to drive foreign trade as well as it encourages investment. I have greatly examined that this industry has a positive impact on every component of GDP. Investment is stimulated by both domestic and global demand for tourism. This in turn drives the improvements of the infrastructures that benefit tourist collectively (Leimbach et al., 2015). I have realized that the growth of this sector will lead to development of bars, retail companies as well as other tourism related trade. The quality of life for local inhabitants will also improve, as they will be able to expand the alternatives accessible to them in their domestic community. I also require emphasizing on the improvement in net exports to the government. Philippines will enjoy higher net exports with a bigger outbound business travel market. Business travel is very important contributor to the financial system of nearly all countries, both developed and developing. Advances in trade mostly generate a broader economic benefit. Private consumption expenditure is also impacted in a positive manner as it generates total revenue that deals directly with visitor exports as well as individual spending of the government. The combined spending by the government that includes both local and regional government in the tourism industry is mainly to promote tourism, organization al services and other communal services (Roxas Chadee, 2013). I came across that with the introduction of the tourism and hospitality sector, the economy of Philippines is benefiting. The Philippines tourism and hospitality industry adds a total of P1.43 trillion to the domestic economy in the year 2015. It is equal to 10.6 percent of the gross domestic product of the country. The Philippines tourism and hospitality industry contributed to more than 1.3 million jobs in the year 2015. This figure mainly reflects service by hotels, airlines, restaurants and travel agents. I have also examined that the rate of employment in the tourism industry is likely to increase by 3.1 percent by the year 2017 and by 2.4 percent per year to 1.65 million employments by the year 2026 (Aguila Ragot, 2014). Direct, Indirect and Induced Contribution to Economic Growth Since Philippine is classified as a lower middle-income country by the World Bank, the government is seeking to increase the contribution to economic growth. The direct contribution of Tourism and Hospitality sector to Gross Domestic Product (GDP) reflects the internal expenditure on tourism as well as the individual spending of the government. The direct involvement of Tourism and Hospitality sector to GDP is computed to be reliable with the output, as articulated in National Accounting of tourism characteristic sector. The tourism characteristic sector mainly includes hotels, airlines as well as travel agents and leisure and amusement services. The direct contribution to GDP is also measured from internal spending by netting out the purchases made by diverse tourism industries (Falk, 2016). In the year 2014, the direct contribution to GDP was PHP533.0 billion or 4.2 percent of GDP. On the other hand, in the year 2015 the direct contribution to GDP was PHP559.0 billion or 4.9 percent of GDP. The prepare that will presented to the government reflects that by the year 2025 the tourism and the hospitality sector will contribute to 5.6 percent pa to PHP964.0 billion or 4.4 percent of GDP. The indirect contribution to economic growth and development includes the GDP as well as jobs that is supported by tourism expenditure spending. This includes an imperative characteristic of both present and future movement that comprises investment activity that includes the purchase of new aircraft and manufacture of new hotels (Hettiarachchi, De Silva Sivashankar, 2015). The collective spending of government also contributes to GDP that helps the tourism industry in various ways. This is mainly because collective spending is made on behalf of the community at large that mostly comprises of tourism marketing as well as security services, promotion and aviation. The last indirect contribution to GDP is due to domestic procured of commodities as well as services by the sectors that are dealing straight with tourists. The induced contribution measures that contributes to economic growth and development that is sustained by the expenditure of those who are directly and circuitously engaged by the Tourism and Hospitality sector. The total contribution of the tourism industry reflected not only the economic activities of directly associated companies but also the wider consequences from investment. I analyzed that the total contribution by the industry is expected to increase by 6.6 percent and it is expected to augment by P2.6 trillion by the year 2026 (Ma rtins Veiga, 2014). Conclusion It can be concluded that investment is stimulated by both domestic and global demand for tourism. The direct involvement of Tourism and Hospitality sector to GDP is computed to be reliable with the output, as expressed in National Accounting of tourism trait sector. I have analyzed that tourism will drive foreign trade in Philippines that will advance the economic growth by lowering prices, generating economies of scale, permitting countries to focus on areas of competitive benefit, encouraging innovation and generating competition. It has also been concluded that the indirect contribution to economic growth and development includes the GDP as well as jobs that is supported by tourism expenditure spending. The Philippines recorded a 9.56 percent growth in foreign arrivals in the year 2013. Private consumption expenditure is also impacted in a positive manner as it generates total revenue that deals directly with visitor exports as well as individual spending of the government. I have also analyzed that in the year 2015 the Philippines tourism and hospitality industry contributed to more than 1.3 million jobs. References Aguila, G. M., Ragot, R. (2014). Ecotourism Industry in Ilijan Batangas City, Philippines: Assessing Its Effects as a Basis of Proposed Tourism Development Plan. Quarterly Journal of Business Studies, 1(1), 24-35. Falk, M. (2016). A gravity model of foreign direct investment in the hospitality industry. Tourism Management, 55, 225-237. Hettiarachchi, I. C., De Silva, D. A. M., Sivashankar, P. (2015). Human Resource Audit for the Sri Lankan Tourism and Hospitality Industry. Tourism, Leisure and Global Change, 2(1), 88-104. Leimbach, M., Kriegler, E., Roming, N., Schwanitz, J. (2015). Future growth patterns of world regionsA GDP scenario approach. Global Environmental Change. Martins, S., Veiga, F. J. (2014). Government size, composition of public expenditure, and economic development. International tax and public finance, 21(4), 578-597. Martins, S., Veiga, F. J. (2014). Government size, composition of public expenditure, and economic development. International tax and public finance, 21(4), 578-597 Mowforth, M., Munt, I. (2015). Tourism and sustainability: Development, globalisation and new tourism in the third world. Routledge. Roxas, B., Chadee, D. (2013). Effects of formal institutions on the performance of the tourism sector in the Philippines: The mediating role of entrepreneurial orientation. Tourism Management, 37, 1-12.