INTRODUCTION TO BUSINESS ANALYTICS

The General Electric Company (GE) is an American multinational conglomerate who's best known for their work in the Digital, Additive
manufacturing, Power, Renewable Energy, Aviation, and Healthcare industries. It was founded 128 years ago and has since been one of the main
players in the market. How did GE remain on top of the game? How did they evolve from old business models to business analytics? Here is my
analysis based from the article given.

Transactional Model: During the 1980's, General Electric's main products were light bulbs, jet engines, windmills, and other
related ones. Aside from these, they also sell parts and offer repair services if ever the product that was bought from them
wore down and got broken. It was purely transaction of sales and services. By applying descriptive analytics, we could see the
existing sales pattern of GE. A consumer buys something from GE, they use it for months or even years, it gets broken, they
come back to GE and then GE will sell parts and services to fix it. And by also applying diagnostics analytics, they will know
how to increase not only the sales of their equipment but also the sales of their parts and services.

Contractual Model: In the 1990's until around 2010's, GE started to apply the contractual model wherein GE works with their
client in terms of operating, maintaining and doing preventive maintenance on the piece of equipment they sell since they
were giving guarantee to their consumers as to how long and how good their products and services works. This is where the
application of predictive analytics works. GE needs to predict when their product will fail so that they could do preventive
maintenance, and they also need to predict how to operate their equipments to be able to guarantee that it will actually work
for as long as 90% of the time.

Expanded Customer Outcome: When GE applied this model to their business, it was like forming a partnership with their
clients because they weren't only selling products and services; they were also selling actual analysis as to how their consumers
could maximize the usage of the products they offer. This isn't easy to do because GE needs to collect a lot of Data and analyze
it deeply to make sure that what they're offering to their clients are truthful. Applying Prescriptive analytics to this model helps
the company to know what they should do to ensure quality products and services to their clients, it's future possiblities as
how long it will last and such. It also provides an insight to their clients whether the product they're buying is worth the price.

In conclusion, conducting data analysis really helps a lot in assessing the business decisions done in the past, correcting mistakes, bettering product and
services being offered, and predicting future possibilities for the company and gives them idea as to how they can achieve their goals with better choices on
matters like how and where they want to take their business.