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Hello,
There are questions asking about benefit & opportunity, for example, customer oriented.
I am quite confused about the differences between these. My answer looks like all benefits. Please could you give me some advice?Please supply details of some of these questions. Are they old ACCA questions?
for example, Specimen 01 DCS
‘Prepare information for two presentation slides to be presented to the DCS Company board, including
relevant bullet points and supporting notes, highlighting the key benefits and identifying the main
opportunities presented by big data analytics to DCS Company and its customers.’
Slide 1: Benefits of big data analytics
Bullet points:
– Sentiment analysis
– Soft surveillance and consumer behaviour tracking
– Open communication channels with clients
– Predictive analytics (which can monitor inventory levels and ensure product availability)
– Analysis of customers’ purchasing behavioursSlide 2: Further opportunities
Bullet points:
– Potential to unlock significant value
– Ability to collect more accurate and detailed performance information
– Big data allows ever-narrower segmentation
– Sophisticated analytics can substantially improve decision-making
– Big data can be used to develop the next generation of products and servicesI too find the distinction between benefits and opportunities difficult and artificial. To my mind there is no benefit unless it presents opportunity. For example, in another area, activity based costing allows you to understand costs better. But this is a benefit only if the opportunity is taken to control costs better. The only tenuous difference is that opportunities are more in the future: understand costs now to control them in the future.
So in the above answer, in Slide 2, I would regard the opportunity “Ability to collect more accurate and detailed performance information” not as an opportunity. It is a benefit that is not realised if something is done with that information. On the other hand in Slide 1 “Predictive analytics (which can monitor inventory levels and ensure product availability)” seems to be talking partially about opportunities ie ensuring product availability.
Frankly, you shouldn’t worry about it too much. If possible identify opportunities as what can arise from the benefits.
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