Competitive Advantage Tools

Understanding the essential principles of competitive advantage is important for creating an effective business strategy, investing successfully, and understanding the economy on a national and global scale. Though competitive advantage is a basic economic concept, it is also one of the most important. A competitive advantage is an attribute that enables a company to outperform its competitors.

Big data and analytics are already being used to power innovations and give businesses a competitive advantage. Tools are being used right now to deliver investment advice, to manage vehicle autopilot systems, and help retailers to predict potential purchases. Firms that may not consider themselves a ‘tech company’ are leveraging this technology for many reasons.