Welcome to the Analytics Economy


Data is everywhere. We've been talking about that since the big data craze began a few years ago. But now we're seeing something different. It's not just data. It's accessible data, fueled by advances in computing power, connectivity, and powerful analytics.

This mixture of data, analytics and the ability to collaborate forms the foundation for the analytics economy, where each insight sparks the next. It's where similar to the concept of compounding interest, value comes from compounded insights. It's where people work together with data and machines to accelerate innovation, creating a nonstop engine for progress.

It is the right time to capitalize on the analytics economy, since analytics are now easier to use for everyone, from data scientists to business users to executives. The maturity and pervasiveness of analytics have increased their adoption, and a convergence of emerging technologies and existing capabilities is opening new possibilities.

(Image: Number1411/Shutterstock)

(Image: Number1411/Shutterstock)

A great example from the non-profit sector is Project Data Sphere, LLC, an independent initiative of the CEO Roundtable on Cancer's Life Sciences Consortium. It's a free digital library and laboratory that provides a single place for researchers to share, integrate and analyze historical, de-identified patient-level data from academic and industry clinical trials. In fact, anyone interested in cancer research can apply to become an authorized user.

[Read the rest of the story at InformationWeek.com]

Randy Guard, Executive Vice President and Chief Marketing Officer for SAS

Randy Guard is Executive Vice President and Chief Marketing Officer for SAS. He is responsible for the SAS brand, providing global, strategic direction and marketing vision for SAS products and solutions. Guard has many years of consulting, marketing and product development experience. He is responsible for the SAS portfolio, which spans analytics, data visualization, data management, business intelligence and industry solutions.


Re: Analytics Economy: What are Companies Really Waiting For ?
  • 11/29/2017 9:26:02 AM
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Though we are speaking about the Analytics Economy, I'm deeply impressed by the selflessness of Project Sphere.  Ok, it's a bit selfish, since we all don't like cancer".  But it's one of the few times I've seen data of this type being freely shared when normally data such as this would be hoarded by pharmaceutical companies. 

Re: Analytics Economy: What are Companies Really Waiting For ?
  • 11/14/2017 7:32:12 AM
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In this blog post, Randy Guard writes:

When it comes to transportation, nothing frustrates passengers more than delays – especially unexpected ones. That's why railway companies take every advantage possible to maximize their operations and keep customers happy. In recent years, the Finnish railway, VR Group, began fitting sensors on various systems to monitor symptoms of wear and other failures. But the sensors themselves only collect the raw data. The real benefit came in analyzing that data to discover, often in real time, patterns that help engineers respond more quickly and accurately.

It's worth noting that in the USA (as I've noted in comments on the A2 message board) some Amtrak managers have been using IoT to monitor rollingstock operations via sensors on the equipment. (I've found this out anecdotally by talking with managers at special meetings involving Amtrak.)

Also, passenger rail operations are not the only railway operations using sensors for monitoring with analytics. As I discussed two years ago in my A2 article US Freight Railroads Roll on Analytics, freight rall operations are also relying more and more on this technology.

 

Re: Welcome to the Disruption Economy
  • 11/11/2017 6:47:06 PM
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"...At the core of the analytics economy, there are those creating disruptive innovation and those fending off disrupters."

 

@Lydnon_Henry   I find this to be an amazing insight as I had not considered the disruptive nature of innovation that seems commonplace for those companies that achieve extreme success today (i.e. Apple and Amazon ).

It makes one almost want to ask, What have you done with Anaytics ?  Because as you mention Lyndon, it was just five years ago that we had almost an infantile vision of what Anayltics could be for business. 

It seems that the field has been co-op'ed into a tool for achieving dubious aims or at least aid in the 'disruption" of traditional  systems and markets.  Not to say this is necessarily a bad thing but the point should be made.

There are many implications in the use of analytics to disrupt traditional systems and I think we are  already seeing this in many facets of daily life. 

No kidding, if you are a analytics addict. then it's time to buckle up. 

Welcome to the Disruption Economy
  • 11/11/2017 5:48:21 PM
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Randy Guard identifies this as one of the "Three Keys" for "recognizing the value of analytics":

At the core of the analytics economy, there are those creating disruptive innovation and those fending off disrupters. In this economy, disruption and innovation can come from anywhere. Software companies are disrupting traditional business models, non-"techies" are writing apps, and digital transformation is enabling organizations to monetize their big data.

Innovation-based disruption requires integration and coordination across an organization.

I'm starting to think this should be called the "Disruption Economy". Four or five years ago, analytics was considered a tool for improving and augmenting ongoing business or organizational processes. Now it seems to be positioned as a tool for disrupting established processes, in a battle between "those creating disruptive innovation and those fending off disrupters". It's almost like video game designers have taken over everything.

Interested in analytics? Strap on your helmet, and lock 'n' load ...

 

Analytics Economy: What are Companies Really Waiting For ?
  • 11/10/2017 8:04:26 PM
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" This mixture of data, analytics and the ability to collaborate forms the foundation for the analytics economy, where each insight sparks the next. It's where similar to the concept of compounding interest, value comes from compounded insights. It's where people work together with data and machines to accelerate innovation, creating a nonstop engine for progress."

 

When I first considered what the concept of the Analytics Economy might be, the Capitalist in me went straight for the numbers but after reading your piece Randy, I now understand  this concept in context. 

To the question of is this the right time to capitalize on the analytics economy?  I rhetorically ask, "is there ever a right time ?"

 

I think if we are waiting for the inherent weaknesses of achieving an Anayltics Economy ( i.e. human nature and the natural inclination to be selfish ) to change then we will be waiting a long time and possibly never come close to the potential of an analytics economy.

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