- by Patrick Taylor, Prospector
- 10/30/2012 10:45:38 PM
Big Data practices are evolving. Continuous analysis of transactions and the delivery of actionable insights for better decisions is a critical component to making big data work towards business success. These insights should meet 3 key characteristics:
1. They must be timely. Timeliness means that insights are received at the point in time when they are needed – when there's a decision to make.
2. Insights need to be clearly actionable. Actionable means that the insights direct you to a decision you should consider, they are not just providing information for information's sake, they are revealing specific transactions and patterns of behavior you should know about; and
3. The must be directed. Insights need to be pushed out to the right person and highly relevant to those decision makers and their responsibilities within the organization.
- 10/26/2012 12:11:37 PM
The ROI is calculated by every company before it invests in analytics talent and systems. If the company is sure that it can save more than it will invest (incorporating the time value of money) then only it should go with analytics tool. The savings might not be quick enough to pay off all the expenses within an year or two but considering the future competition, a company may decide to go with it mainstream. Not to undermine the qualititive benefits that will come into play due to analytics usage.
- by Jeff, Data Doctor
- 10/26/2012 12:05:16 PM
I wonder how expensive that learning curve is. For instance, say you are Microsoft, you have cash but no Analytics Experience (they do but go with me.) They would need to buy an analytics company or hire in talent. Then hire people train others (i.e. management to learn from all this new talent. Then develop some processes and/or products. Then test, then implement. 2 years, 3 maybe. Imagine the money you would have spent.
- 10/25/2012 1:12:21 PM
"but companies that don't make wise use of their data could easily find themselves slipping from top of the hill to the bottom of the hill, no matter how slick a PR campaign."
True. In the long run, competition will come in everywhere and without wisely using data, survival can be difficult even for today's cash-rich companies.
- 10/25/2012 1:09:18 PM
"some still very much operating in more of a basic BI mode rather than really doing much data mining and advanced analytics work with others long involved in predictive modeling and, in some cases, prescriptive analytics. "
Agreed Beth. It is about the company and its human resources. If its human capital is interested in gaining a deeper insight about the company's operations then there is likely to be an analytics approach towards business operations. And there will come into play analytical and BI tools. If the judgmental part prevails in the company's leadership and human resources then analytics and modern tools are not up for discussion.
- by BethSchultz, Blogger
- 10/25/2012 11:50:25 AM
True, @waqasaltaf, but companies that don't make wise use of their data could easily find themselves slipping from top of the hill to the bottom of the hill, no matter how slick a PR campaign.
- by BethSchultz, Blogger
- 10/25/2012 11:47:51 AM
Hi Waqas, I think about this more in terms of companies rather than industries. With there being such a diverse range of capabilities across companies -- some still very much operating in more of a basic BI mode rather than really doing much data mining and advanced analytics work with others long involved in predictive modeling and, in some cases, prescriptive analytics.
- 10/25/2012 10:33:53 AM
Some businesses are just too established due to extra-ordinary PR and effective human resources to be vanished just by their competitors' abilities to effectively use the output of analytics. Where perfect competition exists, big data analytics become a strategic necessity to ensure survival.
- by Broadway0474, Blogger
- 10/24/2012 10:28:47 PM
Right on. For any company easing their way into analytics, actionable analytics can provide the quick and easy demonstration of ROI that will sell leadership on bigger investments.