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Turning Data Into Better Decision Making
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2015 analytics report by MIT SMR and SAS is now out!
  • 4/26/2015 10:17:57 AM
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MIT Sloan Management Review's fifth annual global report on the state of analytics is out today, April 26, 2015. This blog post at AllAnalytics provides a quick look of some of the report's highlights. I know some of you are looking forward to seeing the full report and all its findings. 

The report, called "The Talent Dividend: Analytics talent is driving competitive advantage at data-oriented companies," captures insights from 2,719 respondents worldwide. It was produced in partnership with SAS.

The report finds that organizations achieving the greatest benefits from analytics are much more likely to have a plan for building their talent bench. It finds, as well, that decision makers — the end-users of data — are more aggressively developing analytics skills, as more companies help executives be better equipped to apply analytical insights to business issues.

Please find the new report online here: http://sloanreview.mit.edu/analytics2015

We want to know what you think of the report and its data!

Re: Dealing with analytics intimidation
  • 4/22/2015 1:50:22 PM
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:) thank you @Louis!

Re: Dealing with analytics intimidation
  • 4/21/2015 10:58:15 PM
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@Lesilie    Thanks information and for the link -  I am so annoyed by the findings that I almost foregot to Welcome you to  A2 ! 

Welcome. : )

Re: Dealing with analytics intimidation
  • 4/20/2015 11:02:41 PM
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I look forward to the release of The Talent Dividend. And thanks for highlighting last year's report.

Re: Dealing with analytics intimidation
  • 4/20/2015 3:28:23 PM
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Thanks for your comments. The full report, "The Talent Dividend," will be online April 28 with much more detail about the research and the findings. The global survey included 2,719 respondents from across the world and from a wide variety of industries and company sizes. The new research builds on last year's report, "The Analytics Mandate," which you can find online right now at http://sloanreview.mit.edu/projects/analytics-mandate/  Last year's report and findings set the stage for understanding what our most recent research set out to explore.

Re: Innumeracy
  • 4/20/2015 10:05:43 AM
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@Terry. Good point about giving managers a grounding in stats. I think an additional approach that could help to bridge this gap in decision making is managers more aware of what analytics can do for them and the type of data that is/could be available to them.

The latter could require more outreach by the analytics team and its supporters. I think the worst thing the analytics team could do is go to the business leaders and say, "We have data and we are here to help you." The immediate reaction would be akin to what people have thought when an outside consultant comes in and says, "I'm here to help you." -- Uh oh!

However, if the analytics team is able approach the manager with good questions designed to identify the manager's pain points you increase the chances of buy-in, and then the analyst can dig into the data as part of a partnership. And, the analyst better learns how the business unit operates.

Re: The State of Analytics Leaves Speechless ...
  • 4/20/2015 9:52:23 AM
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@Louis. No doubt, companies know how to produce data. But they don't necessarily know how to produce usable data or organize it.

Re: Innumeracy
  • 4/19/2015 7:39:05 PM
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"...It's clear there's a huge innumeracy problem in business, which is really the kernel inside this hard outer shell."

 

@Terry   Thanks for the link - lot's of good reading here.  I am really surprised, I for one did not realize the problem was as bad as it appears to be.  I just assumed most managers had some business school experience behind them.  This does not appear to be the case at least in the numbers I had envisioned.

I have this business background so I guess it makes me somewhat biased.   But I am more concerned with the Macro implications of this.  One that comes to mind is that businesses today(major enterprises) really need little management in reality -  Sales will be Sales for the most part and companies seem to be fine with that.  No incentive to really think outside the box.  

But due to the emergence of Data which has grown to become "Big Data", there are new stresses on management.  I never thought we would have to start from here.

But then again, and I kid you not, this is the first time I had ever encountered the term innumeracy .

Innumeracy
  • 4/19/2015 10:34:28 AM
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Seems like we get treated to some version of this blog about once a quarter: Execs and managers at sea with what to do with the torrent of business data coming their way. And it's pretty clear they're continuing to struggle on both an individual level but also as organizations that want to be smarter, faster, more competitive, etc.

Do business managers need better grounding in statistics, so they can at least know where they should be looking or what kinds of datasets are available to them? It's clear there's a huge innumeracy problem in business, which is really the kernel inside this hard outer shell.

Re: Decision Making: No Guts, No Glory....
  • 4/19/2015 8:06:21 AM
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Given adoption of more analytic capability in finance, Louis, I am sure the manager will see clifss in that industry, too. ;-)

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