While advanced analytics have facilitated business improvements in many organizations, there are some revenue models that would not have even been possible before analytics capabilities were developed. There are many business analytics examples in manufacturing, retail, healthcare, and banking organizations, but advanced analytics are not confined to these sectors, and are actually touching every aspect…
Before the technology and data boom, many business decisions had to be made with limited information and insights available. CEOs and other executives drew upon their experience and intuition and rather proudly said that they had decided “by the seat of their pants” or gut feel. As technologies and systems to collect and analyze data…
There are four important techniques in business analytics that correspond to the different stages of maturity in the analytics lifecycle. Let’s take a look at them below: 1. Most organizations start their analytics journey by asking ‘what has happened’. The business analytics technique that answers this question is called descriptive analytics as it provides a…
Artificial Intelligence (AI) has permeated many different applications, from house-cleaning robots to self-driving cars and web-based smart assistants. With the proliferation of business data, it’s not surprising that AI is also impacting data analytics and BI tools being used in various industries. Data analytics and BI landscape: Traditional BI tools can no longer effectively process…
In business, knowledge is power, and the knowledge of what will happen in the future is a super-power. When data analytics, statistical algorithms, and machine learning come together, this super-power, also called predictive analytics, becomes a capability that can have a huge impact on business decisions and results. The use of data as a basis…
Data mining for business analytics is the process of extracting valuable information from a vast amount of available corporate or consumer data. Businesses are generating huge amounts of data from various applications, IT systems, and databases. They say that data in most organizations is currently doubling every two years. This data may be stored on…
What’s your plan for the data you’ve captured about your business? Capturing business data is one thing, and using it proactively to make business decisions is quite another. With the advent of the Big Data era, we’re seeing an explosion in data capture tools and systems. But how many of these systems can actually help…
“If you torture the data long enough, it will confess.” — Ronald Coase (Economist) When it comes to business analytics tools, the software industry has been in overdrive mode. Dozens of new business analytics tools have been developed in the last couple of years. According to Gartner1[ASK1], by 2022, more than half of the business…
We live in a data-driven world. In fact, we are at times overwhelmed by data. Every single action taken by an individual on a device is being tracked, traced, recorded, and the resultant data is being stored, processed, transformed, analyzed, and visualized. But not all organizations today are able to harness this data into actionable…
The organizations that are best equipped to thrive in the current, volatile environment, as well as the future, are those led by CEOs who have succeeded in making business analytics the basis for strategic and operational decisions. As technology continues to develop in the areas of analytics, machine learning, and artificial intelligence (AI), business models…