The world is watching as the rules of the markets change drastically in the COVID-19 era. Businesses are making an extra effort to adapt to the “new normal” to stay competitive. Today, it’s not only the rules but the entire battleground that is undergoing massive changes! What does digital transformation mean in this situation? Let’s…
When an organization is pursuing growth and considering various strategic opportunities such as expansion into new geographies, new product development, diversification, etc., there is a lot at stake. Insights about consumers, markets, economies, geographies, and products prove extremely valuable and can make the difference between sustained success and failure. Yet, not all organizations are equally…
Small businesses have interesting times in store for them ahead. With the advent of a new era of IoT and automation, imagine the amount of data that every organization, big and small, is generating. Data is valuable — whether it is data companies collect about customers who are using their products or services, or data…
Artificial intelligence (AI) algorithms have been in use for at least half a century since the term was coined. In this time, although research interest in the subject has varied, belief in its potential has remained steady. Equally, research has focused on enabling computers to glean insights from data, which can help improve the originally…
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…