Making advanced analytics work for you
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Big data and analytics have become increasingly important in the corporate world. Venture capital investments in big data are growing exponentially. Research from MIT shows analytics can increase productivity by 5-6%. However, many companies are unsure how to implement analytics effectively. The document outlines three key capabilities for exploring big data: identify the right data sources, build advanced analytics models, and transform the organization to make better decisions based on data and models. Mastering these skills can help companies gain a competitive advantage.
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Making advanced analytics work for you
- 1. MAKING ADVANCED ANALYTICS WORK FOR YOU ANALYSIS BY ABHIMANYUE SINGH TANWAR
- 2. THE DEMAND FOR BIG DATA AND ANALYTICS HAS SKY ROCKETED IN THE CORPORATE WORLD
- 3. Venture Capital Investments and Private Equity in Big Data is increasing exponentially
- 4. A research at MIT has shown that usage of Big Data Analytics can increase the productivity by 5-6%
- 5. The main issue is companies are unsure how to proceed. Managers are skeptical in investing in Big Data analytics in small and medium sized companies.
- 6. The time has come to define and execute a concrete approach to big data and analytics and using it to for better RETURNS
- 7. THREE MAGIC CAPABILITIES TO EXPLORE BIG DATA TRANSFORM BUILD IDENTIFY
- 8. IDENTIFY Identifying and choosing the right data is the first step to efficient data analysis. Finding deliberate and creative ways to identify usable data you already have, and exploring surprising sources of information. Using the data from social media is also highly useful.
- 10. BUILD The capability to build advanced analytics models for predicting and optimizing outcomes is highly important. Also the focus on setting up a good IT system is equally beneficial.
- 12. TRANSFORM Most critical, management must possess the muscle to transform the organization so that the data and models actually yield better decisions.
- 14. As more companies learn the core skills of using big data, building superior capabilities may soon become a decisive competitive asset
- 15. THANK YOU