Making advanced analytics work for you
- 1. BY:- ANKITA KUMARI SRM INSTITUTE OF TECHNOLOGY MAKING ADVANCED ANALYTICS WORK FOR YOU
- 2. OVERVIEW:- • Big data and analytics have rocketed to the top of the corporate agenda. • Big data could transform the way companies do business. • As data-driven strategies take hold, t hey will become an increasingly important point of competitive differentiation.
- 3. PROBLEMS FACED BY COMPANY:- • Most companies are unsure how to proceed. • Leaders are understandably leery of making substantial investment in big data and advanced analytics. • They’re convinced that their organizations simply aren’t.
- 6. Fully exploiting data and analytics requires three mutually supportive capabilities… 1.Multiple sources of data must be identified, combined and managed by the companies. 2.Need to build advanced analytics models for predicting and optimizing outcomes. 3.To yield better results management should be able to transform organization.
- 7. Two important features underpin those activities: 1.A clear strategy for how to use data and analytics to compete. 2.Deployment of the right technology architecture and capabilities.
- 8. Using big data requires thoughtful organizational change, and three areas of action can get you there… Develop useful business-relevant analytics. Embed analytics into simple tools for the front lines. Develop capabilities to exploit big data.
- 10. 1. Managers need to know how the information can be used for key decisions. 2. Managers should concentrate on targeted efforts to source data, build models, and transform the organizational culture. Such efforts will play a part in maintaining flexibility. 3. Managers also need to get creative about the potential of external and new sources of data.