How to gain competitive advantage through analytics?
There is extensive proof that business decisions based on analytics are more likely to be accurate than those based on intuition. Analytical competition requires continuous development of new measures, algorithms, and decision-making models. Companies adopting analytics will methodically reduce guesswork in their business processes.
How to start with analytics in your company?
For organizations just starting the analytics journey, a specific business problem may be a good starting target. As analytical experience develops, targets become broader. A good target is critical because it engages top management commitment and creates momentum. It focuses on generating insight rather than merely information.
Big Data to Business Value
Advanced analytics is becoming an important competitive asset in many industries. Just collecting the big data is not sufficient. Developing the right analytical tools that focus on right business outcomes and are easy-to-use is important. This demands careful transformation of organization culture and capability to weave big data into the fabric of day-to-day business processes.