1. The document discusses simplifying a company's analytics strategy to enable insight-driven decisions that add value. It recommends accelerating data, using business intelligence and data visualization tools, data discovery, analytics applications, and machine learning.
2. It notes that the path to data-driven insights is unique for each dataset as business goals, technologies, data types, and sources are constantly changing. Companies need a new analytics approach each time to maximize benefits from data.
3. Two approaches are outlined: using existing solutions for known problems like customer segmentation; and discovery-based approaches to find predictive patterns for unknown problems. The goal is to uncover insights and then make data-driven decisions.
3. For companies, in order to discover real business
opportunities and to achieve desired outcomes,
they should find a simpler path to enable insight
driven decisions that add value. The steps
followed for that :-
1. Accelerate the data
2. Next Generation Business Intelligence and
data visualization
3. Data Discovery
4. Analytics application
5. Machine Learning and Cognitive Computing
4. The path to insight of data is always unique. One
cannot expect the same way of data analysis in
every next part of data.
5. This is because there are many elements
that come into play, and more
interesting thing is that they are always
in a process of change. It can be the
business goals, technologies, data types
and its sources that could be different
each time a data has to come for
analysis.
Hence there always has to be a new
path of analytics for a company so as to
have maximum benefits from the data.
6. To carry out the new ways of data insights,
there are two approaches given. They are:-
1. For a known problem with a solution – such
as customer segmentation and/or
propensity modelling for targeted
marketing campaigns.
2. For an known problem without a solution –
the company could take a discovery based
approach to look fro patterns in the data to
find interesting correlations that might be
predictive.
Once the insight is discovered, or rather
uncovered, the next step is obviously the data
based decisions.
8. For a manager, it is most important to know that
each data has different ways of analysis and it
requires a next level of understanding in every
data that he comes across. The most important
thing to make out is that majority of the decisions
should be data driven. Simplification of analytics is
important for this case as it would make the
information conveyed by the data to be clear.
Through this, it is also very easy to evolve new
business opportunities that would serve both a
purpose of competition and increase the product
line of the company.
9.
10. This presentation was created by Aditya Shekhar as a part of task of
Week 4 Day 5 of Data Analytics internship under Prof. Mathur, IIM-L
