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Making advanced analytics work
- 1. MAKING ADVANCED ANALYTICS WORK IMPORTANCE OF ANALYTICS
- 2. 1st INSIGHTS: •Big data and analytics have rocketed to the top of the corporate agenda. •Executive look with admiration at how Google,Amazon etc. have eclipsed competitors with powerful business models.
- 3. •Big data could transform the way companies do business. • The important feature underpin a clear srtrategy for how to use data & analytics to deployment of right technology.
- 4. •According to the research by Andrew McAfee and Eric Brynjolffson of MIT, companies that inject big data & analytics into their operation show productivity rates increase by 5%-6%.
- 5. 2nd INSIGHTS: •The two features that needs to be specified is # Choose the right data -Data sources from social platforms has increased rapidly.
- 6. -An opportunity to expand insights by combining data. -Bigger and better data give companies more granular views of their business environment.
- 7. -To able to see what was invisible before improves operations, customer experiences & strategy. - More often having the data, managers could not use data fully for key decisions.
- 8. -There are plenty of dat available online. -Get the necessary IT support.
- 9. # Build Models that predict and optimize Business outcomes : -Data are essential but performance improvements and competetive advantage comes from analytic models.
- 10. -A pure data-mining approach often leads to an endless search for what the data really say.
- 11. MANAGERIAL RELEVANCE: •The leaders should invest sufficient time and energy in aligning managers across the organisation. •More importantly managers should focus on “What's the least complex model that would improve our performance.
- 12. •These points can be solved by using the insights given earlier.
- 13. THANK YOU