Big data and advanced analytics present both opportunities and challenges for companies. While large amounts of new data are being generated through social media and sensors, leaders are hesitant to invest without knowing how to implement analytics successfully. Additionally, companies often already have useful internal data but managers don't know how to apply it to decision making. It is important for companies to creatively source both internal and external data and develop strategies to leverage analytics for key business problems and decisions.

1. HBR Article Review
Kanush Agrawal

2. Making Advanced Analytics Work for You

3. Insight 1

4. Big Data is generating a lot of hype. Even so, most
companies are unsure how to proceed. Leaders are
understandably leery of making substantial investments in
big data and advanced analytics. They’re convinced that
their organizations simply aren’t ready.Also they have the
apprehension that it doesn't turn out like CRM softwares
that had come up with big promises but didnt deliver
successfully

5. Insight 2

6. There is a huge potential of external and new sources of
data. Social media are generating terabytes of
nontraditional, unstructured data in the form of
conversations, photos, and video. Add to that the streams
of data flowing in from sensors, monitoring processes,
and external sources that range from local demographics
to weather forecasts. It's critical now that we embrace the
new types of changes and adapt to them

7. Managerial
Relevance

8. Often companies already have the data they need to
tackle business problems, but managers simply don’t
know how the information can be used for key decisions.
Operations executives, for instance, might not grasp the
potential value of the daily or hourly factory and
customer-service data they possess. Hence it's critical to
source the data creatively.

9. Thanks