Final interesting article in DM Review this month – Dealing with Data: Data Analytics: A Huge Opportunity by Shari Rogalski. She does a nice job of summarizing the research and makes some good points. A couple of things I wanted to highlight:
* You must move to a predictive mindset, not an analyze-the-past mindset. Check out my predictive analytics FAQ if you are not sure what this means
* You must act first, not just know first, if your data is going to give you a competitive edge
* Retail may be a growth area but financial services and insurance, among others, have been doing this a while in risk-centric decisions
* You need to focus on the decisions you are trying to improve, not just on the data
* One of the great benefits of this approach is that front-line staff, and self-service systems, get the benefit of analytical insight without having to look at reports themselves – a change in mindset
I just reviewed Tom Davenport’s great new book, Competing on Analytics, and if you like the article you should probably pre-order it here. I also mentioned another accenture study in a long post promoted by a TDWI survey on Predictive Analytics – that post has all the links you could need or want to explore the topic so I will leave it there.
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About the Author
VP of Product Marketing with a passion for the technologies of decision automation. 15 years designing, developing, releasing and marketing advanced enterprise software platforms and development tools. Across the board experience in software development, engineering and product management and product marketing.
