The growing importance of data analytics is now recognized as a major competitive advantage in business today. Harvard Business professor Thomas Davenport’s best selling business book ‘Competing on Analytics’ is a testimonial to the ever-growing importance of this discipline.
With the explosion of information, businesses are now able to produce results and ultimately measure performance for any given initiative. But how solutions are developed from this information and more importantly how do businesses action these solutions. This is about adopting the discipline of data analytics where businesses use prior or historical information to determine what has happened in the past but also to predict what might happen going forward. This discipline can utilize simple techniques such as Boolean type business rules for future decision-making or use more complex mathematical techniques such as predictive models as a means of formulating these decision rules. The simple notion of making business decisions based on intuition and one’s prior experience is becoming more the exception rather than the rule. Businesses are now adopting data analytics to provide a more quantitative and scientific approach in their decision-making.
As with any discipline, though, there is a process and approach that is critical in creating the necessary steps for building successful solutions. Within this process and through many years of experience in building analytical solutions, much learning has amassed on what works and what does not work.