Win with Advanced Business Analytics: Creating Business Value from Your Data

WHAT IS THE PROMISE OF ADVANCED ANALYTICS?

In the previous chapters, we outlined that advanced analytics includes three major steps:

1. Unlocking

2. Prediction

3. Optimization

In today’s business environment, companies are inundated with data from multiple sources, including market data, chat and e-mail data, sensor data, Web data, servicing data (warranty claims), social media data, mobile data, and call center data, just to name a few. Here, the unlocking step is to convert, integrate, and streamline these data in order to detect problems/opportunities, analyze strengths/weaknesses, measure performance, and track success. Advanced analytics aims to provide a complete knowledge of the market, the product, the services, the technology, and, more important, the overall performance level of the company versus its competitors and the market as a whole. However, in the process, advanced analytics can also help businesses understand, identify, and test seeds of innovation.

To be able to innovate, companies need to analyze their performance in the recent past and the present and then also be able to anticipate the future. Basically, the company needs to understand where it came from, how it is performing today, and how it plans to perform in the future. Not only is it crucial for companies to understand their markets, products, customer service, and technological capabilities, companies must also understand the competition.

It is imperative when thinking of innovation to understand ...