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

WHAT MAKES UP INNOVATION IN ANALYTICS?

The explosion of Internet, social media, mobile, and other digital information, as well as technologies to capture, process, and analyze data, provides a broad spectrum of opportunities for companies to innovate in analytics. Our experiences in working with innovative companies, enriched by interviews recently conducted with industry leaders, enabled us to see five frontiers in analytics that companies can take advantage of, in order to help them innovate:

1. Innovation from the analytics team resources

2. Innovation from combining data

3. Innovation from predictive analytics

4. Innovation from unstructured data analytics

5. Innovation from the integration of intelligence

Innovation from the Analytics Team

Innovation from the analytics team can come from three core factors:

1. Team member empowerment

2. Analytics business planning

3. Regular off-site meetings

Empowering analytical employees to question the status quo and to change existing processes is an important driver for analytical innovation. For example, one of the authors, JP Isson, usually grants 15% of the time to all team members to think about new analytics solutions or ideas to better support the business. As a result, some great innovative ideas have been shared and discussed with the team. One of those creative ideas was an innovative solution from a team member who leveraged data from people searching for jobs on Monster’s site and provided tools to the sales force ...