Shape Your Destiny: How Business Analytics Can Deliver Business Value
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(4)Overview: Data is no longer just a byproduct of business activity: It is a strategic asset. To be successful in any industry today, organizations must derive maximum value from their data and information resources. The goal is to deliver actionable insights to decision-makers at all levels so that they waste less time looking for data and devote more to achieving business benefits. The journey toward higher value begins with gaining access to data culled not only from traditional sources such as customer transactions, inventory activity and supply chain events, but also from the growing body of new, “big data” sources: online customer behavior, Web pages, social networking and user searches. But while gaining access to quality data is a huge win, it is only the beginning. To realize full business value from data, organizations need to marry business intelligence (BI) and data warehousing with analytics: that is, methods, applications, tools, and services for quantitative and statistical data analysis and mining. The combination of BI, analytics and information management is what delivers business analytics that can directly improve decision-making and process optimization. In the words of business management guru Thomas Davenport, “organizations are competing on analytics not just because they can – business today is awash in data crunchers – but also because they should.” Davenport adds: “Business processes are among the last remaining points of differentiation. And analytics competitors wring every last drop of value from those processes.”
