big data analytics we’ve all heard the buzz words but what do they really mean? And how can they help your business? Let’s start with definitions big data.
Refers to the vast volumes and types of information that companies can now collect and process using increasingly high-tech systems. This comes from both internal sources within your company and external ones customers suppliers and the broader market.
It is both structure such as customer purchase data from retail stores and unstructured such as internet search
results though all data has to be put into structured formats to be analyzed. Analytics is the use of math and statistics to derive meaning from data in order to make better business decisions.
There are three kinds of analytics some are descriptive for example dashboards scorecards and alerts. They tell you what happened in the past but not why it happened or what might change. Predictive analytics are more useful. They use past data to model future outcomes. Perhaps indicating how customers will respond to a marketing promotion or how sales would be affected by certain market conditions.
Even better are prescriptive analytics which use techniques like optimization or a/b testing to advise managers and workers on how best to do their jobs. They might tell a TV salesman the right discount to offer a web designer which type of ad will elicit more clicks or a truck driver where to stop for gas. When you combine big data with effective analytics you have.
What Babson College professor Tom Davenport believes to be a key competitive advantage for organizations. Today what capabilities does your organization need to succeed. One approach is the Delta model data that is clean, accessible and often unique to your company. An enterprise wide focus with key data systems and analytics resources available to the whole firm not just isolated teams leaders at all levels that promote a data and analytics driven culture.
Targets for keepest Nasseri –is that could benefit from this approach and talented analysts to execute the strategy in a complex and dynamic business environment. Big data and smart analytics are more than buzzwords. They’re an important way to improve decision-making and ensure that your company is a step ahead of its competitors.