Business Intelligence

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With the vast array of data that organizations have access to, Customer Analytics is becoming a top priority so you can predict how customers will behave when they receive a catalog, enter a store, research and buy online, or interact with your organization in any other way. The more you know about customer and prospect preferences, the more successful you will be at creating relevant offers that resonate with them positively.

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 Analytics drive key strategic decisions in major corporations every day. However most legacy tools and solutions that help companies make these critical strategic decisions, simply aren’t built to deal with the reality of today’s modern business environment. Below are some essential questions to ask as you assess the potential benefits and limitations of new strategic analytic platforms for your organization.
 

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Predictive Analytics can play a massive role in the simplification of Big Data. The role it plays comes down to getting the most out of this Big Data, and it starts with what some people refer to this as the fourth “V” of Big Data (Velocity, Variety, Volume), and that is Value. Predictive Analytics takes all of the data available and can pull the most important elements of that data, helping to create a predictive model or create an ideal profile to help organizations in many different aspects of the business.
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I learned this in a virtual meeting where about 10 stakeholders were invited to give input to a mock-up created by our project. They were all subject matter experts within the area, and had earlier provided some input on an individual basis. I walked through the whole thing, and what happened? There were no comments or suggestions. I couldn't believe it. I know that subject matter experts always have an opinion.

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There’s an old fable about six blind men who encountered an elephant for the first time. Although they couldn’t see it, they wanted to learn what an elephant was like. Each of them touched a different part of the elephant.

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I believe the Problem Pyramid™ provides the appropriate structure for guiding effective business analysis, both for initiating and carrying out projects, whether for what BABOK® v2 calls projects or for topics that truly fit within Enterprise Analysis.

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It is no surprise that organizations spend over $15B annually on business intelligence and data mining technologies. But despite this focus on infrastructure technologies, there is little emphasis on the art of analysis.

Analysts are being asked to assimilate increasing amounts of data into meaningful information that can be acted upon quickly. This is a daunting task as the volume of data that comes into play is staggering and crippling to most analytic tools. This article discusses three innovations in data analysis that empower analysts to explore expansive data sets and gain actionable intelligence.

 

 





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