Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
    data driven insights
    How Data-Driven Insights Are Addressing Gaps in Patient Communication and Equity
    8 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Business Analytics – Opposition or Proposition?
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Decision Management > Business Analytics – Opposition or Proposition?
AnalyticsDecision ManagementPredictive Analytics

Business Analytics – Opposition or Proposition?

GaryCokins
GaryCokins
4 Min Read
SHARE

Metaphorically, belief and disbelief in business analytics as a competitive edge – and not just a passing fad – meet at a door. On one side is passion, and on the other, fear. Passion always lives with fear. Those with passion for a methodology, like embracing analytics to support decision, have fear that others will reject them and their ideas. What position for analytics will come out ahead? Opposition or proposition? 

Technology is no longer the barrier to analytics

Metaphorically, belief and disbelief in business analytics as a competitive edge – and not just a passing fad – meet at a door. On one side is passion, and on the other, fear. Passion always lives with fear. Those with passion for a methodology, like embracing analytics to support decision, have fear that others will reject them and their ideas. What position for analytics will come out ahead? Opposition or proposition? 

Technology is no longer the barrier to analytics

More Read

Big Data Analytics: Reframing Political Campaigns
What is the Future of Social Media Analysis?
Big Data Will Need 1.5 Million Data Scientists | Dice
Changing Role of #CIO: Chief Information to Chief Insights Officer
This Scary Good Marketing Data Proves That Halloween Is A Winner

What is it about accepting a new idea like applying analytics? There is a lot. And it mainly has to do with the natural resistance to change with people. People like the status quo. The main barrier to the acceptance of applying analytics is no longer technical but rather is behavioral and cultural. The software tools are proven. The use of analytics by casual users, not just a team of trained statisticians, has become widespread.

Consider these remarks from Jane Griffin, a Principal with Deloitte Consulting LLP from a Deloitte “debate” on this topic:

“The executives I talk to every day are wrestling with business decisions where a better understanding of data at a very deep level can make all the difference. … Low-level analytics just won’t get you there. Work your way through the list of ground-shaking developments in business today – none are areas where companies can continue to shoot from the hip. Pricing. Workforce trends. Health reform. Even security and terrorism threats. These are all complex challenges where advanced signal detection capabilities are critical. … Analytics is no fad. It’s a serious competitive advantage.”

Analytics as the only sustainable competitive advantage

The popular Harvard Business School Professor Michael Porter’s defined accepted, generic strategies for a company (i.e., cost leadership, differentiation and focus), however they are all vulnerable today because competitors can more quickly take actions (such as reduce costs), imitate a company or invade a company’s market niche. An organization’s best defense against the competition is the ability to quickly make smart decisions – which can easily be accomplished by implementing business analytics. Organizations that achieve competency with business analytics are able to sustain a long-term competitive advantage. 

A similar case can be made for adopting analytics-based enterprise performance management methodologies. The early adopters are already well ahead. Their executives have properly communicated their strategy to employees through appropriate key performance indicators (KPIs) and achievable targets to align behavior. They have robust predictive analytics that reduce uncertainty and allow them to take smarter and quicker actions. These organizations understand their cost and profit margins by product, service, channel and customer – as well as optimal actions needed to retain and grow customers, and acquire the best target customers. They have driver-based budgets and rolling financial forecasts using modeling techniques.

I suspect that passion (and common sense) was present to overcome fear of trying something new, like advanced analytics, to improve organizational performance.

TAGGED:analyticsdecision management
Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

data analytics and truck accident claims
How Data Analytics Reduces Truck Accidents and Speeds Up Claims
Analytics Big Data Exclusive
predictive analytics for interior designers
Interior Designers Boost Profits with Predictive Analytics
Analytics Exclusive Predictive Analytics
big data and cybercrime
Stopping Lateral Movement in a Data-Heavy, Edge-First World
Big Data Exclusive
AI and data mining
What the Rise of AI Web Scrapers Means for Data Teams
Artificial Intelligence Big Data Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

intelligence
Artificial IntelligenceBusiness Intelligence

Why Artificial Intelligence is The Future of Technology

5 Min Read

Analytics: Not About Saving Time

7 Min Read
big data analytics of oil market and shell company
Big Data

Big Data in Big Oil: The Amazing Ways Shell Uses Analytics to Drive Business Success

10 Min Read

Adventures in MOOC: Back to School

4 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?