By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData Collective
  • Analytics
    AnalyticsShow More
    predictive analytics in dropshipping
    Predictive Analytics Helps New Dropshipping Businesses Thrive
    12 Min Read
    data-driven approach in healthcare
    The Importance of Data-Driven Approaches to Improving Healthcare in Rural Areas
    6 Min Read
    analytics for tax compliance
    Analytics Changes the Calculus of Business Tax Compliance
    8 Min Read
    big data analytics in gaming
    The Role of Big Data Analytics in Gaming
    10 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    Promising Benefits of Predictive Analytics in Asset Management
    11 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: How To Create Business Value with Analytics
Share
Notification Show More
Latest News
ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing
become a data scientist
Boosting Your Chances for Landing a Job as a Data Scientist
Jobs
Aa
SmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Data Management > Best Practices > How To Create Business Value with Analytics
AnalyticsBest PracticesBusiness IntelligenceCulture/LeadershipDecision ManagementMarket ResearchPolicy and GovernancePredictive AnalyticsRisk Management

How To Create Business Value with Analytics

Brett Stupakevich
Last updated: 2012/07/05 at 6:55 PM
Brett Stupakevich
4 Min Read
SHARE

win small photo (data analytics business analytics advanced analytics )In the coming years big data is expected to grow exponentially.

Today big data is measured in gigabytes and sometimes petabytes. Soon big data is expected to exceed zetabytes and by the end of the century, yottabytes, according to a recent article in the MIT Sloan Management Review that’s based on a survey conducted by MIT .

More Read

become a data scientist

Boosting Your Chances for Landing a Job as a Data Scientist

How The Explosive Growth Of Data Access Affects Your Engineer’s Team Efficiency
Here’s Why a Bootcamp Won’t Make You a Data Scientist
5 Most Common Programming and Coding Mistakes Data Scientists Make
9 Careers You Could Go into With a Data Science Degree

The study indicates that 58% of the 4,500 respondents (business executives, managers and analysts) say that their companies gain competitive value as a result of data analytics. The more competitive organizations are experienced in analytics and go far beyond its traditional baseline use. Their leaders use analytics to guide strategic and tactical decision making.

 

They are adept at deploying analytics tools (software for data visualization, modeling, mining, and analysis) that promote the use of data. The article suggests that organizations supporting and practicing analytics of all this data are more competitive than companies that don’t use data analytics in their day-to-day operations.

This advantage is realized by the application of business and data analytics. The study also provides this working definition: “[t]he term analytics refers to the use of data and related business insights developed through applied analytical disciplines (e.g. statistical, contextual, quantitative, predictive, cognitive and other models) to drive fact-based planning, decisions, execution, management, measurement and leaning.”

The article refers to the group that uses analytics as “transformed companies” because of the level of sophistication that their user communities display.

Transformed companies are likely to be data-oriented organizations. Each of these organizations encourages a culture of data enthusiasts that embraces data as a strategic asset. Company leaders support data initiatives and they share the insights derived from the data across the organization.

Leaders serve as analytic champions who embolden the organization to use the analysis of the data to make operations decisions daily, nurture analytical expertise and focus on using data to achieve a competitive advantage.

And the collaboration continues as well. Data silos are identified and then integrated with other specialized business data to form a single data analytical system. Executives have access to the data when they need to make top-level decisions, analysts can develop meaningful insights, and all the employees who require information to get their jobs done now have access to it.

The growth of big data and the new tools associated with it has led to the recognition that data is a strategic asset. Companies realizing the importance of data are hiring chief data officers and data scientists and they’re establishing Offices of Data Management.

As the level of data expertise and sophistication increases, organizations are more likely to be in positions to advance the use of data analytics and gain competitive advantages.

Next Steps:

  • Subscribe to our blog to stay up to date on the latest insights and trends in data analytics.
  • Check out our complimentary “5-Minute Guide to Business Analytics” to find out how user-driven “analytic” or “data discovery” technologies help business and technology users more quickly uncover insights and speed action.
Dennis Earl Hardy
Spotfire Blogging Team

 

TAGGED: data scientists
Brett Stupakevich July 5, 2012
Share this Article
Facebook Twitter Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

ai digital marketing tools
Top Five AI-Driven Digital Marketing Tools in 2023
Artificial Intelligence
ai-generated content
Is AI-Generated Content a Net Positive for Businesses?
Artificial Intelligence
predictive analytics in dropshipping
Predictive Analytics Helps New Dropshipping Businesses Thrive
Predictive Analytics
cloud data security in 2023
Top Tools for Your Cloud Data Security Stack in 2023
Cloud Computing

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

[mc4wp_form id=”1616″]

You Might also Like

become a data scientist
Jobs

Boosting Your Chances for Landing a Job as a Data Scientist

9 Min Read
data access for engineers
Big Data

How The Explosive Growth Of Data Access Affects Your Engineer’s Team Efficiency

11 Min Read
Data Scientists
Data Science

Here’s Why a Bootcamp Won’t Make You a Data Scientist

5 Min Read
common programming mistakes made by data science developers
Programming

5 Most Common Programming and Coding Mistakes Data Scientists Make

8 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 and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

Quick Link

  • About
  • Contact
  • Privacy
Follow US

© 2008-23 SmartData Collective. All Rights Reserved.

Removed from reading list

Undo
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?