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: From MIT/Sloan Analytics: The New Path To Value
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 > From MIT/Sloan Analytics: The New Path To Value
Business Intelligence

From MIT/Sloan Analytics: The New Path To Value

Brett Stupakevich
Brett Stupakevich
4 Min Read
SHARE

MP90041409212 150x150 photo (business intelligence)

In 2009 alone, the Earth’s inhabitants created more digital data than it previously had up to that point.

MP90041409212 150x150 photo (business intelligence)

More Read

Starting Your Business: Data From the Ground Up
The Bolus of Bucks
7 Big Data Trends That Will Impact Your Business
BI Incompetency Center (Cartoon)
Top 5 Reasons “Data Geek” Jobs are on the Rise

In 2009 alone, the Earth’s inhabitants created more digital data than it previously had up to that point.

The strategies, analytics and business intelligence tools that help use and decipher our massive store of facts were part of a fascinating webcast from the MIT Sloan Management Review.   A myth that this data stream can be adequately monitored and tamed is as potent as the reality that data is transforming companies. Watch the video and read “Analytics: The New Path to Value.”  The magazine had surveyed executives about the state of analytics use  and found a growing gap between industry leaders who are using data to advance and laggards not yet capitalizing. A summary recap of the hour-long panel discussion can be read online with insights from Erik Brynjolfsson, director of the MIT Center for Digital Business, and Stephen Baker, author of “The Numerati.”  Specific  cases of using business intelligence to mine cause/effect actions at leading companies such as Google, Amazon and some smaller organizations such as school districts demonstrate how data needs to be converted to words and questions then back again, Baker noted.   A new way of  working means asking more and better questions of your data is critical, then finding non-obvious relationships  and ways of making constant, iterative changes.

In one case, Brynjolfsson tapped into Google Insights data with details on the more than 100 billion public searches done on the Internet monthly. Using them, he and students were able to predict trends in the U.S. housing market.  People tend to search for mortgages, brokers and real estate agents before shopping for a home and that search trail can indicate price and sale activity. The results “outpredicted” the National Association of Realtors and other experts, he said.

“They had much more sophisticated models but we were able to outpredict them just using a data set that’s publicly-available,” he adds. Instead of experimentation being a rare, expensive business practice the model of continuous sampling and improvement is changing the way we work.
“As data floods into the company, as we go from an information desert to an information jungle, the bottleneck at the tops of organizations gets more and more constraining,” he said. That should lead to distributed decision-making, crowdsourcing and reducing the intuition, gut feelings and conventional wisdom.

Instead of formulating the one perfect question to ask your data, think of many different aspects that you can consistently test and question, Baker suggests. In some ways every company has to think like a retailer of adjusting browsers, offers, A/B testing prices or services to find the optimal mix.   A willingness to take changes, and act quickly will replace the management that is paralyzed by analysis or waiting to see which way the winds blow.

Getting more and better information, in real-time, with collaborative tools that offer a unified view of the same facts means that meetings are not going to be discussions and hypotheticals.   The future will be data-based with analytics showing what happens and why — predicting future trends and actions instead of using “a rear-view mirror” to see what just happened.  Companies have more data than they know what to do with – what they might NOT have yet is the culture of testing, experimentation and rapid response.

David Wallace
Spotfire Blogging Team

Image Credit: Microsoft Office Clip Art

TAGGED:analytics
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

Predictive Analytics: 8 Things to Keep in Mind (Part 6)

6 Min Read

Getting Smarter About Water?

3 Min Read
big data scientists build bridges
AnalyticsPredictive Analytics

Big Data Scientists Are Bridge Builders

4 Min Read

OLAP is Dead (Long Live Analytics)

5 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
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

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?