Twice weekly articles to help SMB companies optimize business performance with data analytics and to improve their analytics expertise.
Every company looks for ways to save money, but it is important to remember that your company needs to drive increases in value at all times. Data analytics is a great discipline/tool to do both.
This article was contributed by Vaibhav Waghmare.
Recently on the Harvard Business Review blog there was an article on "Why Your Analytics are Failing you?" In the article, they talk about one business which claimed to deploy a wide range of real time analytics unimaginable 5 years ago, but without any tangible business returns. If this is the state of affairs for larger enterprises, what can you say about small and medium businesses that try to adopt and deploy analytics?
Sports analytics is set to become a driving force in the sports industry. Analytics is helping industry experts to take better decisions on a variety of issues ranging from selection of players during team formation to tactical plays during a game to increasing fan engagement. For example, in earlier article on Predictive analytics in cricket: from decision tree to random forest, it was explained how the possible outcome of a game could be predicted based on earlier data for similar events. The way fans consume sports data and how the game is played is changing the face of sports. The objective of analytics applied to sports data is to turn it into the value for both consumers as well as sports professionals.
As a CPA and a former-CFO, I’m often asked about the changing role of financial executives. Sure, there are the normal, day-to-day, financial watchdog aspects of the role that will always remain important but more and more, CFOs are being asked to lead strategic projects that determine where the company is going to be in the future. This places these leaders in the unique position of being the “keeper of the past”, while requiring them to look outside of that comfort zone and find forward-looking data sources that they can integrate and create predictive insights with. Key to success in these efforts is effectively communicating and relating these data sets with an intuitive interface and methodology.
Nearly 3 weeks after MH 370 went missing on March 8, 2014, we are still looking for physical evidence of the plane. Concrete facts about what happened still remain elusive. A variety of theories have been put forward, from hijacking or sabotage, accident, to a slow loss of cabin pressure which in turn could cause the crew and passengers to become disorientated.
The need to use models for making predictions or forecasts is pretty universal across businesses. Many small businesses have this latent need, but are unable to fulfil it because of two main issues: lack of adequate skills and cost of modeling tools. There is a third key issue: lack of adequate mechanisms to deploy or "operationalize" the models.
Marketing researchers are increasingly turning their attention towards the behavioural sciences to understand what triggers purchase behavior among customers. The more these triggers are studied, the more it seems that people buy when they make emotional connections. An interesting hypothesis is that people have what is termed as "premature cognitive commitment".