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The Senior Vice President at Genpact spoke about how his company has been proactive about business analytics since a decade back. Digital-led innovations and digitally-enabled intelligent operations are what the company is focusing most on now. Genpact has even consulting assignments in the airline industry where the knowledge of analytics was needed. Their Bind Ratio solutions has been well adopted across industries. Gnepact is now expanding its talent pool for news assignments. One really exciting one is with some universities with whom they have tie-ups on curriculum development. Corporate training is a key part of Genpact’s outreach now. They have a programme to raise the ‘digital quotient’ of its employees worldwide. There is even an Anlytics Academy to bridge the industry-academia gap. Within India, Amrita University, Manipal Global and BITS Pilani are some of their key tie-ups. Both technical and domain expertise is to be built up through such exercises.

Source:https://www.analyticsindiamag.com/genpact-incubated-an-ecosystem-to-identify-develop-nurture-analytics-talent-a-decade-ago-says-sudhanshu-singh/

Uploaded Date:08 November  2018

The last few years, this realization has dawned among most companies, that there must be proper data warehousing for all the data that the company generates for the purpose of analysis. Germany-based ZF was one such, but several startups had started eating into their share, so there was a fear of the company’s “Kodak moment”. ZF realized it needed its own lab dedicated to business analytics. Steps were thus taken in the right direction. After a few stumbled, it worked as ZF focused on the right internal customers. The high-impact problems got identified. For this proper storage of the hard data was needed along with efforts to motivate the team. This led to the right execution. Fortunately for ZG, there was able support from the top executives. External perspectives were also collated to get an unbiased view. Domain experts were enlisted within the services too and empowered. As a result, the ZF Data Lab is now working in fine shape.

Source:https://hbr.org/2018/11/how-a-german-manufacturing-company-set-up-its-analytics-lab?utm_medium=email&utm_source=newsletter_daily&utm_campaign=dailyalert_activesubs&utm_content=signinnudge&referral=00563&deliveryName=DM17944

Uploaded Date:08 November 2018

The use of business analytics is now so much steeped within most organizations, that managers can no longer afford to not know about it. Some concepts have been identified which even non-data or analytics experts must have some idea about. It starts with randomized controlled experiments. One needs to be proficient at data warehousing to get this started. Another such tool is A/B Testing which is considered as almost necessary in the research process. Regression analysis is the next, with the linear method being the most commonly applied one. There exist detailed and easy-to-use statistics programmes to conduct such analysis. The last one is statistical significance. This is the art of understanding what stat is truly important and what kind of data to use to gauge authentic business insights. All this and much more has been described in the book Data Driven: Profiting from tour most Important Business Assetwritten by Tom Redman.

Source:https://hbr.org/2018/10/4-analytics-concepts-every-manager-should-understand

Uploaded Date:06 November 2018

By now it is well-known across the business spectrum that sales performance can be improved drastically by making the right use of business analytics. It can be used in several ways such as to improve the pricing mechanism and subsequent discounting when needed. The forecasting accuracy improves thanks to the availability of top-notch data in large quantities to be processed using algorithms. Due to such data-enabled customer insights obtained, the customer churn is usually lesser as brands are able to act on what is needed by them. Selling has historically been considered as an art, but the science part of it is increasingly creeping in. For this science to succeed, one has to ensure that the data being used is clean, non-pilfered. The sellers must be empowered with the right solutions. They must know when to make use of which application suite. But to ensure that all these ends are met the right people are needed. So, the talent recruitment has to be geared towards finding inquisitive and tech-savvy personnel.

Source:https://hbr.org/sponsored/2018/10/power-sales-performance-by-harnessing-analytics

Uploaded Date:06 November 2018

According to a recent study commissioned by SAS, 60% of organizations have confirmed that the use of business analytics makes them better at innovation. An even higher figure of 72% have chipped in by stating that its usage helps them glean vital insightson their business. This is in spite of a mere 39% respondents claiming that such analytics is core to their corporate strategy. About a third even claim that analytics’ biggest advantage is in tactical projects. Besides analytics, companies are also keen on adopting Artificial Intelligence (AI) and the Internet-of-Things (IoT) to their fold. A key advantage identified of this is lesser time spent on data preparation and more insightful decision-making. There is a gap in the leadership and skills needed to use analytics in a way that will innovate work processes. Companies would be wise to invest in data science.

Source:https://martechseries.com/analytics/half-organizations-say-analytics-makes-innovative-according-sas-survey/

Uploaded Date:05 November 2018

With technology changing at an unprecedented pace, advertising and media agencies are in a flux. They will need to rapidly upgrade themselves while not compromising on their traditional creative strengths. A balance needs to found out between the modern cutting-edge business analytics and creative storytelling. It is crating pressure on agencies as clients require instant results but also want personalized marketing. There exist three main ways in which marketing agencies can maintain the right balance. First of all, they must extract business intelligence through cloud-based suites such as the One World platform by Net Suite. This intelligence extracted must further be utilized to instill a sense of creative thinking. Above all, the agencies must maintain flexibility to be ready to change when needed.

Source:https://www.martechadvisor.com/articles/marketing-analytics/how-agencies-can-balance-creative-storytelling-and-digital-analytics-for-brands/

Uploaded Date:31st October 2018

People analytics is a subset of business analytics that collects data on employees and uses its derived statistical insights to make talent management decisions. Not long back, this was a novelty but now it is pervasive. There have even been famous case studies such as Dell’s to improve the success of its sales force and Google Project Oxygen. But beyond the hype, the impact has not been as pointed as was expected. A study by TCS for example reveals that a mere 5% of investments in such data-intensive fields is channeled towards HR. Deloitte meanwhile states that just 9% of companies have proper understanding of people analytics. This people analytics comprises of two main attributes, starting with traits that cannot be changed such as ethnicity and gender. The other is the state which includes aspects that will change such as age, attendance records and education levels. Instead of merely people analytics, companies would be well-advised to explore relational analytics. There exist six signatures of relational analytics. These are- ideation, influence, innovation, efficiency, silos and vulnerability.

Source:https://hbr.org/2018/11/better-people-analytics

Uploaded Date:31st October 2018

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