Almost every leadership team is imploring business consultants to explain how exactly can they take advantage of the huge hordes of data now available and the business analytics capabilities on hand. Many want to remain proactive against getting disrupted by unicorns such as Amazon or Netflix. Innovation centred around analytics is slowly catching up through the application of robotics, machine learning and automation tools. In a recent study undertaken by Bain, two-thirds of all surveyed confirmed that their companies have invested substantially in big data. Two-fifths of those want to see significantly positive impacts while a fifth of that number wants to experience genuine transformation through such investment. Certain recommendations have emerged form this study beginning with the focus on business science ahead of data science. The analytics adopted must be designed with a view towards service the last mile. Beyond the analytics in use now, companies must explore ways in which it can make an impact in the near future. Companies must be able to quickly execute idea that have been strategically planned. So once insights have been picked up, they must be quickly tested, from which team learn and further improvises. The transition between basic and advanced analytics is often as tricky as starting with it in the first place. This needs to be handled smoothly.

Source:http://www.bain.com/publications/articles/closing-the-results-gap-in-advanced-analytics-lessons-from-the-front-lines.aspx

Uploaded Date:24 July 2018