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PROVEN. RESULTS. FASTER. University of Tennessee © Bradley, Miles and Pannell Business Analytics Strategic Approaches.

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Presentation on theme: "PROVEN. RESULTS. FASTER. University of Tennessee © Bradley, Miles and Pannell Business Analytics Strategic Approaches."— Presentation transcript:

1 PROVEN. RESULTS. FASTER. University of Tennessee © Bradley, Miles and Pannell Business Analytics Strategic Approaches

2 Session Objectives To review the definition of business analytics To introduce five approaches to business analytics Analytics Strategic Approaches2

3 What is Business Analytics? Analytics Strategic Approaches3

4 Blindfolded Men Describe Elephant It’s a Snake It’s a Spear It’s a Bridge It’s a Tree Trunk It’s a Blanket It’s a Python Analytics Strategic Approaches4

5 Blindfolded Men Describe Elephant It’s Data Warehousing It’s SAS Software It’s Statistics It’s Mathematical Models It’s 6 Sigma all over again! It’s Executive Dashboards Business Analytics It’s Computer Science Analytics Strategic Approaches5

6 Davenport – Competing on Analytics “The extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions”. Re-quoted from Competing on Analytics Enterprise Analytics. Thomas Davenport. Pearson Publishing Page 9. Analytics Strategic Approaches6

7 TQM (1980’s) Fact-based decision making. In order to know how well an organization is performing, data on performance measures are necessary. TQM requires that an organization continually collect and analyze data in order to improve decision making accuracy, achieve consensus, and allow prediction based on past history. Six Sigma (1990’s) Features that set Six Sigma apart from previous quality improvement initiatives include:  A clear focus on achieving measurable and quantifiable financial returns from any Six Sigma project.  An increased emphasis on strong and passionate management leadership and support.  A special infrastructure of "Champions", "Master Black Belts", "Black Belts", "Green Belts", etc. to lead and implement the Six Sigma approach.  A clear commitment to making decisions on the basis of verifiable data and statistical methods, rather than assumptions and guesswork. Been There …… Done That? Analytics Strategic Approaches7

8 Differences We See Big Data Real-Time use of data Selling data Decision-Based data Analytics Strategic Approaches8

9 9

10 The Best Definition Analytics Strategic Approaches10

11 Allen’s Definition of Business Analytics Utilizing Data to Increase Shareholder Value Data =  Big and Small  Internal and External  Structured and Non-structured  Traditional and “New”  “Free” and Purchased Analytics Strategic Approaches11

12 Allen’s Definition of Business Analytics Utilizing Data to Increase Shareholder Value Utilizing =  Determine Business Needs  Capture and Store  Ensure Quality  Access and Format  Analyze and Summarize  Gain Insight and Produce Action  and …….. ‘Sell’ It Analytics Strategic Approaches12

13 PROVEN. RESULTS. FASTER. Types of Questions and Analytics DescriptivePredictivePrescriptive QuestionsWhat happened? What’s happening? What actions are needed? What exactly is the problem? What actions are needed? Why is this happening? What will happen next? Why will it happen? What should I do? Why should I do it? What’s the best that can happen? What if we try this? Enablers Ad hoc Reports Dashboards Data Warehousing Alerts Data Mining Text Mining Web/Media Mining Forecasting Optimization Simulation Decision Modeling Randomized Testing OutcomesWell defined business problems and opportunities Accurate projections of the future states and conditions Best possible business decisions and transactions

14 Possible Strategies for Business Analytics 1. Competing ON Analytics  Analytics is THE key competitive advantage  Target Result – Sustainable competitive advantage 2. Competing WITH Analytics  Focus on one business process  Target result – Incremental profits 3. Improving With Analytics  Culture of analytics  Target result – Continuous improvement 4. Revenue Through Analytics  “Sell” data as a secondary product  Improved margins or market share 5. Persevering Through Analytics  Do what the competition does  The price of entry Analytics Strategic Approaches14

15 Which Strategy? Our Mission: CareerBuilder's mission is to empower employment. We are striving to organize all the world's human capital data and make it meaningful for society Analytics Strategic Approaches15

16 Analytics Practices…Who’s Doing What? N=95 firms Analytics Strategic Approaches16


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