Principles of Modern Analytics

Aug 11, 2014

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This chapter is from the book 

Modern Analytics Methodologies: Driving Business Value with Analytics

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Summary

The principles of Modern Analytics chart the path toward analytic transformation and maturity in an organization. On the ground, these newly emerging principles of Modern Analytics are reshaping analytics from the bottom up in organizations. Today’s business leaders are reshaping the next era of business—Business 3.0—from the top down driving automated, fact-based decisions, execution, and results.

To power your competitive differentiation, you must have a unique analytics roadmap to supercharge your business strategy to make the transformation from the Information Age into the next evolving age of faster changing business competition where epiphanies and agility to use those epiphanies to shift your business to the next level are key to thriving.

This book starts with the revolutionary stories to inspire you and which you can learn from and apply to your industry and business. We then transition into a framework that will allow you to identify opportunities throughout your organization for applying Modern Analytics. Some of these have never been attempted before; therefore, you may be breaking new ground. Don’t let this discourage you; the risk takers reap the highest rewards. Even if your initial attempts fail, learn from them so that when you use the technology and approaches for other applications, you learn from your mistakes. Some of your ideas for applications may not be completely new ideas but may be innovative in their approach, which may produce better results for your organization. This framework will allow you to systematically identify a wide variety of opportunities that align with your specific business strategies and objectives to uncover hidden value in your business that is lying dormant waiting to be discovered.

In the following chapters, you learn more about organizations that are transforming their businesses with analytics in this new age and how you can create a unique analytics roadmap for your organization.

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