Introduction to Applied Business Analytics: Integrating Business Process, Big Data, and Advanced Analytics
In this chapter, the transformational power of data, whether big or small, was discussed and likened to the way oil transformed the twentieth century. However, the power is not in data alone but also as it is being refined through analytics. Although analytics has become part of the daily vernacular, we have specifically defined BA as “the process of discovery of actionable knowledge and the creation of new business opportunities from such knowledge.”
To illustrate the applications of analytics to answer many critical business questions, a list of top 10 questions in every area of business was discussed. Within each question, ways of applying analytics were also suggested. The vital lessons learned in more than a decade of applying analytics in businesses were also shared. To avoid the common trend of investing in analytics without using it, pitfalls were also highlighted based on the author’s own experience.
The main lesson is to tightly link analytics to business. To do this, you have to create safe and productive intersections staffed by analytics deciders who are well-versed in both business and analytics, supported by an analytics sandbox as part of the holistic BAP.