The many faces of business analytics: What is in there for me and my company?
January 24, 2014
Everybody must have heard in one way or another about the wealth of data that seems to flood our personal and business lives. The surge in information technology has given companies and organizations the opportunity to record every step of a business process, a consumer, a product, etc. Well-known companies, like Google, IBM, Amazon, and Microsoft are at the forefront of developments in this field. But also, consultancies and startups have jumped on the bandwagon. It seems that we have only scratched the potential oppportunities that data and analytics has to offer.
From a business perspective it seems that we are in the middle of a paradigm shift. Business success will depend more and more on being able to cope with new and increasing flows of information. This will put more and more pressure on the versatility and flexibility of companies to adjust. Networking and coping with an ever changing environment is vital for survival.
How to find your way into this overwhelming field? And how to determine what is the best way forward for your company? Well, that is indeed not that simple. First of all, the mindset within companies needs to change. Management needs to be aware of the position of the company in its competitive field. Of course, the wealth of data that is available, for example through social media and entreprise software systems, could help companies in this way. Also, next to marketing, technology, finance, and operations, a new data official is needed. This Chief Data Officer (CDO) should be responsible for identifying and monitoring the position of the company in the business jungle. Frequent updates of business plans seems to be only one of the things is necessary.
Being on top of developments in Business Analytics is getting more and more important. At TIAS we are combining expertise and knowledge in the challenging and interesting field of business analytics. Contact us for your next steps in Business Analytics.