Putting People in the Process – Creating Business Value from Analytics



Creating Business Value from Analytics


Once the domain of the IT department; data-driven analysis toward critical business decision making has crossed the lines into the executive office. And as machine learning and artificial intelligence become an ever increasing part of the business environment, managers and executives are realizing a gap in their business processes.

According to a survey of just over 2700 conducted by SAS, respondents reported their organizations develop analytical skills through on-the-job (58%) or formal (23%) training. Nearly half reported their organizations train managers to understand and make better use of analytics.

Though attention has been focused on the means necessary to produce analytical results – tools, systems, methods – access has yet to translate to understanding. Creating business value from analytics requires well-trained personnel who can explain and facilitate the data and statistical methods used in analysis. The greatest barrier to creating business value is translating analytics into actions.

Crossing the Gap


Data-driven information across industries opens up opportunities for businesses from marketing to credit risk. But, in order to use their insights effectively and to drive decision making for the next best product or ad campaign, there is a potential value loss gap to close within organizations. To do this, data analysts need to understand the business and managers need to understand the analytical results. In crossing the gap, it can mean the difference between an organization’s ability to produce analytical results and ultimately apply them to business issues.

In addition, improving infrastructure and processes can also help companies create competitive advantage. And as analysts learn the business side, managers can take steps to become more savvy in understanding results.

Predictive Analytics Trends


To keep their edge, new techniques to leverage the value of data is a growing trend in organizational use of big data. Exploring data quickly and in an interactive manner is driving visualization and predictive modeling. This enables analysts and managers to act much more quickly on the data their receiving. Known as text modeling, this is the next generation in software combining machine learning with expertise to enable powerful models to be drawn from unstructured data.

Drawing not only from the ease of machine learning, another trend involves the deployment of business intelligence (BI) and analytics tools to more users. Otherwise known as democratization, the idea is to let everyone in the organization, regardless of their technical skills, have access to and analyze information leading to more informed decisions.

And as the name suggests, consumability, brings the results of BI to the masses. In conjunction with the current market trends, analysts and business leaders have the data to not only inform business decisions, but to empower business analysts within predictive analytics and modeling.

Getting from Here to There


Two of the most important aspects for organizations to consider are training and collaboration. Training can help analysts clarify results and gives the needed tools to defend those results. As knowledge is attained, the pitfalls of predictive modeling can be understood and avoided. When analyzing big data it’s important to understand and know when or if you’re giving irrelevant data too much credence or misunderstanding the difference between correlation and causation.

Collaborative efforts require a control process to more easily measure and predict data within the predictive model. The collaboration is not just between data scientists and business analysts, it also involves vendors. And within those models, collaboration and training lead to understanding of risk analysis. Knowing what kinds of models are to be built will determine whether the business analyst builds it – lower risk - or the data scientist – high risk.

From marketing data scientists to risk analysts, and up the ladder to business managers and executives, companies are realizing technology isn’t always the only solution. It takes people using technology effectively to develop new products and understand customer feedback. As important as software and technology is, people and process are just as important.

Want to put people in the process and get involved with big data. We may have a role for you. We specialize in Data and Analytics recruitment and always have a wide range of vacancies at both junior and senior level. Take a look at our current vacancies or contact us to find out more.

Want to put people in the process and get involved with big data. We may have a role for you. We specialize in Data and Analytics recruitment and always have a wide range of vacancies at both junior and senior level. Take a look at our current vacancies or contact us to find out more.

For the East Coast and Mid-West teams please call 212-796-6070, or email newyorkinfo@harnham.com.

For the West Coast team call 415-614-4999 or email sanfraninfo@harnham.com.

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Download our 2018 US Salary Guide

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