DEMYSTIFYING Business Analytics. Jim Grayson, Ph.D. Professor, Management Science and Operations Management Hull College of Business Administration Georgia Regents University. 2. HOW. Big Data IS CHANGING THE WHOLE EQUATION FOR BUSINESS. There's a ton of information out there.
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Jim Grayson, Ph.D.
Professor, Management Science and Operations Management
Hull College of Business Administration
Georgia Regents University
IS CHANGING THE WHOLE
EQUATION FOR BUSINESS
There's a ton of information out there.
And businesses are figuring out how to put it to work.
“… because of big data, managers can measure, and hence know, radically more about their businesses, and directly translate that knowledge into improved decision making and performance.”
“Everybody in the organization — whether you area technical person, a researcher or an engineer, a product manager, a businessperson, or an analyst — has to he data-driven. Now, not everybody has to look at data, but everybody has to understand data at sonic level. A lot of data is coming from the behavior of millions of people on our site. So, being able to understand and get your head around that data is really important. You can think of it as an attitude change in all grades of people."
“We have gone from report creation that takes weeks or months to deliver, to self-service, real-time data analysis. And we have gone from data analysis done by a small group of analysts to data-driven decisions throughout PayPal, done by most of the staff. All of this has progressively shrunk the latency of time to value of data."
“While carefully respecting the privacy of our Linkedln members' data, every single bit of information is eventually used. The raw data gets transformed in very complex ways, allowing for members' data to remain private and anonymized. There are many different analysts and data scientists who analyze this data, create different groupings of the data, create different aggregates of the data, look at different kinds of numbers on different user subpopulations and then glean insights from them. That's what ultimately goes into improving the relevance of our products.”
What kind of analysis was conducted?
How confident are we in the results?
Start with the business opportunity, not with the data
Determine how the model can improve business outcomes
Embed analytics in simple tools for the front lines
Upgrade your analytical skills and data literacy
It is all about
At its core it is just the Deming Improvement Cycle > Plan – Do – Check - Act
What Today Is Impossible to Do, But If It Could Be Done, Would Fundamentally Change the Way You Do Business?
Paradigm Shift Question