Analytics is a hot field today, and more companies than ever are applying the power of analytics across their business. As data-driven strategies take hold, they will become an increasingly important point of competitive differentiation.
Often companies already have the data they need to tackle business problems, but managers simply don’t know how the information can be used for key decisions.
Data are essential, but performance improvements and competitive advantage arise from analytics models that allow managers to predict and optimize outcomes.
More important, the most effective approach to building a model rarely starts with the data; instead it originates with identifying the business opportunity and determining how the model can improve performance.