Using analytics to make powerful business decisions
Big data is a hot topic, but harnessing its full potential can be elusive.
BY ALEX ROMANENKO AND ALEX ARTAMONOV
Big data is generating a powerful buzz.For firms that know how to harness it,big data can offer a significant competitive advantage.However,much of the ongoing hype has been focused on gaining insights from these vast amounts of accumulated information while a more intriguing question lingers outside of the spotlight:How can these insights be translated into powerful business decisions?So far,big data alone has not been developed into anything near its touted value,primarily because there is a disconnect between the vast volume of data and the managers who make and implement business decisions.Analytics can bridge this gap by applying algorithms, generating and presenting recommendations for optimal,practical and achievable business decisions in a user-friendly format.
Operations research –the scientific discipline of using analytical methods to make better decisions –encapsulates
these analytical techniques,applicable at all stages of a company’s operations,to help improve overall profitability given particular business objectives and constraints.In turn,a variety of user-friendly visualization tools and techniques can help management focus on their most important key performance indicators(KPIs).This article explores some of the most common applications for analytical and visualization techniques and highlights the benefits that can be achieved.