Bob Dent
6/5/2012 10:23:32 am
Great model. Problem is many if not most organizations have the specialized data science talent to turn data into actionable insights.
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Mike Walker
6/6/2012 04:35:06 am
I am concerned about the lack of data science talent. Without proper data modeling and predictive analytics expertise the potential is significantly reduced.
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Larry Thomas
6/6/2012 05:25:12 am
Data analytics boosts productivity only when matched with more astute ways of interpreting and acting on new data. 6/6/2012 06:01:36 am
There are five broad ways in which using big data can create value. First, big data can unlock significant value by making information transparent and usable at much higher frequency. Second, as organizations create and store more transactional data in digital form, they can collect more accurate and detailed performance information on everything from product inventories to sick days, and therefore expose variability and boost performance. Leading companies are using data collection and analysis to conduct controlled experiments to make better management decisions; others are using data for basic low-frequency forecasting to high-frequency nowcasting to adjust their business levers just in time. Third, big data allows ever-narrower segmentation of customers and therefore much more precisely tailored products or services. Fourth, sophisticated analytics can substantially improve decision-making. Finally, big data can be used to improve the development of the next generation of products and services. For instance, manufacturers are using data obtained from sensors embedded in products to create innovative after-sales service offerings such as proactive maintenance (preventive measures that take place before a failure occurs or is even noticed). 6/6/2012 06:24:10 am
Yes, there will be a shortage of talent necessary to take advantage of data. But the potential value in innovation and productivity is huge - it would be a big mistake to ignore data analytics. The solution is to invest in data science human capital and processes.
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6/6/2012 06:40:44 am
According to McKinsey, by 2018, the United States alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use the analysis of big data to make effective decisions.
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6/6/2012 07:03:29 am
The solution is to hire and develop the right people. You could be at huge disadvantage if competitors have data analytics strategy but you do not. Three goals: 6/6/2012 07:12:00 am
All companies need to take data analytics seriously.
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6/6/2012 07:24:45 am
Another example is Goldman Sachs in finance. They had a better combination of tech and people to make better decisions.
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6/6/2012 07:47:54 am
Obtaining and analyzing data is incomplete. The trick is exploiting data for competitive advantage.
Nick Rollins
6/6/2012 08:09:36 am
Yes, it is hard. But the payoff is huge - see Wall-Mart and Goldman Sachs.
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6/6/2012 08:28:40 am
I stress importance of creating and structuring workflows and incentives to optimize the use of data.
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6/6/2012 09:39:46 am
For a good introduction to big data, see the WinterCorp Executive Report: http://www.oracle.com/us/corporate/analystreports/infrastructure/winter-big-data-1438533.pdf
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