Unleashing Your Data’s Profit-Driving Potential
Head of Content
September 01, 2016
“Let’s be clear about what we want from business analytics,” writes Butler Analytics founder Martin Butler in his post “Strategies for Profitable Business Analytics,” based on insights from our CEO Roman Stanek. “We need more accurate and more timely decisions that cost less to process — and that’s it.”
The founder of Butler Analytics goes on to examine the three ways in which organizations can operationalize business analytics:
- More efficient and effective business decisions that lead to tangible business actions. By understanding the decisions our people routinely make and the analytics needed to support these decisions, we can see how our data systems contribute to the top and bottom line.
- Clearer understanding of customers’ and business partners’ decision-making processes. Organizations can monetize their data by creating products that address the uncertainties of customers, trading partners, suppliers and whoever might find the information useful.
- Merging external data sources, particularly those of businesses in related markets. For example, airlines, hotels, and car rental agencies can merge data to create snapshots of customer behavior that are more accurate and more useful than a single business might be able to create.
Butler concludes by citing the need for “a production oriented approach, where profitable business analytics can be realized.” If we continue to act as if analytics deliver value in their own right, he says, we risk “a gradual disillusionment with business analytics technology, and missed business opportunities.”
Read the full article here.