Today, business analytics and optimization (BAO) is helping organizations in every industry use information for business advantage. Growth, competitive differentiation and cost management can be achieved by making choices about what markets to pursue, how to configure and price offerings, and how to make operations more effective and efficient.
Three ways to go further with business analytics
Success with business analytics requires more than the data and algorithms. It requires a company culture committed to using information for breakthrough ideas and operations.
"Business analytics and optimization: New intelligence meets enterprise operations", reveals three ways that the most successful companies are taking action when they deploy business analytics. Based on a recent study of business leaders, it is clear that higher performing organizations have these differentiating characteristics:
Higher performers are challenging. They excel in disrupting the status quo, creating an environment more receptive to innovation, and bolder in its application of new insights and intelligence.
Higher performers are anticipating. They’re better at predicting and preparing in advance by evaluating business outcomes and trade-
Higher performers are empowering. They give employees authority to use information, make decisions and act on their insights to drive change.
How do companies acquire these critical characteristics and use them to achieve business objectives? Our paper shows how success depends on management structures such as data governance, as well as advanced analytic tools and programs for changing people and business processes.