Article | April 30, 2020
In the present complex and volatile market with data as a nucleus, analytics becomes a core function for any enterprise that relies on data-driven insights to understand their customers, trends, and business environments.
In the age of digitization and automation, it is only sensible to make a move to analytics for a data-driven approach for your business. While a host of sources including Digital clicks, social media, POS terminal, and sensors enrich the data quality, data can be collected along various stages of interactions, and initiatives were taken. Customers leave their unique data fingerprint when interacting with the enterprise, which when put through analytics provides actionable insights to make important business decisions.
Table of Contents:
Business Analytics or Business Intelligence: The Difference
Growth Acceleration with Business Analytics
Business Analytics or Business Intelligence (BI): The Difference
Business Intelligence comes within the descriptive phase of analytics. BI is where most enterprises start using an analytics program. BI uses software and services to turn data into actionable intelligence that helps an enterprise to make informed and strategic decisions.
It’s information about the data itself. It’s not trying to do anything beyond telling a story about what the data is saying.
- Beverly Wright, Executive Director, Business Analytics Center, Georgia Tech’s Scheller College of Business
Some businesses might use BI and BA interchangeably, though some believe BI to be the know-how of what has happened, while the analytics or advanced analytics work to anticipate the various future scenarios.
BI uses more structured data from traditional enterprise platforms, such as enterprise resource planning (ERP) or financial software systems, and it delivers views into past financial transactions or other past actions in areas such as operations and the supply chain. Today, experts say BI’s value to organizations is derived from its ability to provide visibility into such areas and business tasks, including contractual reconciliation.
Someone will look at reports from, for example, last year’s sales — that’s BI — but they’ll also get predictions about next year’s sales — that’s business analytics — and then add to that a what-if capability: What would happen if we did X instead of Y.
- CindiHowson, research vice president at Gartner
A subset of business intelligence (BI), business analytics is implemented to determine which datasets are useful and how they can be leveraged to solve problems and increase efficiency, productivity, and revenue. It is the process of collating, sorting, processing, and studying business data, and using statistical models and iterative methodologies to transform data into business insights. BA is more prescriptive and uses methods that can analyze data, recognize patterns, and develops models that clarify past events, make future predictions, and recommend future discourse.
Analysts use sophisticated data, quantitative analysis, and mathematical models to provide a solution for data-driven issues. To expand their understanding of complex data sets, and artificial intelligence, deep learning, and neural networks to micro-segment available data and identify patterns they can utilize statistics, information systems, computer science, and operations research.
Let’s discuss the 5 ways business analytics can help you accelerate your business growth.
READ MORE: HOW TO OVERCOME CHALLENGES IN ADOPTING DATA ANALYTICS
Growth Acceleration with Business Analytics
1. Expansion planning
Let’s say you’re planning an expansion opening a branch, store, restaurant, or office in a new location and have accumulated a lot of information about your growing customer base, equipment or other asset maintenance, employee payment, and delivery or distribution schedule. What if we told it is possible to get into a much detailed planning process with all that information available? It becomes possible with business analytics. With BA you can find insights in visualizations and dashboards and then research them further with business intelligence and reports. Moreover, you can interact with the results and use the information to create your expansion plan.
2. Finding your audience
You’re right to examine your current customer data but you should also be looking into the customer sentiments towards your brand and who is saying what, and in what parts of the region. Business Analytics offers social media analysis so you can bring together internal and external customer data to create a profile of your customers, both existing and potential. Thus, you have prepared an ideal demographic, which can be used to identify people that are most likely to turn to your products or services. As a result, you have successfully deduced the area that offers the most in terms of expansion and customer potential.
3. Creating your business plan
The real-time interaction with your data provides a detailed map of the current progress as well as your performance. Business Analytics solutions offer performance indicators to find and forecast trends in sales, turnover, and growth. This can be used in the in-depth development of a business plan for the next phase of your thriving franchise.
4. Developing your marketing campaign
With Business Analytics, you’re capable of sending the right message to the audience most eager to try your product/service as part of a marketing campaign. You’re empowered to narrow down branding details, messaging tone and customer preferences, like the right offers that will differentiate you from the other businesses in the area. Using BA, you have gained a competitive edge by making sure you offer something new to your customers and prospects. It enables you to use your data to derive customer insights, make insight-driven decisions, do targeted marketing, and make business development decisions with confidence.
5. Use predictive insights to take action
With analytics tools like predictive analytics, your expansion plans are optimized. It enables you to pinpoint and research about the factors that are influencing your outcomes so that you can be assured of being on the right track. When you can identify and understand your challenges quickly and resolve them faster, you improve the overall business performance resulting in successful expansion and accelerated growth.
READ MORE: WHAT IS THE DIFFERENCE BETWEEN BUSINESS INTELLIGENCE, DATA WAREHOUSING AND DATA ANALYTICS
Article | November 20, 2020
As smart machines, data, and algorithms usher in dramatic technological transformation, its global impact spans from cautious optimism to doomsday scenarios. Widespread transformation, displacement, and disaggregation of world labor markets is speculated in countries like India, with an estimated 600 million workforce by 2022, as well as the global labor market. Even today, we are witnessing the resurgence of 'hybrid' jobs where distinctive human abilities are paired with data and algorithms, and 'super' jobs that involve deep tech. Our historical response to such tectonic shifts and upheavals has been predictable so far - responding with trepidation and uncertainty in the beginning followed by a period of painful transition. Communities and nations that can sense and respond will be able to shape social, economic, and political order decisively. However, with general AI predictably coming of age by 2050-60, governments will need to frame effective policies to respond to their obligations to their citizens. This involves the creation of a new social contract between the individual, enterprise, and state for an inclusive and equitable society.
The present age is marked by automation, augmentation, and amplification of human talent by transformative technologies. A typical career may go through 15-20 transitions. And given the gig economy, the shelf-life of skills is rapidly shrinking. Many agree that for the next 30 years, the nature and the volume of jobs will get significantly redefined. So even as it is nearly impossible to gaze into the crystal ball 100 years later, one can take a shot at what jobs may emerge in the next 20-30 years given the present state. So here is a glimpse into the kind of technological changes the next generation might witness that will change the employment scenario:
RESTORATION OF BIODIVERSITY
Our biodiversity is shrinking frighteningly fast - for both flora and fauna. Extinct species revivalists may be challenged with restoring and reintegrating pertinent elements back into the natural environment. Without biodiversity, humanity will perish.
Medicine is rapidly getting personalized as genome sequencing becomes commonplace. Even today, Elon Musk's Neuralink is working on brain-machine interfaces. So you may soon be able to upload your brain onto a computer where it can be edited, transformed, and re-uploaded back into you. Anti-aging practitioners will be tasked with enhancing human life-spans to ensure we stay productive late into our twilight years. Gene sequencers will help personalize treatments and epigenetic therapists will manipulate gene expression to overcome disease and decay. Brain neurostimulation experts and augmentationists may be commonplace to ensure we are happier, healthier, and disease-free. In fact, happiness itself may get redefined as it shifts from the quality of our relationships to that between man-machine integration.
THE QUANTIFIED SELF
As more of the populace interact and engage with a digitized world, digital rehabilitators will help you detox and regain your sense of self, which may get inseparably intertwined with smart machines and interfaces.
DATA-LED VALUE CREATION
Data is exploding at a torrid pace and becoming a source of value-creation. While today's organizations are scrambling to create data lakes, future data-centers will be entrusted with sourcing high-value data, securing rights to it, and even licensing it to others. Data will increasingly create competitive asymmetries amongst organizations and nations. Data brokers will be the new intermediaries and data detectives, analysts, monitors or watchers, auditors, and frackers will emerge as new-age roles. Since data and privacy issues are entwined together, data regulators, ethicists, and trust professionals will thrive. Many new cyber laws will come into existence.
HEALING THE PLANET
As the world grapples with the specter of climate change, our focus on sustainability and clean energy will intensify. Our landfills are choked with both toxic and non-toxic waste. Plastic alone takes almost 1000 years to degrade, so landfill operators will use earthworm-like robots to help decompose waste and recoup precious recyclable waste. Nuclear fusion will emerge as the new source of clean energy, creating a broad gamut of engineers, designers, integrators, architects, and planners around it. We may even generate power in space. Since our oceans are infested with waste, a lot of initiatives and roles will emerge around cleaning the marine environment to ensure natural habitat and food security.
TAMING THE GENOME
As technologies like CRISPR and Prime-editing mature, we may see a resurgence of biohackers and programmable healthcare. Our health and nutrition may be algorithmically managed. CRISPR-like advancements will need a swathe of engineers, technicians, auditors, and regulators for genetically engineered health that may overcome a wide variety of diseases for longer life-expectancy.
THE RISE OF BOTS
Humanoid and non-humanoid robots will need entire workforce ecosystems around them spanning from suppliers, programmers, operators, and maintenance experts to ethicists and UI-designers. Smart robot psychologists will have to counsel them and ensure they are safe and friendly. Regulators may grant varying levels of autonomy to robots.
DATA LOADS THE GUN, CREATIVITY FIRES THE TRIGGER
Today's deep-learning Generative Adversarial Networks (GANs) can create music like Mozart and paintings like Picasso. Such advancements will give birth to a wide array of AI-enhanced professionals, like musicians, painters, authors, quantum programmers, cybersecurity experts, educators, etc.
FROM AUGMENTATION TO AUTONOMY
Autonomous driving is about to mature in the next few years and will extend to air and space travel. Safety will exceed human capabilities and we may soon reach a state of diminishing returns where we will employ fewer humans to prevent mishaps and unforeseen occurrences. This industry will need supportive command center managers, traffic analyzers, fleet managers, and people to ensure onboarding experience.
BLOCKCHAIN BECOMES PERVASIVE
Blockchain will create a lot of jobs for its mainstream and derivative applications. Even though most of its present applications are in Financial Services, Supply Chain, and Asset Management industries, very soon its adoption and integration will be a lot more expansive. Engineers, designers, UI/UX experts, analysts, auditors, and regulators will be required to manage blockchain-related applications. With Crypto being one of its better-known applications, a lot of transaction specialists, miners, insurers, wealth managers, and regulators will be needed. Crypto exchanges will come under the purview of the regulatory framework.
3D PRINTING TURNS GAME-CHANGER
Additive manufacturing, also popularly called 3D printing, will mature in its precision, capabilities, and market potential. Lab-grown, 3D-printed food will be part of our regular diet. Transplantable organs will be generated using stem cell research and 3D printing. Amputees and the disabled will adopt 3D-printed limbs and prosthetics. Its applications for high-precision reconstructive surgery are already commonplace. Pills are being 3D printed as we speak. So again, we are looking at 3D printers, operators, material scientists, pharmacists, construction experts, etc.
THE COLONIZATION OF OUTER SPACE
Amazon's Blue Origin and Elon Musk's SpaceX signal a new horizon. As space tech gets into a new trajectory, a new breed of commercial space pilots, mission planners, launch managers, cargo experts, ground crew, experience designers, etc. will be required. Since we have ravaged the limited resources of our planet already, mankind will need to venture into asteroid mining for rare and precious metals. This will need scouts and surveyors, meteorologists, remote bot operators, remotely managed factories, and whatnot.
THE HYPER-CONNECTED WORLD
By 2020, we already have anywhere between 50-75 billion connected devices. By 2040, this will likely swell to more than 100 trillion sensors that will spew out a dizzying volume of real-time data ready for analytics and AI. A complete IoT system as we know it is aware, autonomous, and actionable, just like a self-driving car. Imagine the number of data modelers, sensor designers and installers, signal architects and engineers that will be needed. Home automation will be pervasive and smart medicines, implants, and wearables will be the norms of the day.
DRONES USHER IN DISRUPTION
Unmanned aerial and underwater drones are already becoming ubiquitous for applications in aerial surveillance, delivery, and security. Countries are awakening to their potential as well as possibilities of misuse. Command centers, just like that for space travel, will manage them as countries rush to put in a regulatory framework around them. An army of designers, programmers, security experts, traffic flow optimizers will harness their true potential.
SHIELDING YOUR DATA
With data come cyber threats, data breaches, cyber warfare, cyber espionage, and a host of other issues. The more data-dependent and connected the world is, the bigger the problem of cybersecurity will be. The severity of the problem will increase manifold from the current issues like phishing, spyware, malware, viruses and worms, ransomware, DoS/ DDoS attacks, hacktivism, and cybersecurity will indeed be big business. The problem is that threats are increasing 10X faster than investments in this space and the interesting thing is that it is a lot more about audits, governance, policies, and compliance than technology alone.
FOOD-TECH COMES OF AGE
As the world population grows to 9.7 billion people in 2050, cultured food and lab-grown meat will hit our tables to ensure food security. Entire food chains and value delivery networks will see an unprecedented change. Agriculture will be transformed with robotics, IoT, drones, and the food-tech sector will take off in a big way.
QUANTUM COMPUTING SOLVES INTRACTABLE PROBLEMS
Finally, while the list is very long, let’s touch upon the advent of qubits, or Quantum computing. With its ability to break the best encryption on the planet, the traditional asymmetric encryption, public key infrastructure, digital envelopes, and digital certificates in use today will be rendered useless. Bring in the quantum programmers, analysts, privacy and trust managers, health monitors, etc.
As we brace for the world that looms large ahead of us, the biggest enabler that will be transformed itself will be Education 4.0. Education will cease to be a phase in your life. Life-long interventions will be needed to adapt, impart, and shape the skills of individuals that are ready for the future of work. More power to the people!
Article | March 17, 2020
The terms data science and data analytics are not unfamiliar with individuals who function within the technology field. Indeed, these two terms seem the same and most people use them as synonyms for each other. However, a large proportion of individuals are not aware that there is actually a difference between data science and data analytics.It is pertinent that individuals whose work revolves around these terms or the information and technology industries, should know how to use these terms in the appropriate contexts. The reason for this is quite simple: the right usage of these terms has significant impacts on the management and productivity of a business, especially in today’s rapidly data-dependent world.