Analytics & Strategy

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Free Webinar: Foundations of Analytics Strategy

The 2016 MIT SMR/SAS Data and Analytics report, “Beyond the Hype: The Hard Work Behind Analytics Success,” finds that competitive advantage from analytics is declining — but that organizations achieving the greatest benefits have figured out how to ensure that the right data is being captured. In this webinar, the authors of the report explain how companies are making this transition and which are seeing the most success.

Now That Your Products Can Talk, What Will They Tell You?

Products connected to the Internet of Things are providing unprecedented levels of information that can be used to improve both products and customer experience. For instance, a company does not have to wait until a customer calls with a complaint to know that a product connected to the Internet of Things is not working correctly. Instead, the product could already communicate the information, giving the company the ability to provide proactive service. Result: more loyal customers.

Beyond the Hype: The Hard Work Behind Analytics Success

The 2016 Data & Analytics Report by MIT Sloan Management Review and SAS finds that analytics is now a mainstream idea, but not a mainstream practice. Few companies have a strategic plan for analytics or are executing a strategy for what they hope to achieve with analytics. Organizations achieving the greatest benefits from analytics ensure the right data is being captured, and blend information and experience in making decisions.

Tech Savvy: February 26, 2016

Peter Drucker defined the work of business leaders by three principal tasks: delivering financial results, making work and workers productive, and managing a company’s social impacts. Technological advances have transformed — and continue to transform — the world in myriad ways since Drucker published that definition in 1974. But technology hasn’t changed Drucker’s tasks. Instead, it is giving rise to new and better ways of executing them. This new column aims to help you identify big ideas and new tactics at the intersection of technology and management.

GE’s Big Bet on Data and Analytics

GE has bet big on the Industrial Internet — the convergence of industrial machines, data, and the Internet. The company is putting sensors on gas turbines, jet engines, and other machines; connecting them to the cloud; and analyzing the resulting flow of data. The goal: identify ways to improve machine productivity and reliability. This MIT Sloan Management Review case study looks at how this traditional manufacturer is remaking itself into a modern digital business.

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Free Webinar: Leveraging Smart Data for Mass Customization

Research shows that applying smart data and the principles of mass customization to transportation ecosystems is launching new business models — and fundamentally changing the way we travel. In this webinar, customization experts Wolfgang Gruel and Frank Piller expand on their research into how to create integrated smart data ecosystems that cross corporate boundaries. They also detail real-life mass customization lessons that can be applied to any industry.

Webinar on Cognitive Technologies with Tom Davenport and Julia Kirby

Now available on-demand: This free webinar offers context for understanding cognitive technology offerings. It focuses on what technology capabilities will be available — and what tasks will still require human input. Topics include artificial intelligence, automation, and business rules for making cognitive technology functional. Presenters Thomas H. Davenport and Julia Kirby are co-authors of the forthcoming book Only Humans Need Apply: Winners and Losers in the Age of Smart Machines.

Avoiding Analytical Myopia

Analytics offers managers a great way to fine-tune processes, but too many executives focus on metrics at the expense of the bigger picture. The blinders and focus that work well to optimize the details of a problem may prevent managers from seeing other options, and intense focus on a narrow measure can address only the well-specified puzzle — resulting in a myopic view of the problem. Executives who desire bigger breakthroughs need to encourage exploration.

A New Vision for Personal Transportation

Smart data and mass customization have the potential to radically change the way trips are planned. Already, the Boston-based startup Bridj is piloting a dynamic bus system that optimizes routing in response to demand, while Düsseldorf Airport is piloting a robotic parking system in which users just drop off their cars, which are then parked automatically. In the future, intermodal routing could provide customers with a seamless experience and reshape the transportation infrastructure.

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Using Unstructured Data to Tidy Up Credit Reporting

Greg Jones, vice president of Enterprise Data & Analytics at Equifax, says the credit reporting agency is beginning to incorporate unstructured data from sources such as social media to better round out the individual profiles in its database. “My focus is to create a compelling differentiator between us and the other credit reporting companies by enabling our customers to provide the most efficient, the most predictive, and the most accurate experience for their customers,” he says.

Sharing Supply Chain Data in the Digital Era

Effectively managing and coordinating supply chains will increasingly require new approaches to data transparency and collaboration. Supply chains in coming years will become even more “networked” than they are today — with significant portions of strategic assets and core capabilities externally sourced and coordinated. Already, progressive companies are developing novel solutions to the dilemma of data transparency by using data “cleanrooms” and digital marketplaces.

Deodorizing Your Data

Problems with data quality come from a lot of sources — short-term solutions, mergers or acquisitions, or even the mundane complications of living in a complex society. The “stench” that develops when data quality declines can create serious issues for data-driven business. If a foul odor is emanating from your data, one solution might lie in refactoring analytics processes.

The Talent Dividend: Interactive Infographic

An interactive infographic from MIT SMR’s content collaborator, SAS, and its partner site, AllAnalytics.com, highlights findings from the 2015 data and analytics research report, The Talent Dividend. The animated infographic illustrates several key stats from the report, including findings on finding, acquiring and managing analytics talent, and on changes to how companies are leveraging analytics for competitive advantage.

©iStock.com/martin-matthews

Marketing In Five Dimensions

Computers, scanners, mobile and wearable technology have made it both easier and harder for companies to find their customers. Easier, because there’s so much more data about consumer behavior; harder, because analyzing that data is a significant challenge (never mind deciding how to act on the analytics). Companies like Epsilon are stepping up to help businesses to figure out what the data tell them about their customers — and what to do with that knowledge. In a Q&A, Epsilon’s CEO Andy Frawley describes some of the challenges his company works through on a daily basis.

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Better Decision Making with Objective Data is Impossible

“Our world is awash in data, and data is not the same thing as facts,” writes Boston College’s Sam Ransbotham. “While data seems to promise objectivity, instead it requires analysis — which is replete with subjective interpretation.” Ransbotham argues that while having data is a necessary step towards making objective decisions, it’s a myth that data is objective. Moreover, findings that counter current thinking provide organizations with opportunity for distinction, differentiation and advantage.

Using Big Data for Better Health Outcomes

Intermountain Healthcare is leading the way in data driven healthcare. In an example from Intermountain’s own operating rooms, the use of data to measure the impact of standardized surgeon attire on infection rates resulted in a significant drop in those rates. The infection control scenario is just one result from decades of work at Intermountain to build a data culture. Over the years, clinicians have learned to work together on a concerted effort to bring data based insights to clinicians and managers.

Participant Questions from the Recent Data & Analytics Webinar

On May 7, 2015, we held a free, live webinar to share the findings and insights from the latest MIT Sloan Management Review Data and Analytics Big Idea Initiative research report, “The Talent Dividend.” The report presents our findings on the role of analytics talent in creating competitive advantage. At the end of the webinar, many participants asked questions. Unfortunately, we didn’t have time to answer them all during the webinar itself. So instead, we’ll answer some of the questions this month, and some next month.

Coca-Cola’s Unique Challenge: Turning 250 Datasets Into One

At The Coca-Cola Company, one of the big challenges is how to understand customers who are a long pipeline away in the inherently intermediated world of hundreds of Coke bottlers. That means moving toward newer technologies to do more forward-looking analytics versus backward-looking analytics, says the company’s Remco Brouwer and Mathew Chacko.

Minding the Analytics Gap

While analytical skills are improving among managers, the increasing sophistication of analyses is outpacing the development of those skills. The resulting gap creates a need for managers to become comfortable applying analytical results they do not fully understand. A 2014 survey by MIT Sloan Management Review, in partnership with SAS Institute Inc., highlights the ways that companies can address this problem by focusing on both the production and consumption sides of analytics.

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