Data & Analytics

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Short on Analytics Talent? Seven Tips to Help Your Company Thrive

Companies are having a tough time finding the data scientists they need — they just aren’t being trained fast enough to meet market demand. While it may be challenging to keep ambitious analytics projects in development without employees with the necessary skill sets, that doesn’t mean those projects need to halt altogether. Sam Ransbotham offers seven tips for making progress when you don’t have enough analytics talent on board.

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At Amadeus, Finding Data Science Talent Is Just the Beginning

Everyone wants to hire skilled data scientists — especially Spain’s Amadeus, a travel sector technology company. Amadeus has brought more than forty new hires into this post since 2013. But locating talent is just the beginning. In an interview with MIT Sloan Management Review, Amadeus’s Denis Arnaud describes the steps he takes to not only identify data science talent, but to make sure they integrate well into the company, too.

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Coming Soon: Doctors As Data Analysts

At the Big Data Innovation Summit, Kaiser’s John Mattison detailed his expectations for the future of health care. He envisions a data-driven system that relies on genetic data in combination with personal data from the patient regarding exposures and lifestyle to help physicians predict health risks. But he also warned that companies have a great deal of work to do to meet the challenges of health care’s digital transformation.

Image courtesy of Flickr user Tristan Martin (https://www.flickr.com/photos/mukumbura/4043364183)
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Why the Non-Superstar Might Be the Most Important Team Member

Hot shots get all the attention, but other team members can be the ones who make a group really tick. “Plus/minus” analysis, which is used by some professional sports teams, lets organizations understand, through data, not just individual performance but performance in context. Research by Thomas H. Davenport details how the goal is to understand how a team performs when one person is part of the mix, and when they’re not.

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Analytical Value From Data That Cries Wolf

It’s a common assumption: errors and biases in a data set mean the data is useless. Not so fast, says Data & Analytics expert Sam Ransbotham — even data with less-than-great accuracy has its uses, if you understand how to parse it. His blog post explains how to make sense of uncertainty, and how tradeoffs between accuracy and breadth in a data set can better inform your decision-making process.

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Training the Next Generation of Business Analytics Professionals

When Michael Rappa proposed to his employer, North Carolina State University, that they create a degree program for business analytics in 1999, they dismissed the idea. But 14 years later, the Institute for Advanced Analytics is a pioneering and successful program that trains analytics professionals for businesses hungry for analytics skills. Rappa sat down with MIT Sloan Management Review’s Michael Fitzgerald to explain how the Institute came about — and where it’s headed.

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Getting Value From Your Data Scientists

Data scientists differ from other types of analysts in significant respects. To create real business value, top management must learn how to manage these “numbers people” effectively. To help executives avoid repeating some of the mistakes that have undermined the success of previous generations of analytical talent, the authors offer up seven recommendations for providing useful leadership and direction.

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Data Analytics Makes the Transition From Novelty to Commodity

Business is nearing a tipping point in which the use of data analytics is becoming routinely adopted. While widespread adoption of analytics will mean that it offers less competitive advantage to companies, it also means that the business environment overall will change. Information systems expert Sam Ransbotham identifies four key changes that businesses need to consider now.

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Does Your Company Collect Data — Or Hoard It?

As it has become clearer that data offers value to companies, some organizations are tempted to take a “more is better” approach. But there’s a fine line between collecting data that offers value and hoarding data, which ultimately proves counterproductive. Ransbotham’s Three Laws of Data Collection offer guidance.

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Big Data Fatigue?

Some people suggest that the concept of “big data” is nearing the end of its fifteen minutes of fame. They couldn’t be more wrong — because big data isn’t just about managing social media, unstructured data or massive data sets. It is an approach to data and analytics that finds new ways of looking at information — and it’s here to stay.

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Crafting Health Care’s Future at Kaiser Permanente

Dr. Yan Chow is a director in the Innovation and Advanced Technology group at Kaiser Permanente. While a physician with over two decades of primary care clinical practice experience, Dr. Chow also has a keen interest in technology (he’s founded several technology startups). His areas of expertise: health care IT innovation, telehealth, big data and analytics. Here, he talks about innovation and the future of health care.

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Capitalizing on Data by Building Organizational Capabilities

The idea is simple: develop a methodology that ties patient outcomes to provider fees so that clinicians are rewarded when patients’ health improves. Making it happen is a lot more complicated. When WellPoint undertook this task, it discovered that there was more to it than simply the challenge of applying data analytics technology — the company’s innovation processes had to be reinvented.

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Technology Solutions for Health Care Need a Continuous Process

It’s no secret that the fee-for-service model in U.S. health care is a driving factor in spiraling costs. WellPoint’s innovative plan to shift to a value-based payment plan may prove to be a key innovation that keeps a lid on those costs. But as commentator Sam Ransbotham points out, their effort to change the payment system also highlights a need for process changes at WellPoint itself.

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What Businesses Can Learn From Sports Analytics

In professional sports, some teams are becoming sophisticated in using data to measure team and player performance, sports business and health and injury prevention. Sports teams’ use of analytics has much to teach other managers about alignment, performance improvement and business ecosystems. For instance, teams are beginning to assess performance in context, seeing how teams do with or without a particular player. This “plus/minus” analysis could be a valuable technique for many businesses as well.

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A New, Analytics-Based Era of Banking Dawns at State Street

Change does not come easy to established institutions, particularly when they count their longevity in centuries rather than decades. Yet in the wake of the global financial crisis, State Street Bank has elected to revamp 200+ years (and counting) of banking practices in favor of a data-driven, analytics-based business model. In doing so, it created a new business, SSGX — and initiated significant cultural changes.

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The Analytics Mandate

Based on a global executive survey with 2,000+ respondents and interviews with more than thirty executives, MIT Sloan Management Review and SAS Institute Inc. report that analytics has become a common path to business value. Organizations are now being challenged to step up their use of analytics, whether they are just getting started or are seasoned practitioners. The implications for industry competition are coming into focus—companies that incorporate analytics into their culture are finding success in the new digital era.

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In Sports, It’s Quants Versus Managers

There have been a number of stunning sports upsets that make it clear that the lines are fading between intuition and experience on the one hand, and data and analytics on the other. Where the “gut” instinct of managers and owners once ruled, analytic insights are fast becoming a standard part of the playbook. What’s at stake? Seemingly everything: trophies, revenues, funding and fans, not to mention the sheer thrill of victory. That’s particularly the case in elite professional sports.

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