Dateline: May 8, 2015
Welcome to our Friday WRAP – one thought-provoking idea to think about over the weekend.
Understanding the value your analytics investment bring to your organization is a complex matter. Recently, I ran across a short summary at INFORMS of the different areas that might be included in the value calculation:
- Big data Finding hidden clues to improve customer service and improve sales
- Business insight Providing quantitative and business insight into complex problems
- Business performance Improving business performance by embedding intelligence into an organization’s information systems to improve decision making
- Cost reduction Finding new opportunities to decrease cost or investment
- Decision making Assessing the likely outcomes of decision alternatives and uncovering better alternatives
- Forecasting Providing a better basis for more accurate forecasting and planning
- Improved scheduling Efficiently scheduling staff, equipment, events, and more
- Planning Applying quantitative techniques to support operations, tactical planning, and strategic planning
- Pricing Dynamically pricing products and services
- Productivity Helping organizations find ways to make processes and people more productive
- Profits Increasing revenue or return on investment; increasing market share
- Quality Improving quality as well as quantifying and balancing qualitative considerations
- Resources Gaining greater utilization from limited equipment, facilities, money, and personnel
- Risk Measuring risk quantitatively and uncovering factors critical to managing and reducing risk
- Throughput Increasing speed or throughput and decreasing delay
What key areas do you include in the discussion of the value of analytics with your organization?
That’s a WRAP! Have a great weekend!
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