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Challenges and opportunities involved in adopting advanced analytics

Monday, 30 May 2016 17:47 Written by 
Challenges:
  • Organizations have more data than ever at their disposal. Deriving meaningful insights from that data and converting knowledge into action.
  • To shift from a heuristics based decision making culture to a culture that is much more objective and data driven and embraces the power of data and technology. Most of the times, this desired shift ends up being just an imagination and inertia.
  • Finding the right set of tools that operate in a cohesive ecosystem which is fully integrated. This shall enable organizations to efficiently generate value through the process. Although much is talked about seamless integrated systems over the past few years, the technology is still changing and the sources are still evolving.
  • Data privacy as to what is to be shared versus what is not to be shared. Information can only be shared if there’s value returned. How to protect and harness information and become a partner with the consumer rather than kind of just a vendor?

  • Opportunities:
    • One should start with clearly articulating the charter of the organization which very specifically aligns with the desired functionality within the organization and the required interaction with other business functions. It is critical to go after a particular outcome and try and organize a data set to accomplish that outcome.
    • Produce data of higher quality. Ensure that the data has the right lineage and has the right permissible purpose to serve. And this has to be done on a continuous basis across the system.
    • Centralize capabilities and democratize data use
    • Leverage analytics to improve asset optimization and generate more yield and productivity out of existing assets
    Last modified on Friday, 12 October 2018 10:07
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