Data Analytics with Managerial Applications Internship

Data Analytics with Managerial Applications Internship

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  Making Advanced AnalyticsWork for You -by Dominic Barton and David Court
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  As data-driven strategiestake hold, they will become an increasingly important point of competitive differentiation.
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  Leaders are understandablyleery of making substantial investments in big data and advanced analytics. No wonder skepticism abounds.
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  However, it isfound that that fully exploiting data and analytics requires three mutually supportive capabilities.
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  1. Choose theRight Data
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  Bigger and betterdata give companies both more-panoramic and more-granular views of their business environment.
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  but managers simplydon’t know how the information can be used for key decisions. Often companies already have the data they need to tackle business problems,
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  Managers also needto get creative about the potential of external and new sources of data. and get the necessary IT support for faster decision-making.
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  One way toprompt broader thinking about potential data Is to ask, “What decisions could we make if we had all the information we need?”
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  2. Build ModelsThat Predict and Optimize Business Outcomes.
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  Data are essential,but performance improvements and competitive advantage arise from analytics models that allow managers to predict and optimize outcomes. Unfortunately, not all model building follows this course.
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  For example, a predictivemodel with 30 variables may explain historical data with high accuracy, but managing so many variables will exhaust most organization’s capabilities.
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  And that’s why,Companies should repeatedly ask, “What’s the least complex model that would improve our performance?”
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  3. Transform YourCompany’s Capabilities
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  Many companies grapplewith problems of a mismatch between the organization’s existing culture and capabilities and the emerging tactics to exploit analytics successfully.
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  Develop business-relevant analyticsthat can be put to use. Embed analytics into simple tools for the front lines.
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  Managers need transparentmethods for using the new models and algorithms on a daily basis. By necessity, terabytes of data and sophisticated modelling are required to sharpen marketing, risk management, and operations.
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  Managers must cometo view analytics as central to solving problems and identifying opportunities—to make it part of the fabric of daily operations. Efforts will vary depending on a company’s goals and desired time line.
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  Jahanvi Khedwal National Instituteof Technology, Raipur jahanvikhedwal.nitrr@gmail.com