Decision Making — International Institute for Analytics

Decision Management and Analytics 3.0

April 17, 2013 By James Taylor 2 Comments

IIA is talking about analytics entering a new era, Analytics 3.0, The Era of Impact. What is Analytics 3.0?

According to IIA, Analytics 3.0 marks the stage of maturity where leading organizations realize measurable business impact from the combination of traditional analytics and big data. High-performing companies will embed analytics directly in decision and operational processes, and take advantage of machine-learning and other technologies to generate insights in the “millions per second” rather than an “insight a week or month.” Given this definition of Analytics 3.0, what is the role of Decision Management and of Decision Management Systems?

Filed Under: Decision Making, James Taylor, Technology Tagged With: automated decisioning, business analytics, business performance, business rules, data mining, decision management, decision management system, operational decisions, predictive analytics, predictive models

Want to Disprove Wishful Thinking? Use Analytics.

February 21, 2012 By Gary Cokins Leave a Comment

How often have you heard executives proclaim that next year, the target for financial results will be a substantial lift from the current year? For example a CEO may state, “Next year we expect to improve from a 10.3% to 15.4% rate of return on shareholder equity.” Is this leadership or wasted words? Where did [...]

Filed Under: Decision Making, Gary Cokins

Why Analytics? From Connected to Inter-connected to Interdependent

January 20, 2012 By Gary Cokins 2 Comments

There is a referee’s penalty in the sport of American football called “piling on.” It is for unnecessarily jumping on a ball carrier who has already been tackled by others. There has been so much written about analytics that I fear if I add more, then I will be accused of “piling on.” But in [...]

Filed Under: Decision Making, Gary Cokins, Upcoming at IIA

Is Big Data at Risk of Unleashing Big Brother?

January 5, 2012 By Bill Franks 2 Comments

Privacy is always a flash point. With the advent of big data, privacy is only going to be even more of a concern. The fact is that many sources of big data contain highly detailed information on what people are doing. While there are many very valid uses for most of these big data sources, [...]

Filed Under: Bill Franks, Decision Making, Executive Presence/Leadership, Home Featured, Marketing/Media Tagged With: analytics, consumers, credit cards, customer, data, data sources, electronic medical record, privacy concerns, privacy policies, software, telecommunications

Exchange of Ideas: Analytics and Innovation

June 24, 2011 By Anne Milley 1 Comment

A series of examples highlighting the cross-pollination of analytical methods and ideas. Diversity fuels innovation. The joke about the physicist, chemist, and statistician also suggests that at times diversity impedes progress: These three scientists are called to a room where they see a fire in the wastebasket. The physicist says, “I know what to do! [...]

Filed Under: Anne Milley, Decision Making, Faculty Blogs Tagged With: Analytical, analytical methods, analytics, complexity, innovation, operations research, research

Decision Management, Big Data and McKinsey

May 13, 2011 By James Taylor 1 Comment

Cross posted at JTonEDM McKinsey just published a new study “Big Data: the next frontier for innovation, competition and productivity” that is definitely worth reading. With lots of detail – it runs to more than 150 pages – it discusses why there is so much more data, what that means and how this data can [...]

Filed Under: Data, Decision Making, James Taylor, Technology Tagged With: algorithm, Analytical, analytics, data, Decision Making, decision management, McKinsey, operational decisions, predictive analytics, systems, trends

From Compliance to Value Creation: The Changing Analytics of Sustainability

April 18, 2011 By Eric McNulty Leave a Comment

More than 4,500 corporate social responsibility reports are produced each year. That number is growing though it is still small compared to the number of companies that could produce such a report. The reporting process can be a intensive (some would even say grueling) process of data gathering and analysis – one that leading analytics [...]

Filed Under: Decision Making, Executive Presence/Leadership Tagged With: Accenture, analytics, best practices, competitive advantage, corporate social responsibility, environmentalism, green, office hours, sustainability, sustainability efforts, sustainability initiatives

Analytics of Sustainability: A Fish Story

March 22, 2011 By Eric McNulty Leave a Comment

This comes our way from Fast Company by way of the Environmental Defense Fund’s Innovation Exchange blog: someone is concerned about the carbon footprint of caviar. Well, the sturgeon that produce caviar to be more precise. It all swims around the largest effort ever to transport live fish. Sturgeon had to get from Germany to Abu [...]

Filed Under: Data, Decision Making Tagged With: analytics, carbon, carbon emissions, carbon footprint, cleantech, container ships, environmental defense fund, environmental impact, sustainability

The New Quantitative Era: Creating Successful Business Change with Analytics

March 15, 2011 By James Taylor 3 Comments

Tom Davenport kicked off the second day of Predictive Analytics World with a keynote on the new era of quantitative, or data-driven business. Various analytic threads – web analytics, HR analytics, actuarial, predictive marketing and supply chain – are coming together in really what is best described as Enterprise analytics. The world is changing and [...]

Filed Under: Decision Making, James Taylor Tagged With: agile, analytics, business analytics, data mining, Decision Making, decision management, decision support tool, predictive analytics

Do Your Executives Want Your Analytics?

February 19, 2011 By Eric McNulty 2 Comments

We tend to assume that executives want the right answers about what’s driving their businesses, and that they will gravitate toward analytics as a means to provide them. However, that isn’t always the case, and probably should never be assumed. Here’s an example. A few weeks ago, at a conference for financial executives interested in [...]

Filed Under: Decision Making, Financial, Home Featured, Thomas Davenport Tagged With: Analytical, analytics, business, business performance, financial executives, home furnishings industry, management, production planning