I spoke last fall at the Google Analytics Summit in Mountain View, and couldn’t help being impressed with the pace of change at both Google and the marketing profession in general. As an aside, it struck me that Google today is much like AT&T in its prime
I recently served as author – and ringleader – of an IIA research brief on obstacles encountered with analytics. We developed the brief in response to an inquiry from an IIA member that went something like this: “We’re ramping up our analytical capabilities and expanding use of analytics across the enterprise. What problems and pitfalls are we likely to encounter as we raise our maturity – and how can we overcome them?”
Analytics have gotten big and strategic in many organizations, to the point where analytical capabilities have the attention of senior management. Here are a few semi-random examples from the many analytical leaders and practitioners who attended IIA’s 2014 Winter Analytics Symposium earlier this month.
The business of healthcare is facing a defining moment. For the first time in decades, the growth in healthcare expenditures continues to be slower than the rate of inflation. In 2012 it was nearly one full percentage point lower at 3.7%. And job growth for the industry is nearly flat at 1.4%. How will the industry respond?
Just like the value of the Internet itself wasn’t really understood until it was in place, I suspect that we’ll all be surprised at how fast the Internet of Things becomes a part of our lives and how much we value it. However, there is an underbelly to the IOT that has the potential to severely disrupt how much of its potential is realized.
I had the privilege of leading a session at the Winter Symposium of the International Institute of Analytics, with a host of great companies discussing how they are embedding hardware into products and trying to drive improved supply chain performance in their products. In the sessions I attended, the topics ranged on a variety of areas, but focused on several important insights around risk, innovation and best practices for using the data at-hand.
While analytics can help healthcare organizations overcome their clinical and operational challenges, few have successfully applied the breakthrough tools and techniques now available. A short list of forward-thinking healthcare providers and payers are leveraging analytics to answer their most difficult questions. At IIA, we’re amassing more of these examples and case studies each day.
Big data is maturing and developing more value to large companies. So what’s the downside? The issue is that with this grown-up resource comes grown-up responsibilities. The phrase “governance for big data” is coming up more and more in large organizations. Others include “stewardship” and “control.”
As we enter 2014, we are in the middle of a fundamental transformation in the way businesses view analytics. Analytics are now seen as core to a business. Analytics matters. We are just starting to see analytics used as the basis for new products and revenue streams. The breadth of decisions analytics support is increasing every day. The next few years are going to provide a lot to blog about and I am looking forward to it.