Analyze This

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  1

  Tracy Allison Altman

  06/26/08 | Report as spam

  I agree: More specifics are needed.

  Michael, Maybe I'm guilty of assuming most companies are already using relatively sophisticated analytical methods, since most of the people I interact with do so. But I no longer need to hear general observations about data-mining -- Finikiotis was just stating the obvious when he said "Choosing the right information to extract and interpreting it accurately require focus and fine-tuning." What I do want is specific information on what people analyzed (and how), what they learned from the evidence that was discovered, and what they're now doing differently based on their discoveries (this could be done without giving away confidential business information). Since my focus is on achieving more widespread adoption of evidence-based management (see my blog, Evidence Soup, for more info), I'm particularly interested in *how* people are broadcasting/explaining their findings, and *how* they're teaching useful BI methods to others within their organization.

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  Mark.Tioxon

  06/26/08 | Report as spam

  Training Everyone

  Like any new technology (or even relatively old ones) - the key is being able to transition the entire (mostly) organization over to using the new methodologies/tools.
  
  For example - many accounting departments are still using excel - even when their company's databases have long since surpassed the record limits of that program/spreadsheets. Nevermind using basic BI reporting tools.
  
  Now with the 'predictive/forecasting' BI programs - the gap is widening between what's available, and what the tools that the overall industry is using (such as accounting).

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  sarabjitsidhu@...

  06/26/08 | Report as spam

  RE: Analyze This

  It is not a new concept or breakthrough knowledge. We, a company in Southwest Germany, have been advocating the application of data mining for creating truly targeted marketing and sales concepts. Our company presented a case study on how to combine data mining and market research technologies to anticipate customer's wishes and mine the existing data to determine for example which target group could be receptive to a new product idea. This was presented during the Industrial Conference on Data Mining (ICDM) in Leipzig, Germany.

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  HULBERT

  06/27/08 | Report as spam

  RE: Analyze This

  Of course analytics is not new - it used to be called management science which was born early in the 20th century! There are however relatively new applications such as CRM and Web Analytics but two problems arise - the lack of expertise (there is a big shortage of people with the required analytical skills) and in the case of 'Marketing' the lack of understanding by senior marketing professionals of the power of analytics in delivering customer insight and driving marketing strategy. Universities have been slow to respond and, for example, most marketing courses are built around outdated concepts like the marketing mix and rarely delve into data management etc. Many do not even teach basic quantitative methods.
  At Southampton University School of Management we are addressing these concerns with an MSc in Marketing Analytics and a new short course executive development program 'Managing the New Marketing DNA' in which analytics, in all its various guises, is at the core.
  
  Dr Bev Hulbert

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  Michael Fitzgerald

  07/01/08 | Report as spam

  RE: Analyze This

  All these comments are interesting and point to some of the issues companies face when trying to make sense of their data. Excel is the business intelligence/data mining tool of choice at most companies, because it's cheap, widespread and lots of people know how to use it. There will be a big curve in time, training and probably interface breakthroughs to get many people up to speed on more powerful tools. Companies also face the problem of keeping their data of high enough quality to be useful over time.
  
  Automating analysis to make it as (relatively) simple as spreadsheets is probably a few years away. New advances in machine learning are happening, and beginning to trickle into use. As I said, I thought his post was intriguing and on point, but I wanted to see some more information.
  
  Michael

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  rajmanohar21

  07/01/08 | Report as spam

  RE: Analyze This

  Analytics is going to change business will be done in future. Hopefully predictive analytics alongwith business intelligence will automate decision making. Delays in decision making will be a thing of the past.
  
  Regards
  Rajmanohar
  t_p-rajmanohar@yahoo.co.in

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  matt.birchall@...

  07/10/08 | Report as spam

  Cultural Chasm

  There is frequently a chasm between marketing departments and analytics staff. Marketing are typically creative, artistic but frequently practically innumerate. Analytics staff are the complete opposite.
  Getting these groups to communicate and work together is a bigger issue than implementing some shiny new technical widgets.

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  Michael Fitzgerald

  07/25/08 | Report as spam

  re: innumeration

  better software will fix that, of course. It says so in all the best science fiction books...
  
  seriously, it's a good point about how people have to take to the math to at least some extent.
  
  Michael