To qualify under Advanced Analytics, there needs to be some level of sophistication but obviously the line between simple and advanced is fuzzy.
There are many interesting debates to brainstorm Big Data analysis potential to influence decision making, strategic development, and problem-solving: Does big data complicate decisions or drive the right decision? How to filter out the noise of big data in order to make sound analysis? Becoming truly data driven is now a compulsory part of the strategy. As a matter of fact, Strategy Analytics is increasingly emerging as the convergence of statistics, information technology, insights discovery, and problem-solving,
The predictive analysis in strategy development: Nowadays, the business environment is dynamic, forward-thinking companies leverage information-based analytics to provide business foresight and customer insight about upcoming opportunities or risks. The management needs to ponder: how accurately can you forecast corporate performance, competitive advantage, market expectation, supply chain, and business dynamic., etc? Predictive analytics refers to future-oriented analyses that can be used to help drive changes and improvements in business practices.
Predictive analysis involves techniques such as regression, forecasting, simulation, and risk analysis, hunting for value position. With accurate forecasts, business managers can navigate their organization toward the right direction smoothly. Having the ability to predict certain trends or emerging properties by building accurate predict analysis models that are based on quality information to gain the in-depth understanding of current affairs, coupled with enhanced decision-making abilities, is important for, and helpful in influencing the future.
Competitive analysis: The environment which the company is in changes over time, new competitors in the market keep evolving. In differentiation, competitive advantage is probably more to do with the maintenance of brand, features, and quality. An organization would need to ask whether they have the unique set of capabilities to stay competitive in the business differentiating level; who are their competitors in the vertical sectors? To what extent can you or your competitors influence the business ecosystem? Identify what capabilities give your product/service a competitive advantage and align to the enterprise vision and strategy. Discover the business strength that can be transformed into a core capability if it aligns with the strategic direction.
As today’s digital business environment is unprecedentedly dynamic, complex and uncertain, information based competitive analysis enables the business to understand their competitive landscapes inside out. There are always players starting with different resources and competitive positions; and there are always different complexities at a different time. Business differentiation is an effect accomplished by having a sustainable organizational competitive advantage to the market. Differentiation is not the end game, value creation, and forward vision are.
Diagnosis Analysis: Diagnostic analysis as a critical step in strategy crafting is an explanation of the nature of the challenge. What are the specific programs, what are the commitments, what are the resources, what are the processes in play that need to go implement the vision, to turn it into a working model, where is value position, and which capabilities are essential to adding value to achieve business strategy? WHAT are potential opportunities? Where are roadblocks? What are key business problems you need to fix, the leverage and tradeoff., etc.? What is known & What are things you want to do to implement strategy? WHO are the target customers, partners, competitors?
Diagnostic analysis involves probabilities, distributions, sampling, and estimation, etc, for identification of the issues, digging into the root causes of the problems, and gaining an accurate understanding of the overall situation. A good diagnosis simplifies the often overwhelming complexity of reality by identifying certain aspects of the situation as being the critical ones. These diagnosis/solution definitions are key to the future degree of success.
Prescriptive Analysis: Prescriptive analytics – linear, non-linear, integer, optimization, is akin to "actionable"; set up guidelines, and recommend actions for business to execute. Analogically, think about prescriptive analysis as finding a route on a GPS device with traffic information. The system knows where you are and where you want to go, and guides you through the next step. It knows the likelihood you will run into traffic and how long it will delay you. And then depending on what your preference is (most use of highways, shortest time) it recommends a route.
The essence of prescriptive analysis is about finding the optimal answer under a set of conditions. Even data is only a quantitative representation of some aspects of the world. However, we will never have the universe of data to interpret. It’s important to understand how the quantitative data is a subset of reality, and that what happened yesterday will not be a perfect image of today or tomorrow. Further, predictive analytics needs to convey some sort of qualitative value in conjunction with the results. Select the optimal qualitative value from predictive analytics, and you have the 'prescriptive' equivalent.
Follow the old wisdom: "Quality has to be designed in, not inspected out." Big Data, quality data, can be transformed into business information, leverage data analysis tools to process information for capturing the trend and business insight to improve strategy management effectiveness and run a real time intelligent business.
The predictive analysis in strategy development: Nowadays, the business environment is dynamic, forward-thinking companies leverage information-based analytics to provide business foresight and customer insight about upcoming opportunities or risks. The management needs to ponder: how accurately can you forecast corporate performance, competitive advantage, market expectation, supply chain, and business dynamic., etc? Predictive analytics refers to future-oriented analyses that can be used to help drive changes and improvements in business practices.
Predictive analysis involves techniques such as regression, forecasting, simulation, and risk analysis, hunting for value position. With accurate forecasts, business managers can navigate their organization toward the right direction smoothly. Having the ability to predict certain trends or emerging properties by building accurate predict analysis models that are based on quality information to gain the in-depth understanding of current affairs, coupled with enhanced decision-making abilities, is important for, and helpful in influencing the future.
As today’s digital business environment is unprecedentedly dynamic, complex and uncertain, information based competitive analysis enables the business to understand their competitive landscapes inside out. There are always players starting with different resources and competitive positions; and there are always different complexities at a different time. Business differentiation is an effect accomplished by having a sustainable organizational competitive advantage to the market. Differentiation is not the end game, value creation, and forward vision are.
Diagnosis Analysis: Diagnostic analysis as a critical step in strategy crafting is an explanation of the nature of the challenge. What are the specific programs, what are the commitments, what are the resources, what are the processes in play that need to go implement the vision, to turn it into a working model, where is value position, and which capabilities are essential to adding value to achieve business strategy? WHAT are potential opportunities? Where are roadblocks? What are key business problems you need to fix, the leverage and tradeoff., etc.? What is known & What are things you want to do to implement strategy? WHO are the target customers, partners, competitors?
Diagnostic analysis involves probabilities, distributions, sampling, and estimation, etc, for identification of the issues, digging into the root causes of the problems, and gaining an accurate understanding of the overall situation. A good diagnosis simplifies the often overwhelming complexity of reality by identifying certain aspects of the situation as being the critical ones. These diagnosis/solution definitions are key to the future degree of success.
The essence of prescriptive analysis is about finding the optimal answer under a set of conditions. Even data is only a quantitative representation of some aspects of the world. However, we will never have the universe of data to interpret. It’s important to understand how the quantitative data is a subset of reality, and that what happened yesterday will not be a perfect image of today or tomorrow. Further, predictive analytics needs to convey some sort of qualitative value in conjunction with the results. Select the optimal qualitative value from predictive analytics, and you have the 'prescriptive' equivalent.
Follow the old wisdom: "Quality has to be designed in, not inspected out." Big Data, quality data, can be transformed into business information, leverage data analysis tools to process information for capturing the trend and business insight to improve strategy management effectiveness and run a real time intelligent business.
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