Data Analytics Archives - Page 6 of 6 - Management Information Analysis

Survey Shows Increased Weight of Data Analytics in Decision-Making

September 15, 2014 by miawebadmin

PricewaterhouseCoopers (PwC) has published a survey, titled “Guts & Gigabytes,” on business managers’ decision-making processes. The Economist Intelligence Unit interviewed more than 1,100 executives worldwide about the factors they take into account to make business decisions. Forty-one percent said they rely primarily on their own intuition and experience, 31 percent on the experiences of others and 23 percent on data and analytics.

Despite the reliance on business instincts, 40 percent admit that data analytics have changed the way they make decisions more than any other factor. The survey’s organizers stressed that this trend is certain to continue in the future as business intelligence analytics become increasingly important.

“Business leaders have long used their own tried and trusted intuition alongside more scientific and financial factors to make decisions and this has served them well in the past,” said PwC consulting data analytics partner Yann Bonduelle. “As data become more pervasive, algorithms become more accurate and visualization more intuitive, business leaders are realizing they can make better decisions through using data and analytics more systematically.”

Additionally, 81 percent of respondents recognize that a good grasp of data-driven decision-making is already a prerequisite for junior executives to achieve promotion to larger management roles. “In the digital age, as business becomes ever more complex and data becomes ever more available, business leaders need to ensure they know how to quickly make decisions based on their analysis of data,” said PwC’s head of data analytics, Tom Lewis.

Data analysis tools can help businesses get a head start on this growing trend. It is essential for companies to draw the right conclusions from the information they have available, in order to make savvy business decisions and ensure their continued growth.

Study: Retail Analytics Will be Worth $4.4 Billion by 2019

September 12, 2014 by miawebadmin

A study by market research firm Markets and Markets predicts that the retail analytics sector will more than double in worth to $4.4 billion within the next five years. The report “Retail Analytics Market by Business Function and by Solutions — Worldwide Forecasts and Analysis (2014 – 2019)” details some of the benefits of data analytics for retail, explaining why more businesses are adopting data management solutions.

According to the report, retailers worldwide lost a staggering $112 billion in 2012 to fraud and theft, from organized retail crime to shoplifting. “Thus,” reads the report, “a number of small and medium businesses (SMBs) and large enterprises are rapidly deploying data analytics tools that can provide effective prediction, analysis and reporting for alleviating shrink.”

In addition to reducing losses, data gathering helps retailers observe existing market trends. With proper analysis of said data, they can then identify emerging trends and even predict future ones. This can give a retail company of any size a very significant advantage over its competitors.

Markets and Markets believes that the recent financial crisis was the main factor that prevented retail analytics from growing earlier, as companies saw their profits reduced due to consumers’ decreased spending and did not have the resources to invest. But with the post-crisis recovery now well underway, the researchers say that the analytics sector will begin, and indeed has already begun, to grow exponentially. According to the report, retail analytics are currently worth about $1.88 billion.

Extract, transform, load (ETL) processes are an essential part of retail data solutions. Information needs to be gathered from an ever-increasing variety of different sources and converted to a unified database. Only then can it be adequately analyzed to draw the conclusions that will help a business better understand its market.

Big Data Helps Cities with Public Service Initiatives

June 24, 2014 by miawebadmin

Big data can benefit organizations in a number of industries. From retail to health care, companies are leveraging their information to improve overall operations and make smart decisions to influence future growth. But the advantages of big data management are not exclusive to the private sector. In fact, entire cities can use big data to improve the way of life for their citizens by integrating data from disparate systems to better understand their needs.

According to an article from Blue Sky Innovation, a subsidiary of the Chicago Tribune dedicated to innovation and entrepreneurship news, this is becoming an increasingly important concern for city administrators. Recently, a panel of experts at a Chicago Council on Global Affairs event discussed four areas of city management that can be dramatically improved by big data management. These include: energy, transportation, education and public safety.

Data scientists have been reviewing the possible uses of information for some time and many are willing to offer their guidance to help public officials make the most of their information. Caralynn Nowinski, executive director and COO at UI Labs and a panelist at the event, spoke with the news source after the event and shared her thoughts.

“Cities can’t do this all on their own, but if we can celebrate some of the best practices and share those with other cities … our thought is that it can lead to pretty incredible possibilities,” Nowinski said.

In a city environment, big data management requires analysts to collect appropriate data from various environments and incorporate it into a centralized system where reports can be developed in real-time. If done effectively, municipal agencies can enjoy several benefits. Data can help identify public needs and the best ways to address them. It can determine which projects are worthy of investment and help decision makers prioritize based on ROI potential.

This principle can be applied in just about any setting. Private sector organizations can enjoy the same benefits if they possess the right solutions to manage big data effectively. The ability to extract, transform and report on information in real-time can provide insights that ultimately lead to smarter decisions that better the company.

The benefits of business intelligence are that if systems are implemented and operated correctly, they dramatically reduce expenses and can improve the cost effectiveness of big data management. City offices or other public organizations, in addition to private companies, can all improve operations with business intelligence analytics.

Cape Cod Hospital Erects New Emergency Wing

June 20, 2014 by miawebadmin

Recognizing the urgent need for a new section of a hospital, especially one that is meant for emergency services, depends on stakeholders’ ability to manage demographic data correctly and make informed decisions. The benefits of healthcare strategic planning can make themselves known the closer such a project gets to completion.

For example, the Barnstable Patriot recently reported on an expansion being constructed for the Cape Cod Hospital in Massachusetts. According to this source, the Emergency Room at this location sees more than 90,000 patients every year, and the new wing is expected to add more than 20,000 square feet of space to the center.

Construction is reported to consist of three stages, with the first already finished. While this means that visitors to this facility can see some of the progress that has been made on this $20 million addition, there is still plenty left to go before the construction will be completed and residents who depend on the current emergency room will feel the benefit.

This isn’t the only case of a hospital in the area bolstering its current emergency facilities: an article in the Cape Cod Times recently chronicled the unveiling of an Urgent Care Center in Harwich. The story quotes the head of Cape Cod Healthcare, Michael Lauf, on the improvement in care that might be noticed.

“Right now, a patient will be able to see the same emergency care physicians they can see in Hyannis for about half the cost,” he said.

But in order to accomplish all of this, the data gathered in the planning phase needs to be analyzed and put to the best use. Hospital strategic planning solutions can take the data that is available from various sources and use it to help facilities make smart decisions about when and where to expand.

Data Management Helps Retailers Identify Successful Markets for New Locations

May 15, 2014 by miawebadmin

Moving into a new location or opening a new facility requires a lot of work. The physical aspect of the job is only one component. A significant amount of research must be completed as well. A truly successful initiative comes after careful planning, which requires an evaluation of relevant data.

An article in Forbes recently addressed the need for data evaluation prior to opening a new location. Ultimately, a retail store, restaurant, bar or any other organization in the customer service sector won’t succeed in a market with limited interest or opportunities. Although we live in a virtual era, the phrase “location, location, location” is still crucial to brick-and-mortars. Businesses can’t just expand anywhere. They must strategically select their new locations and position themselves to be successful.

Mark Cohen, professor of marketing in the retailing studies department of Columbia University’s business school, and former CEO of Bradlees and Sears Canada, understands this all too well. He spoke with Forbes about this:

“You can’t do business in a brick and mortar store without the presence of customers, and proximity to customers is as elemental to a brick-and-mortar store as air, food and water are to each of us as human beings,” he said. “Back in the day, Jack Kilmartin, CEO of [now defunct] Mervyns, drove the neighborhoods that surrounded the site of a potential store looking for validation that the Mervyns customer was as present as the researchers said they were. I doubt anyone does that today, but the need to accurately assess the market is as vital as it always was.”

Today, accuracy can be attained by effective data processing. A business intelligence system that can collect and report on relevant data will help organizations determine the potential of a new location. This understanding will go a long way toward ensuring the success of such an initiative.

Health Care Industry Increasingly Turning to Big Data

May 2, 2014 by miawebadmin

Trends in the overall IT landscape are often emulated by industries that can benefit most from technological advancements. Health care often leads this charge, as medical centers adopt new business systems to improve overall processes, which ultimately enhances patient care.

Big data is growing in businesses across a wide range of industries, and health care is no exception. The ability to leverage information to improve processes is extremely valuable in the medical realm, as it can give providers new insights that ultimately improve operations and the quality of service they provide the public. Changes that enhance care are more likely to be successful if they are initiated based on data.

However, much like businesses in other areas, health care providers are finding it difficult to make the best use of their information, although they are certainly interested in increasing their usage of big data. A study conducted by MeriTalk found that 63 percent of health care organizations say big data will help track and manage population health more efficiently. Additionally, 60 percent said big data analytics will enhance the ability to deliver preventive care.

This shows that most people in the industry understand how big data can work for them. Unfortunately, they can’t seem to get it to do that yet. Less than 5 percent of respondents said they were prepared to manage big data.

A recent Forbes article addressed this issue, stating that there are many opportunities for health care providers to use their information, but they have to think a certain way about how to analyze it.

“To successfully exploit Big Data, organizations need to think differently about how they approach the analytics problem,” wrote Bill Schmarzo, the article’s author. “The technology exists to build individual patient profiles by each major illness or disease area. In much the same way that we’re starting to see credit card companies build individual card member profiles by product categories, healthcare providers now have the ability to build patient models by major disease or illness classification.”

There are plenty of ways health care organizations can leverage their information to improve overall care, and decisions designed to do so often have to be backed by hard data. Building a new hospital requires a thorough review of existing data, such as population and the current crowd situation at other local hospitals, before a building can be constructed. Ultimately, it’s important to know if the facility will be used before money and resources are used to build it.

Those who understand the benefits of business intelligence and are able to effectively extract, transform and load pertinent information will be able to make the most use of their data.