Analytics for making business decisions is not new. Businesses have relied on making intelligent decisions for as long as mankind has been there. It was human brains which used to process data, store historical insights and then make informed decisions to create results. With advent of computing power, things have been changing fast in last 4-5 decades and most notedly in last couple of decades when analytics have become mainstream.
Over the past couple of decades, with the rapid growth of BI solutions, every facet of decision making has incorporated analytics and related solutions. I do not want to repeat how industry has evolved the BI solution from simple reporting (hind sights) to modern day software like Qlikview/tableau/spotfire to enabling quick analysis of the data.
However, with all these systems, the analytics industry has to move to a new paradigm. Decisions which were made in days can be made in mater of minutes. Data which was available to end users after a lengthy processes of over a day is available realtime from sources. Even with Big Data, this is still possible Despite all this, decision making is still requires a human intervention. Someone "read HUMAN" has to decipher all the analysis and make a decision which takes some time to implement.
Hence the industry has to turn another corner and get to "JUST IN TIME" (JIT) analytics. Now that I have coined the term, let me elaborate. If you have seen Mission Imposible(old one), you would realize what I am talking about. Imagine, you walking in a store. With your retina scanned, store systems know your buying patterns, historical purchases, your preferences and presents you with the right offerings you might be looking for. That is what I call JIT analytics, no intervention, no fuss, just instantaneous decision.
Alright, that was invasion of privacy... And somewhat over the top. But the concept remains the same. Supply chain industry has moved to this. Prime examples being apple being able to control their manufacturing process every 2 minutes based on the POS sales. And that is where I think industry would move. Decisions being made based on analytics, in real time.
So where are the more opportunities. You look around and you would find tons. Store operations, Network and data coverage of wireless provides, Social campaigns with ad spent, Offers and coupons distribution, etc. Every thing has a possibility of being improved with real time analytics.
Human brain cannot be replaced but it can be used to make systems better rather than making decisions.
Ideas welcome!!!! What examples would you like to see more integrated analytics
Over the past couple of decades, with the rapid growth of BI solutions, every facet of decision making has incorporated analytics and related solutions. I do not want to repeat how industry has evolved the BI solution from simple reporting (hind sights) to modern day software like Qlikview/tableau/spotfire to enabling quick analysis of the data.
However, with all these systems, the analytics industry has to move to a new paradigm. Decisions which were made in days can be made in mater of minutes. Data which was available to end users after a lengthy processes of over a day is available realtime from sources. Even with Big Data, this is still possible Despite all this, decision making is still requires a human intervention. Someone "read HUMAN" has to decipher all the analysis and make a decision which takes some time to implement.
Hence the industry has to turn another corner and get to "JUST IN TIME" (JIT) analytics. Now that I have coined the term, let me elaborate. If you have seen Mission Imposible(old one), you would realize what I am talking about. Imagine, you walking in a store. With your retina scanned, store systems know your buying patterns, historical purchases, your preferences and presents you with the right offerings you might be looking for. That is what I call JIT analytics, no intervention, no fuss, just instantaneous decision.
Alright, that was invasion of privacy... And somewhat over the top. But the concept remains the same. Supply chain industry has moved to this. Prime examples being apple being able to control their manufacturing process every 2 minutes based on the POS sales. And that is where I think industry would move. Decisions being made based on analytics, in real time.
So where are the more opportunities. You look around and you would find tons. Store operations, Network and data coverage of wireless provides, Social campaigns with ad spent, Offers and coupons distribution, etc. Every thing has a possibility of being improved with real time analytics.
Human brain cannot be replaced but it can be used to make systems better rather than making decisions.
Ideas welcome!!!! What examples would you like to see more integrated analytics
