Business & Consumer Analytics
Prof Tapan Panda
Business analytics domain is going to alter the way we live and do business. Business and investment decisions are now done more on both inventoried and flow data. There is a strategic enhancement of information value in business context today as we are able to create platforms to capture and store, algorithms to classify, categorize and predict intelligence for meaningful decision making. Use of data has moved from high immediacy-low impact to a high immediacy and high impact quadrant.
Business data now flows in higher quantities, at the rate of higher speed and at the rate of higher veracity. The data includes click stream data from the web, social media content (tweets, blogs, Facebook wall posting) and video data from retail and other sources of visual entertainment. Data sources include everything from call center voice data to genomic and proteomic data from research labs. Companies are trying to find out the strategic value of such data and how it can be used as an asset. Till date, big data application is evident in the process of business process optimization only.
Many of such companies are too focused on optimizing their business processes and systems than targeting to create an emotional connect with customers. Companies need to show more empathy towards customer needs and demands in the prevailing lower predictable environment. This change in approach will help companies to evolve and adapt their strategic needs to shifting customer needs.
The greatest use of data is in developing three capabilities – ability to optimize business process and technology, ability to foster emotional connect and ability to use data empathetically through a process of softscaling. Companies are facing a completely different environment characterized by fast moving and unpredictable changes in economic cycles, adverse changes in natural environment, emergence of newer business models and evolving customer needs. So the strategies to achieve business growth in such a turbulent environment is to create higher level of flexibility in allowing considerations based on anticipated changes.
The need of the hour is to optimize core business processes, retain localization to match customer needs, optimize, digitize and reuse in modeling and scaling technology frugally. The second proposition is about informed empathy where managers have to standardize and digitize processes leading to high quality data; provide information across the enterprise for further decision making and finally use the data empathetically by adding context from local sources. The emotional connect should lead to customer engagement, employee empowerment and involvement of partners across the value chain.
Business analytics is all about delivering right decision support to the right people at the right time. The word ‘decision support’ means business analytics gives the business user data, information and knowledge which one can choose to make decisions. This approach is more solution oriented than tool or method oriented. While adopting to business analytics process and database support systems, managers are not buying servers, pivot tables and algorithms, they buy ability and intelligence to monitor and control their business process along with consumer insights to drive the strategy home.
This book contains research and thought papers written by professors and scholars across the globe. They have tried to use tools and techniques to manage and make decisions from a huge, noisy and messy data collected at real time. We, at Kotler Srinivasan Center for Research in Marketing are focused on the area of business analytics and trying to explore how managers can use business analytics tools and techniques for business decision making. Every year we invite all likeminded researchers to attend “Business Analytics Conference” at Great Lakes Institute of Management and present their work which is brought as a compendium during the conference. This book is the second in the series.
We continue to debate on this emerging area and showcase the dialogue through publication of journals and books. I am sure you will find meaning to this deliberation and join this movement. © Business & Consumer Analytics
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