Analytics at Work

Get Started. It's Free
or sign up with your email address
Analytics at Work by Mind Map: Analytics at Work

1. Basic Info

1.1. Davenport, Thomas H.

1.2. Harris, Jeanne G.

1.3. Morison, Robert

1.4. Amazon Link

2. 1) What It Means to Put Analytics to Work

2.1. Benefits of being analytical

2.1.1. Help manage and steer the business in turbulent time

2.1.2. Know what's really working

2.1.3. Leverage previous investments in IT and information more insight faster execution more business value in many processes

2.1.4. Cut costs / improve efficiency

2.1.5. Manage risk

2.1.6. Anticipate changes in market conditions

2.1.7. Have a basis for improving decisions over time

2.2. analytical

2.2.1. use of analysis, data, and systematic reasoning to make decisions

2.3. key questions

2.3.1. dimensions Time frame past present future Innovation information insight

2.3.2. questions (Fig1-1, p7) What happened? past information Reporting How and why did it happen? past insight Modeling, experimental design What is happening now? present information Alerts What's the next best action? Present Insight Recommendations What will happen? Future Information Extrapolation What's the best/worst that can happen? future insight prediction, optimization, simulation

2.4. where apply analytics

2.4.1. customer relationship management

2.4.2. supply chain

2.4.3. operations

2.4.4. human resources

2.4.5. performance management

2.4.6. finance and accounting

2.4.7. other

2.5. analytics not practical

2.5.1. no time

2.5.2. no precedent

2.5.3. history is misleading

2.5.4. decision maker has considerable expertise

2.5.5. variables can't be measured

2.6. decision making errors

2.6.1. Logic not asking right questions incorrect assumptions / not testing assumptions use analytics to "justify" rather than let facts guide fail to take time to understand alternatives fail to interpret data correctly

2.6.2. Process make careless mistakes fail to consider analysis and insights in decisions fail to consider alternatives use incorrect / insufficient decision-making criteria gather data or completing analysis to late to be of use postponing decision because of data or analysis dissatisfaction


3.1. The unexamined life isn't worth living - Socrates

3.2. The unexamined decision isn't worth making. -Davenport/Harris p2

4. Five Stage Model of Analytics

4.1. 1: Analytically Impaired

4.2. 2: Localized Analytics

4.3. 3: Analytical Aspirations

4.4. 4. Analytical Companies

4.5. 5. Analytical Competitors