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March 16, 2010
What's your definition of "Analytics" (Part 2)
In my last post, I asked people to explain in simple terms the word "Analytics" and provide examples to make the definition come to life.
I knew that the discussion would be topical but I didn't anticipate that the responses would be so numerous! (if you'd like to know in less than 3 mins what others say about analytics, watch the video recap @ http://tinyurl.com/analytics-videoblog - others, read on!)
What did we learn so far?
* Analytics are often associated with prediction: Many associated the term "Analytics" with the idea of prediction - meaning that, while metrics might focus on the past, "Analytics" are best used to predict the future.
* Analytics are somewhat different from KPIs: While the difference between KPIs and Analytics wasn't highlighted much, many expected "Analytics" to be visual and provide a story behind the actual numbers. While "Analytics" might be the results of sophisticated statistical models and combine the wisdom of multiple measurement points, they should display information to allow anyone to understand trends and work with them quickly.
* Analytics are primarily created in the business: Some argued that while BI requirements were often assigned to the CIO's office, "Analytics" requirements should be assigned to functional heads (CFO, CMOs..etc) because they typically need to be customized based on the appropriate business questions.
Finally, some argued that "Analytics" are unique to a company. Many talked about the competitive advantage that analytics can represent for an organization.
Which leads me to another question: if analytics are so unique, and if they result in the combination of technology and the knowledge that only your employees have, can they ever be packaged?
What do you think? The discussion continues @ http://tinyurl.com/analytics-discussion , now with views from IDC, Forrester and TDWI experts.
Join in!
Bruno Aziza
Co-author, Drive Business Performance
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Posted by Bruno Aziza at March 16, 2010 12:15 AM
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