Big data #analytics programs need a strong #analytical modeling foundation to deliver the business benefits that companies are looking for. And that starts with tight ties between analytics teams and #business units. Mainstream #business #intelligence and analytics applications focusing primarily on retrospective reviews of data can provide organizations with valuable information about corporate performance, #customers and #business #trends. But companies looking for competitive advantages over business rivals are increasingly turning their gaze to the future - and big data is broadening the scope of the predictive analytics they can do in order to see whats coming. The vast quantities and varied forms of data that many organizations are now collecting give #predictive modelers and data miners lots of material to work with in trying to #forecast things such as customer behavior and effective business #strategies. Unlocking #big #data benefits isnt just a matter of turning skilled analysts loose with predictive modeling tools, though. In fact, the process of developing useful models to analyze sets of big data isnt what people tend to think it is. The popular conception of predictive #modeling involves a bunch of cloistered data scientists and statistical #analysts writing algorithms on their own. The algorithms and analytical models do eventually need to be created, tested and run by analytics professionals. The bulk of the work takes place before any data is crunched. 80% of the work is in gathering the information which is needed to solve a problem, and before this can be you started, analysts have to be connected to the business. It is crucial for the modelers involved in big data analytics initiatives to have business knowledge in addition to their math and science skills. The most elegant algorithm wont be of any use if it doesnt address a specific business need. As a result, to ensure that the data analysts are familiar with the business units theyre supporting and the issues those units face, so theyll be aware of problems that need solving and #opportunities to take advantage of data to improve business operations and #strategies.
Posted on: Fri, 05 Dec 2014 13:34:38 +0000
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