BERN MEDICAL
  • Home
  • Solutions
    • Radiology
    • About Data Visualization
    • Other Services

#6- Road Map to Enhanced Analytical Capabilities

1/11/2013

 
Picture
This is a review of a chapter from ""Competing on Analytics"-
Questions to Ask when Evaluating New Analytical Initiatives:
  • How will this investment make us more competitive?
  • How does the initiative improve our enterprise-wide analytical capabilities?
  • What complementary change need to be made in order to take full advantage of new capabilities, such as developing new or enhanced skills; improving IT, training, and processes; or redesigning jobs?
  • Does the right data exist? If not, can we get it? Is the data timely, consisten, accurate, and complete?
  • Is the technology reliable? Is it cost-effective? Is it scalable? Is this the right approach or tool for the right job?

Some missteps are due primarily to ignorance. Most common errors of omission are:
  • Focusing excessively on one dimension of analytical capability (e.g. too much technology)
  • Attempting to do everything at once
  • Investing excessive resources on analytics that have minimal impact on the business
  • INvesting too much or too little in any analytical capability, compared with demand
  • Choosing the wrong problem, not understanding the problem sufficiently, using eh wrong analytical technique or the wrong analytical software
  • Automating decision-based applications without carefully monitoring outcomes and external conditions to see whether assumptions need to be modified

My Thoughts:
There is here an element of risk. What will be the expected outcome based on the implementation of analytics? What does the upside look like and what is the downside? Analytics should be looked at like any other investment. What is the return? What costs can be reduced? How much more revenue can we increase? At the heart are always these assumptions. Other considerations are important, too. How much faster could we move? Can we increase throughput? Are our clients demanding better analytics with our product or service? 

The costs of delivering analytics has dropped a lot in the past 5 years. Better software and cheaper software. It has become crucial pieces of some industries- while others are just starting to wonder what could be...

Comments are closed.

    BERN BLOG

    Blog written by:
    David Fuhriman, CEO
    Contact Me

    Other Useful blogs

    Occam's Razor
    Six Pixels
    Junk Charts
    Kaizen Analytics
    Zoom Metrix

    Archives

    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011

    Springboard
Powered by Create your own unique website with customizable templates.