Transformation in business is pervasive,
and with shifting priorities, every workforce has to constantly develop new
skill sets to keep pace. Current trends have shown the increasing importance of
technology in managerial decision making and strategy, specially in a data
driven environment where the decision making process is becoming overwhelming
since information is flowing like mighty rivers from a trillion intelligent
devices, sensors, social forums and all manner of instrumented objects.
Enterprise business units are also trying to find the way outs
to compete with each other, based on the mighty information available: Big
Data, from various sources. Data driven decision making is revolutionizing
every business model, from baseball to banking!! Hence the importance of Data for business use
has increased drastically.
Data mining from a few years
ago is not the same as today’s data analytics. Data has evolved and analytics
has advanced. The Internet has made everyone smarter with access to vastly more
information on products, prices, companies, competitors, and the opinions of
their peers. In turn, businesses have access to much more data today than just
five years ago. This data can be found in the usual places in business
organizations such as sales (e.g., CRM), marketing (e.g., a company’s website),
and finance (e.g., ERP). In addition, there is a vast amount of unstructured
data available from information sources such as call center logs, customer
satisfaction surveys, email, wikis, blogs, tweets, and evolving forms of social
media. But the power of this information can’t be leveraged until it can be
unlocked, deciphered, and applied in its appropriate context.
Let us take few examples. What
do identifying consumer buying habits, preventing future crime, administering health care, and detecting fraud have in common? All are realities
in place today through the use of predictive analytics. It’s no wonder than
that data analytics should be part of the required curriculum at every college,
university, and MBA program, just as surely as English or math.
Analytics is important and even more specifically for the next generation business leaders . IBM Career Education has taken an initiative to conduct Faculty Development Programs for the B School faculty members on Predictive Analytics using SPSS. This Program provides the required actionable insights that answer critical business questions: How are we doing? Why? What should we be doing differently? Organizations are asking these questions and finding insightful profit-generating answers with analytics tools that can organize, store and mine all the information scattered throughout the organization.