Comments on: Analytics simplify data to amplify its value http://jtonedm.com/2008/09/02/analytics-simplify-data-to-amplify-its-value/ James Taylor on Enterprise Decision Management Fri, 03 Jul 2009 20:32:53 -0500 http://wordpress.org/?v=2.8 hourly 1 By: David Greer http://jtonedm.com/2008/09/02/analytics-simplify-data-to-amplify-its-value/comment-page-1/#comment-10864 David Greer Fri, 05 Sep 2008 20:51:46 +0000 http://jtonedm.com/?p=556#comment-10864 I like to make the distinction between data and information.   The numbers in a set of financial statements are data.   They don't mean anything until you interpret them into information about the business, which then helps drive the decisions you need to make about the future of the business (noting that financial statements are always backwards facing). It's the same with analytics.   There's better and clearer data. The business question is how to you turn the data into information so that you can drive to better decisions? I thought Chris' post above demonstrated the leadership challenges in making this happen in an organization. David Greer   I like to make the distinction between data and information.   The numbers in a set of financial statements are data.   They don’t mean anything until you interpret them into information about the business, which then helps drive the decisions you need to make about the future of the business (noting that financial statements are always backwards facing).
It’s the same with analytics.   There’s better and clearer data. The business question is how to you turn the data into information so that you can drive to better decisions? I thought Chris’ post above demonstrated the leadership challenges in making this happen in an organization.

David Greer
 

]]> By: Chris Gordon http://jtonedm.com/2008/09/02/analytics-simplify-data-to-amplify-its-value/comment-page-1/#comment-10853 Chris Gordon Wed, 03 Sep 2008 17:31:47 +0000 http://jtonedm.com/?p=556#comment-10853 I couldn't agree more. At my company we have completed our data warehouse (Phase I), implemented great analytics tools with good visualization (Phase II). Now comes Phase III, teaching the business to make better decisions that should come with the better data. It was a hard lesson to learn, but better decisions *don't* follow automatically with better data.   Often, users just fold the better data into their existing world view and contine with their old decision making process (if any process exists). cheers, Chris Gordon I couldn’t agree more. At my company we have completed our data warehouse (Phase I), implemented great analytics tools with good visualization (Phase II). Now comes Phase III, teaching the business to make better decisions that should come with the better data.
It was a hard lesson to learn, but better decisions *don’t* follow automatically with better data.   Often, users just fold the better data into their existing world view and contine with their old decision making process (if any process exists).
cheers,
Chris Gordon

]]> By: Tony Rose http://jtonedm.com/2008/09/02/analytics-simplify-data-to-amplify-its-value/comment-page-1/#comment-10850 Tony Rose Wed, 03 Sep 2008 12:57:42 +0000 http://jtonedm.com/?p=556#comment-10850 I think the statement "better data adds<strong><em> no value</em></strong> to a company only better decisions thanks to better data" is contradicting.   Better data, which I am assuming is cleaner and more accurate data, adds value because decision are based upon it.   You can only really make better decisions by having better data, in my opinion. Maybe we are saying the same thing in a different way... I think the statement “better data adds no value to a company only better decisions thanks to better data” is contradicting.  

Better data, which I am assuming is cleaner and more accurate data, adds value because decision are based upon it.   You can only really make better decisions by having better data, in my opinion.

Maybe we are saying the same thing in a different way…

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