An analytic enterprise uses analytics to solve its most critical run-the-business problems. It takes advantage of new tools and new data sources while ensuring analytic results are used in the real-world. An analytic enterprise uses analytics to solve its most critical run-the-business problems. It takes advantage of new tools and new data sources while ensuring analytic results are used in the real-world. This is the third of three blog posts about how to become an analytic enterprise:
- Focus on business decision-making.
- Move beyond reporting to predict, prescribe, and decide.
- Use analytics to learn, adapt, and improve (this post).
Analytic enterprises don’t focus on big wins but on using analytics to learn what works, to adapt decision-making, and continuously improve results.
An analytic enterprise collects data about how it makes decisions and about the outcome of those decisions. It records the data that drove its analytics and the analytics that drove its decisions. Business outcomes may be recorded as structured data, as social media posts, as unstructured text, as web activity or even sensor data. This varied data is matched to decision-making and analytics so that the true impact of the analytics that drove those decisions can be assessed.
This continuous monitoring identifies new opportunities for analytics, which analytics need a refresh, where ML and AI might be valuable and much more. An analytic enterprise learns from this data and moves rapidly ensure that its decision-making is updated effectively. Its analytic platform links data, analytics and outcomes so it can close the loop and continuously improve.