What a great event! The IBM & Fordham event at the Graduate School of Business was full of insights for managers, students and academics interested in analytics. It highlighted the business value of analytics and the on-going business transformation enabled by Business Intelligence.
Some little bits of insight in random order:
- Business is not an intuition game anymore, everything is driven and enabled by data.
- When it comes to analytics, technology is often ahead of culture, rather than the other way around. So IT needs to "pull" the business.
- Smart users of analytics outperform their lesser-smart peers.
- Information should be constantly seen as strategic asset within business processes. Many executives understand accounting, financials etc. but they fail to "understand information".
- Building on the right architecture and digital platforms, analytics provide the highest benefit when real-time integrated data are combined with cross-boundary teams of experts, and when the organization constantly links activities with results.
- Analytics is a growth area for career opportunities, and students with the right mix of business and technical skills will be the next generation of business leaders. It was mentioned that IBM has at least 2,500 open job positions related to analytics.
- The increasing significance of analytics today is associated with explosion of data, the need to increase the performance of each and every decision, and the democratization of business intelligence - all organizations, independent of size and sector, have the opportunity to leverage advanced analytics capabilities and optimize their business performance.
- The main question arises: "now that we have the data, can we connect the dots?" (possibly the notorious financial crisis of 2008-09 suggests that even financial firms that are heavy users of IT are not there yet in terms of connecting the dots)