Loved reading this brilliant post by my friend, Dhiraj Rajaram CEO of Mu-Sigma. Mu Sigma is a company that outsources high end analytics and helps companies get great insights at much lower costs.
Between yesterday, today and tomorrow - as it relates to the different elements of analytics and Business Intelligence, Dhiraj sees the following equations:
Yesterday* Business + Technology allows us to simply automate
Today
* Math + Business allows us to present more cogent arguments in the boardroom
* Math + Technology allows us to anticipate and operate proactively
* Math + Business + Technology allows us to execute betterTomorrow
* Math + Business + Technology + Behavioral Economics let us develop nudges (cognitive repairs) against human biases.
I agree with characterization. Although, one must point out that even the largest of companies are somewhere on each of these points for different Business Units and areas. I have seen the largest of companies being run on Excel and Access. I was with this technology giant where the entire Business Units "BI system" amounted to ONE guy who would create queries and send out reports to the managers. Things are changing but slowly.
He makes 10 Predictions of things to come in future. I agree with each of them.. Do you?
- Hyper Competition Will Proliferate
- Companies Will Compete on Consumption of Analytics, Not Creation of Analytics
- Incremental Innovation Will Be Routine, Disruptive Innovation, Rare
- New Data Sources Will Emerge
- The Role of 'Chief Analytics Officer' Will Emerge
- Analytics Education Will Be Formalized
- Process Automation Will Take the Forefront
- Open Source Analytics and Analytics-as-a-Service Will Gain Adoption
- Behavioral Economics Will Gain Traction
- Convergence and Collaboration Will Be the Rule
I agree with characterization. Although, one must point out that even the largest of companies are somewhere on each of these points for different Business Units and areas. I have seen the largest of companies being run on Excel and Access
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