Dataception

Whereas analytics has a reputation for being rooted in the wizardry of  algorithms  and “pure math,” Southekal recast the practice as driven by finding the most relevant questions for a particular business and then using those questions – in conjunction with data – to gain insights. Without “visibility” into business goals and KPIs, analytics will not be valuable, he said: “A VP of an oil and gas company asked me, ‘Can machine learning and data analytics help me get more oil from the ground?’ The answer is no. To get more oil from the ground, you need a pump jack. But to get more value out of the pump jack, you need analytics, because it gives that kind of visibility into the factors that will help you get more value out of your pump jack, and ultimately get more value to the business.” Key Components of Analytics Southekal identified what he believes are the four building blocks of analytics: data, algorithms, ethics, and assumptions. “It’s not just about technology,” he expl...

Does Business Intelligence for Small Business Really Exist? Just because a business is small, that doesn’t’ mean they are exempt from the problems of larger organizations, nor does it mean they have any less need to monitor and manage data and to understand results and plan for the future. If you are small business owner or manage and you think business intelligence for small business is out of your grasp because of cost or complexity, you will be pleased to know that BI for small business can and does exist and it is cost-effective and easy to implement and use. If it is to be successful, a small business must constantly explore opportunities for growth and market and competitive optimization. No matter the size of the organization, no business manager wants to spend money needlessly and no business wants to operate in an environment of confusion or guess at results and the potential for future success. Even in the smallest business environment, your competition may inc...