Decision Modeling for Big Data and Analytics
Data without Analytics is a waste of space.
Analytics without Action is a waste of intellect.
Action without ROI is a waste of time
There are many powerful reasons to conduct analytics for pure exploration and discovery. However, if financial return is your reason for investment in Big Data and Analytics, it is critical to first understand the financial business outcome you are trying to achieve, then the business process that supports that outcome, then the business decision that is made during that business process. Only then should you begin to plan the analytics needed to support the objective and finally the data needed to support the analytics.
Consider Decision Modeling in all of your strategic analytic initiatives.
I've always been of the opinion that one of the under-mentioned characteritics of quality data is that "it gets used"
I love the introductory comments about the waste represented by data without analysis, and by analysis without decisions. Bravo. Jerry
There is no better way of knowing what you don't know than by incorporating Data Analytics into your business financial and operational processes.
Michel Hernandez, MSMIS
Ken, great quote. 👍Doing analytics or data science should be with the end in mind, the financial gains plus big picture thinking, the processes involved and methods and data.