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Posted: August 4th, 2022

Competing on Analytics

Competing on Analytics
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Competing analytics
In 2006, Thomas Davenport wrote an article titled Competing on Analytics, and a lot has changed since then. However, it is important to note that some technologies used years ago are still in use. The business world has experienced significant changes that have led to the analytics explosions we have seen. One of these changes pertains to the volume of data available. Over the years, the volume of available data grew tremendously taking off as our methods of producing, gathering and storing data changed (Finch, 2017). Proliferating data sources, from social media searches activity to internet to transactions online to sensors created torrents of information. This served to increase the need for analytics. Another change relates to competition. Over the years, businesses increasingly converted technology from a tool of support to a strategic weapon (Davenport, 2006). Therefore, they constantly worked to develop analytics that would best handle available data and acquisition.
The other change has to do with data richness and diversity. Data not only grew in volume over the years but also gained incredible richness and diversity. We entered a period where data could be acquired by everything from traffic sensors and cameras to heart rate monitors, allowing richer insights into how humans behave (Reynolds, 2016). For example, retailers progressively tried to create complete customer profiles across all their points of touch whereas healthcare professionals could now monitor patients distantly. As such, there was need for analytics to grow to accommodate these changes (Reynolds, 2016). These changes can also be attributed to algorithms. As the years went by, algorithms continued to advance. The increasing data availability fueled advances in analytical methods and technologies, prompting the growth of analytics in the process (Finch, 2017).

References
Davenport, T. H. (2006). Competing on analytics. Harvard business review, 84(1), 98.
Finch, V. (2017). Big data for business: Your comprehensive guide to understand data science, data analytics and data mining to boost more growth and improve business. Createspace Independent Publishing Platform.
Reynolds, V. (2016). Big data for beginners: Understanding smart big data, data mining & data analytics for improved business performance, life decisions & more! Createspace Independent Publishing Platform.

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