Research Findings: Analytics as a Source of Business Innovation

[@stephanalbrecht7889]

Somehow the slides and audio are not in sync. Good webinar anyway :-)

[@NikZafriAbdulMajid]

It is really refreshing to listen to this research finding and I must admit, I am enjoying every minute of it. The analogy of tyres and cars really defines the topic at hand. The research finding has covered many important aspects in analytics for business innovation. In conclusion, overall, I think more and more companies should recognize analytics as their main assets to drive innovation. Analytics has undoubtedly created new avenues to create, manage and utilize the data to create and improve innovation. However, the sharing of inter-organization knowledge should not be a problem judging by the fast pace and evolution of knowledge - what you know today may be obsolete by tomorrow. So what’s the problem of sharing? You give back and you’ll get something back. We have the internet nowadays - more companies are portraying more transparencies to portray good governance, to gain more confidence from customers, suppliers and markets. But of course, the volume of information must be controlled as well - not all information is customized to the needs of the industry/ product/ service being provided. If too much information is gained vs the right use of such information, then knowledge sharing can be redundant. The required information/data/knowledge to be gained must always be about increasing productivity, efficiency and lifelong learning. I share the same views on the implementation problems : a) Due to Cultural Difference (workwise) - across countries. b) Limited Infrastructure c) a uniformity in the standards of approach I see that MIT Sloan has played good roles in recognizing, evaluating, confronting and providing solutions based on facts to create awareness to all industry players that still do not see how much they can benefit from business analytics. (perhaps substantiated with some estimated monetary figures - from some good case study?) This practice will outweigh the skeptics. I believe that recognizing analytics as the source for innovation will encourage other companies to develop this system. However, the difference in applying the system will depend on history of the organization, the people, the culture and the organization structure. The keyword is “understand” (not memorize) what analytics is all about - that’s why it has to start using “top-bottom” approach. The top management MUST understand first prior to implementation. .