The Importance of Analytics

Sometimes the dictionary definition of a word can be so sterile, that the power of the word can get lost.  For me, Analytics is one of those words.  It’s defined as the process of performing systematic computational analysis of data or statistics.  What an understatement!  To me analytics is magic.  Analytics is what turns data into information.  Data is personified and personalized to give it meaning.  Now that’s powerful stuff.  Without analytics, how would Netflix know what other movies to recommend for me based on what I’ve previously watch?  Without analytics, how would Amazon know my tastes so well? How would audible know what I like to read?

Organizations collect data as a regular course of business.  This isn’t new.  What IS new….is analytics of big data.  Organizations that have learned how to leverage analytics to turn their data into information are gaining a competitive advantage over those who don’t.  If you’re strategic planning, consider HOW your data (already in your possession) could be leveraged to help you develop a better relationship with your end customer.  You just might discover your next big thing.