The Value of Data Analytics to Leaders and Managers

 By Medium - 2021-03-18

Description

It would be worth beginning by asking whether firms that leverage data analytics have access to a capability that differentiates them and gives them an edge over their competitors. It turns out that…

Summary

  • In the era of data science and data being “the new oil” what is the value of data analytics to today’s leaders and managers and how can they use this capability to derive sustained competitive advantage?
  • Victor Kiam famously “liked the shaver so much, he bought the company” but in hindsight this decision was an example of something called “substitution”, a famous psychological effect that has ramifications for data-driven firms.
  • This is a classic example of framing the right question and data analytic leaders and firms are much more likely to be aware of this and to frame business challenges in a way that improves their outcomes.
  • If leaders and managers can influence their firms to obtain and grow a data analytics capability that passes these four tests then there is a significant opportunity to achieve sustained competitive advantage and then maybe data really will be the new oil.

 

Topics

  1. Backend (0.34)
  2. Database (0.18)
  3. Machine_Learning (0.12)

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