To improve performance with advanced analytics, companies need to develop strengths in three areas.
1. Multiple Data Sources
Creatively source internal and external data.
Upgrade IT architecture and infrastructure for easy merging of data.
2. Prediction and Optimization Models
Focus on the biggest drivers of performance.
Build models that balance complexity with ease of use.
3. Organizational Transformation
Create simple, understandable tools for people on the front lines.
Update processes and develop capabilities to enable tool use.
Source: Making Advanced Analytics Work for You, HBR