A strong analytical culture has executive sponsorship and encourages creativity. Experimentation should be seen as part of learning, and employees should be given permission to fail as they learn from trying new things.
Leading banks use business analytics to predict and prevent credit fraud, saving millions. Retailers use business analytics to predict the best location for stores and how to stock them. Pharmaceutical firms use it to get life-saving drugs to market more quickly. Even sports teams are getting in on the action, using business analytics to determine both game strategy and optimal ticket prices.
But these advanced business applications tell only part of the story. What’s going on inside these market-leading companies that sets them apart?
They have committed to deploying their people, technologies and business processes in new ways. They have committed to a culture that is based on fact-based decisions – which helps them anticipate and solve complex business problems throughout the organization. By embracing an analytical approach, these companies identify their most profitable customers, accelerate product innovation, optimize supply chains and pricing, and identify the true drivers of financial performance.
This slideshow features eight essential actions, identified by SAS®, to help you get started with business analytics.
Copyright © 2011 SAS Institute Inc. Cary, NC, USA. All rights reserved.
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