Turning Data into Gold
Modern organizations are under increasing pressure to harness the extraordinary volumes of data that are now available to them through advances in information technology. Their challenge is to convert huge quantities of ill-structured data to manageable amounts of organized information or 'models' that can be understood by managers and used to sharpen decision-making. This has stimulated rapid growth in a field of practice called 'Analytics' – a technically complex area spanning operations research, statistics, computer science, management information systems, and related areas. The terms Business Intelligence, Data-mining, and Big Data describe closely related practices.
In this webinar, we overview this rapidly developing area, provide some examples of successful applications, and discuss management implications.
Specific topics include:
- Background and Growth of Analytics / Business Intelligence / Big Data
- Identifying customer segments: Cluster analysis
- Predicting customer choices: Discrete choice models
- Choosing prices: Revenue and pricing optimization
- Management challenges
- Where to learn more