ESSEC and Accenture consider Business Analytics to be an engine for growth which will change the way companies interact with their internal and external stakeholders and their customers. In this sense, on top of requiring statistical and IT capabilities, analytics is about turning business issues into successful business outcomes. It involves combining all data— for example, data about customers, competitors and trends— and applying advanced statistical methods and models to draw insights from the story the data tells. These insights inform the actions that businesses must take to drive sustainable outcomes and outperform the competition.
Business Analytics projects are inherently applicable across an organization. The data collected by an IT department is likely then to be leveraged by the Finance and Marketing departments. Ultimately the data can help define the Operations or Sales strategy. Managing a Business Analytics project well is therefore crucial, yet notoriously complex. Most companies do not have the processes, talent, organization or underlying technologies to enable them to act on their data quickly.
Essentially, to develop accurate and applicable analytics methodology and models, to test State-of-the-art tools and technologies for accuracy, real-world data must be leveraged. Academics are positioned to develop cutting-edge analytics methodology required in today’s digital world but their research is often hindered by limited access to real-world data. Interaction between analytics academics and analytics practitioners opens the door to true collaboration, innovation and reliability.
More importantly, by partnering with practitioners to define research objectives, academics are able to maintain research continuity while also ensuring the relevance of their approach and subsequent results. By encouraging this exchange of ideas, the Strategic Business Analytics Chair will develop research that addresses to the concrete issues that practitioners face every day with a tested and proven solution that is grounded in Business Analytics.
Strategic Business Analytics as Issue-driven Business Intelligence
The Strategic Business Analytics Chair’s approach is grounded in issues-driven business intelligence. At its core, this approach is about making sure an organization’s data is an asset to the business-having the right data at the right time and place, and displaying it in a way that allows for comprehension and, as a result, insights to drive business decisions. The results are improved, sustainable business outcomes that addressed the issues.
The rise of data-driven decision-making is as much about mindset, culture and organization as it is about having the right underlying business processes, applications and information architecture.