Business Analytics in the Machine Learning Era
As a commodity, data confounds traditional economic analysis. Data volumes have exploded, and so too has the value of that data. Many organisations claim to be “data-driven”, and a consensus of opinion exists that decisions driven by data rather than human instinct – and all of the assumptions and biases that power that instinct – are likely to be more accurate and made faster than those based on gut feeling. It is an intuitive concept – the more informed a decision is, the more likely it is to be correct.
What varies across organisations is the quality of information available to decision makers – and the speed with which it is available to them. A huge spectrum of data analytics exists across organisations – from a few canned reports being delivered to the inboxes of decision makers on a fixed schedule to self-service Business Intelligence (BI) and analytics, powered by machine learning (ML) that is available on multiple devices to enable decisions driven not just by data, but by business insights.