This book is about the process of using analytics and the capabilities of analytics in today’s organizations. Cutting through the buzz surrounding the term
analytics
and the overloaded expectations about using analytics, the book demystifies analytics with an in-depth examination of concepts grounded in operations research and management science.
Analytics as a set of tools and processes is only as effective as:
The data with which it is working
The human judgment applying the processes and understanding the output of these processes.
For this reason, the book focuses on the analytics process. What is intrinsic to analytics’ real organizational impact are the careful application of tools and the thoughtful application of their outcomes. This work emphasizes analytics as part of a process that supports decision-making within organizations. It wants to debunk overblown expectations that somehow analytics outputs or analytics as applied to other concepts, such as Big Data, are the be-all and end-all of the analytics process. They are, instead, only a step within a holistic and critical approach to management thinking that can create real value for an organization.
To develop this holistic approach, the book is divided into two sections that examine concepts and applications. The first section makes the case for executive management taking a holistic approach to analytics. It draws on rich research in operations and management science that form the context in which analytics tools are to be applied. There is a strong emphasis on knowledge management concepts and techniques, as well as risk management concepts and techniques. The second section focuses on both the use of the analytics process and organizational issues that are required to make the analytics process relevant and impactful.