Weaving Analytics for Effective Decision Making helps managers unleash the power of analytics. It provides a roadmap for implementing analytics and securing a high return on investment for the organization. The book is meant primarily for decision makers, business leaders and business problem solvers who are engaged in decision-making roles in organizations. Several books have established the need for analytics in decision making; this book moves one step ahead and explains how managers can maximize the benefits of analytics in organizations. It spells out the sequence business managers should adopt towards building business intelligence-driven organizations.
Chapter : Introduction: The Practice of Analytics and the Associated ‘Conundrum’
Introduction: The Practice of Analytics and the Associated ‘Conundrum’
Let us consider a retail environment where a customer is evaluating a possible purchase (see Figure I.1). The manager of the retail store would be interested in knowing whether she would pick-up the product that she is reviewing. More importantly, the store manager will be interested in knowing the process that the consumer applies to take a decision and what might be the drivers of the process. For instance, the manager would like to know, (a) who is the customer, (b) what is she thinking about the product, (c) what are the qualities of the product she is evaluating and (d) what is the final decision taken ...