The changing face of business analytics

Trying to make predictions is hard – just ask Cassandra from Greek mythology!

But, ironically, with all the data we have today, shouldn’t this task be much easier? Without question the world ahead is going to become more analytical than ever before, with the rise of AI to help with domain specific predictions becoming stronger all the time.

All indications are that data will grow exponentially for the foreseeable future – the growth in storing and exploiting unstructured data such as voice, picture, video, and other sensor related data means data from every aspect of life in every corner of the globe will be subject to scrutiny.

A good example of industry generating and storing data is that of Rolls-Royce, as they are collecting huge amounts of data from their turbines. A new Boeing 787 generates over half a terabyte of data during every flight and ideally needs to be analysed in almost real-time to help identify any issues during flight.

As the world becomes more connected by the Internet of Things there will be a greater thirst to try and piece all of this information together like a gigantic jigsaw puzzle to get better insights to aid both business and society. With the transformative introduction of technologies such as AI, quantum and neuromorphic computing, it will not only speed up processing but eventually provide us with new ways of working that currently we cannot quite comprehend.

Without a doubt these are the most exciting times to be involved in the analytics industry and to benefit from them as an end user (e.g., online personalised shopping with augmented reality, better targeted healthcare and so on). In these exciting times, we must shape the future, but we must also consider the impact our actions with have, and the ethical considerations should always be at the forefront of our ideas and plans.

In our new book, Business Analytics: A Contemporary Approach, we are the first to bring together issues of cloud computing, business intelligence and big data analytics in one place in order to explore how organisations use cloud technology to analyse data and make decisions. In addition to offering an up-to-date exploration of key issues relating to data privacy and ethics, information governance, and the future of analytics, the text describes the options available in deploying analytic solutions to the cloud and draws on real-world, international examples from companies such as Rolls Royce, Lego, Volkswagen and Samsung.

The book is intended to be used as a ‘car manual’ in that the user can either decide to read the manual cover to cover to gain appreciation of the entire subject or simply dip into chapters as and when required to augment skills they may already have.

Feedback to date has been good, and we are hoping that anyone who reads the book will be left with a better understanding of the topics discussed and maybe even have more deeper questions to ask about this rapidly evolving area than they did before!

This Blog post was written by Professor Tom Jackson, Associate Dean of Research at the SBE and member of the Centre for Information Management.