CHAPTER NINE THE FUTURE OF ANALYTICAL COMPETITION APPROACHES DRIVEN BY TECHNOLOGY, HUMAN FACTORS, AND BUSINESS STRATEGY

Question 1

What is the primary focus of the concluding chapter of the book?

Answer 1

Speculation on future practices of analytical competitors

Question 2

Who noted that ‘the future is already here but unevenly distributed’?

Answer 2

William Gibson

Question 3

What are the three categories that divide the analytical world of the future?

Answer 3

• Approaches driven by technology
• Human capabilities
• Changes in business strategy

Question 4

What is the biggest change in analytics over the past decade?

Answer 4

The availability of massive quantities of data

Question 5

Fill in the blank: The Internet of Things is expected to have _______ billion sensors in use by 2017.

Answer 5

8.4

Question 6

What is a significant resource in short supply for analytics?

Answer 6

Human attention to interpret data and make decisions

Question 7

What does the democratization of analytics software refer to?

Answer 7

Widespread availability of analytical capabilities in software

Question 8

What technology allows for faster analytics by storing data in memory?

Answer 8

In-memory processing

Question 9

True or False: Real-time analytics have historically taken a very short amount of time to implement.

Answer 9

False

Question 10

What is the purpose of alerts in analytics?

Answer 10

To preserve management attention by notifying on key indicators

Question 11

What is the trend towards more explanatory analytics focused on?

Answer 11

Providing analytics in visual formats preferred by managers

Question 12

Fill in the blank: More prediction and prescription analytics focus on _______ rather than just reporting.

Answer 12

Predicting future outcomes

Question 13

What are deep learning algorithms particularly good at categorizing?

Answer 13

Unstructured data such as text, speech, and images

Question 14

What is a model management system?

Answer 14

A system for maintaining information about models and experimental findings

Question 15

What is expected to increase alongside the growth of analytical competition?

Answer 15

The need for more analytically oriented professionals

Question 16

Where are many advanced data scientists sourced from?

Answer 16

Nonconventional academic sources like computer science and physics PhD programs

Question 17

What program did Cisco Systems create for its employees?

Answer 17

A distance education program on data science

Question 18

True or False: The need for analytical amateurs in organizations will decrease with the growth of analytical competition.

Answer 18

False

Question 19

What is the challenge with machine-created models currently?

Answer 19

They can be difficult to interpret

Question 20

What does the term ‘smart data discovery’ refer to?

Answer 20

Tools that identify trends and anomalies in data without human hypotheses

Question 21

What can excessive alerts lead to in an organization?

Answer 21

Alert fatigue

Question 22

Fill in the blank: Companies should focus on delivering real-time information only when there is a _______.

Answer 22

Need

Question 23

What is the expected outcome of using more explanatory analytics?

Answer 23

To improve understanding and decision-making for managers

Question 24

What is a key source of data scientists in organizations?

Answer 24

Data scientists will continue to be sourced from relatively nonconventional academic sources like computer science and physics PhD programs.

Question 25

What program did Cisco Systems create for data science education?

Answer 25

A distance education program lasting nine months, concluding with a certificate in data science from the university.

Question 26

What is 'pervasive business intelligence'?

Answer 26

It refers to the ability to take relevant information usually reported to management and push it down to users, presenting data relevant to their tasks.

Question 27

What is the role of 'math factories' in analytics?

Answer 27

They provide outsourced analytical resources, often specializing in tasks like algorithm development and data cleaning.

Question 28

True or False: Analytical tasks that can be outsourced are unlikely to be automated.

Answer 28

False

Question 29

What is the number-one technology priority for corporations according to Gartner surveys?

Answer 29

Business intelligence or analytics.

Question 30

What is one way companies can ensure accuracy in analytics?

Answer 30

By employing substantial education for analysts and possibly involving internal and external auditors.

Question 31

Fill in the blank: Companies will need to build _______ capability in their employees.

Answer 31

analytical

Question 32

What trend is expected regarding analytics being embedded in products?

Answer 32

More analytics will be embedded in or augmenting products and services to help customers optimize usage.

Question 33

What does the term 'situational awareness systems' refer to?

Answer 33

Structured information systems used to access external information for ongoing analysis.

Question 34

What is a common focus of quantitative analyses in organizations?

Answer 34

Internal business entities like inventory units, dollars, and customers.

Question 35

What is a major challenge organizations face in creating a data-driven culture?

Answer 35

While 86% have tried, only 37% reported success.

Question 36

What will analytical competitors do to maintain their competitive edge?

Answer 36

Examine their strategies and capabilities to understand where they can gain an analytical advantage.

Question 37

Fill in the blank: Analytical competitors will apply analytics to _______ parts of their businesses.

Answer 37

most other

Question 38

What will managers of analytical competitors focus on regarding their analytical models?

Answer 38

Reexamining the relevance and assumptions behind their models.

Question 39

What role do analytical professionals and data scientists play in organizations?

Answer 39

They develop and refine analytics and educate analytical amateurs.

Question 40

What will be a primary focus of analytical competitors regarding data preparation?

Answer 40

Automating the labor-intensive part of analytics, specifically data preparation.

Question 41

How do analytical competitors view the relationship between humans and machines?

Answer 41

They will focus on how to modify human work and business processes to take advantage of machine intelligence.

Question 42

What is the role of analytical amateurs within organizations?

Answer 42

To understand how analytical models and tools support them in their jobs.

Question 43

How will analytical competitors of the future enhance their resources?

Answer 43

By supplementing internal analytical resources with outsourced or offshore expertise.

Question 44

What aspect of analytics will firms focus on automating?

Answer 44

Preparing the data for analysis.

Question 45

From where will analytical competitors generate data?

Answer 45

Enterprise systems, point-of-sale systems, web transactions, and external data from customers and suppliers.

Question 46

Where will analytical competitors store data for analysis?

Answer 46

In warehouses and Hadoop-based data lakes.

Question 47

What will analytical competitors ensure about their data?

Answer 47

That it is integrated and common in the areas of their business where it matters.

Question 48

What type of analytics suites or platforms will analytical competitors use?

Answer 48

Integrated analytics suites or platforms that support reporting and analytics.

Question 49

In what situations will analytical competitors embed analysis?

Answer 49

In automated decision systems for rapid or frequent decisions.

Question 50

What will analytical competitors focus on to outperform their rivals?

Answer 50

Getting the best customers and charging them the price they are willing to pay.

Question 51

What characteristics will the marketing campaigns of analytical competitors have?

Answer 51

They will be the most efficient and effective.

Question 52

How will customer service be managed by analytical competitors?

Answer 52

It will excel, leading to customer loyalty.

Question 53

What will the supply chains of analytical competitors be like?

Answer 53

Ultra-efficient, with neither excess inventory nor stock-outs.

Question 54

What will analytical competitors do with data and analytics in new products?

Answer 54

Embed them into innovative products.

Question 55

How will employees be evaluated in analytical competitor firms?

Answer 55

Based on their specific contributions.

Question 56

What will analytical competitors be able to do regarding problems in their business environments?

Answer 56

Predict, identify, and diagnose problems before they become too problematic.

Question 57

What outcomes will analytical competitors achieve as a result of their strategies?

Answer 57

They will make a lot of money, win games, or help solve pressing problems.

Question 58

Who is Thomas H. Davenport?

Answer 58

President’s Distinguished Professor of IT and Management at Babson College.

Question 59

What notable article did Thomas H. Davenport write?

Answer 59

'Competing on Analytics' was named one of the ten 'must read' articles in Harvard Business Review.

Question 60

What is Jeanne G. Harris's role at Columbia University?

Answer 60

She teaches Business Analytics Management.

Question 61

What recognition did Jeanne G. Harris receive in 2009?

Answer 61

Consulting magazine’s Women Leaders in Consulting award for Lifetime Achievement.

Question 62

Fill in the blank: Analytical competitors will continue to find ways to _______.

Answer 62

outperform their competitors.

Question 63

True or False: Analytical competitors will avoid using automated decision systems.

Answer 63

False.