SPB 4304 Lecture Notes - Lecture 2: Knowledge Base, Xl Catlin, Actuarial Science

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23 May 2017
Minding the Analytics Gap\
Reading due: May 23,2017
Journal article by MITSloan - required reading for Business Analytics in Sport
Companies are increasingly using analytical methods
- Gap between an organization's capacity of producing analytical result and applying them
effectively to business issues
Many executives make critical decisions based on analyses that they do not fully understand
- Not fully comfortable making decisions based upon these
- Biggest barrier is not translating analytics into business actions
Example: XL Group plc- global insurance and reinsurance company in Dublin, Ireland
Actuarial Science: using historical data to understand future risk and uncertainty
Top Analytical Challenge : “developing middle management skills at interpretation
Managers need to be given easier to understand analytics that can actually help drive business
- Managers must better consume and apply the analytics their organization produces
Consuming, not just producing analytics
- Managers are given more access but they do not have all the data they need to make
key business decisions
Potential value is lost when data analysts do not understand the business and managers do not
fully understand the analytical results
Gap between producing results and applying them effectively
How to fix this
From production side:
- Analysts can better know the business
- Make analytics more consumable for managers
- Improve infrastructure and processes
- Improve data quality
From the consumption side:
- Management becomes more knowledgeable
- Identify trustworthy analytic professionals
- Require straightforward explanations
- Asking detailed questions
What should managers & executives do to prepare?
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