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Win with Advanced Business Analytics: Creating Business Value from Your Data

ISBN: 978-1-118-37060-5
416 pages
October 2012
Win with Advanced Business Analytics: Creating Business Value from Your Data (1118370600) cover image
Plain English guidance for strategic business analytics and big data implementation

In today's challenging economy, business analytics and big data have become more and more ubiquitous. While some businesses don't even know where to start, others are struggling to move from beyond basic reporting. In some instances management and executives do not see the value of analytics or have a clear understanding of business analytics vision mandate and benefits. Win with Advanced Analytics focuses on integrating multiple types of intelligence, such as web analytics, customer feedback, competitive intelligence, customer behavior, and industry intelligence into your business practice.

  • Provides the essential concept and framework to implement business analytics
  • Written clearly for a nontechnical audience
  • Filled with case studies across a variety of industries
  • Uniquely focuses on integrating multiple types of big data intelligence into your business

Companies now operate on a global scale and are inundated with a large volume of data from multiple locations and sources: B2B data, B2C data, traffic data, transactional data, third party vendor data, macroeconomic data, etc. Packed with case studies from multiple countries across a variety of industries, Win with Advanced Analytics provides a comprehensive framework and applications of how to leverage business analytics/big data to outpace the competition.

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Preface xv

Acknowledgments xvii

Chapter 1 The Challenge of Business Analytics 1

The Challenge from Outside 5

The Challenge from Within 9

Chapter 2 Pillars of Business Analytics Success: The BASP Framework 15

Business Challenges Pillar 18

Data Foundation Pillar 20

Analytics Implementation Pillar 22

Insight Pillar 26

Execution and Measurement Pillar 29

Distributed Knowledge Pillar 31

Innovation Pillar 32

Conclusion 33

Chapter 3 Aligning Key Business Challenges across the Enterprise 35

Mission Statement 36

Business Challenge 38

Identifying Business Challenges as a Consultative Process 39

Identify and Prioritize Business Challenges 41

Analytics Solutions for Business Challenges 45

Chapter 4 Big and Little Data: Different Types of Intelligence 51

Big Data 57

Little Data 61

Laying the Data Foundation: Data Quality 62

Data Sources and Locations 65

Data Definition and Governance 69

Data Dictionary and Data Key Users 72

Sanity Check and Data Visualization 72

Customer Data Integration and Data Management 73

Data Privacy 74

Chapter 5 Who Cares about Data?

How to Uncover Insights 77

The IMPACT Cycle 79

Curiosity Can Kill the Cat 82

Master the Data 86

A Fact in Search of Meaning 87

Actions Speak Louder Than Data 88

“Eat Like a Bird, Poop Like an Elephant” 89

Track Your Outcomes 91

The IMPACT Cycle in Action: The Monster Employment Index 92

Chapter 6 Data Visualization: Presenting Information

Clearly: The CONVINCE Framework 95

Convey Meaning 97

Objectivity: Be True to Your Data 99

Necessity: Don’t Boil the Ocean 101

Visual Honesty: Size Matters 103

Imagine the Audience 104

Nimble: No Death by 1,000 Graphs 107

Context 107

Encourage Interaction 109

Conclusion 109

Chapter 7 Analytics Implementation: What Works and What Does Not 113

Analytics Implementation Model 117

Vision and Mandate 118

Strategy 119

Organizational Collaboration 121

Human Capital 122

Metrics and Measurement 123

Integrated Processes 124

Customer Experience 125

Technology and Tools 125

Change Management 126

Chapter 8 Voice-of-the-Customer Analytics and Insights 131

By Abhilasha Mehta, PhD

Customer Feedback Is Invaluable 132

The Makings of an Effective Voice-of-the-Customer Program 137

Strategy and Elements of the VOC System 152

Common VOC Program Pitfalls 162

Chapter 9 Leveraging Digital Analytics Effectively 165

By Judah Phillips

Strategic and Tactical Use of Digital Analytics 173

Understanding Digital Analytics Concepts 174

Digital Analytics Team: People Are Most Important for Analytical Success 184

Digital Analytics Tools 187

Advanced Digital Analytics 191

Digital Analytics and Voice of the Customer 192

Analytics of Site and Landing Page Optimization 194

Call to Action: Unify Traditional and Digital Analytics 195

Chapter 10 Effective Predictive Analytics: What Works and What Does Not 199

What Is Predictive Analytics? 201

Unlocking Stage 203

Prediction Stage 206

Optimization Stage 210

Diverse Applications for Diverse Business Problems 213

Financial Service Industries as Pioneers 214

Chapter 11 Predictive Analytics Applied to Human Resources 223
By Jac Fitz-enz, PhD

Staff Roles 225

Assessment: Beyond People 226

Planning Shift 229

Competency versus Capability 229

Production 230

HR Process Management 231

HR Analysis and Predictability 232

Elevate HR with Analytics 233

Value Hierarchy 235

HR Reporting 237

HR Success through Analytics 238

Chapter 12 Social Media Analytics 247
By Judah Phillips

Social Media Is Multidimensional 249

Understanding Social Media Analytics: Useful Concepts 251

Is Social Media about Brand or Direct Response? 254

Social Media “Brand” and “Direct Response” Analytics 255

Social Media Tools 259

Social Media Analytical Techniques 262

Social Media Analytics and Privacy 265

Chapter 13 The Competitive Intelligence Mandate 271

Competitive Intelligence Defined 273

Principles for CI Success 275

Chapter 14 Mobile Analytics 285
By Judah Phillips

Understanding Mobile Analytics Concepts 290

How Is Mobile Analytics Different from Site Analytics? 291

Importance of Measuring Mobile Analytics 295

Mobile Analytics Tools 296

Business Optimization with Mobile Analytics 298

Chapter 15 Effective Analytics Communication

Strategies 301

Communication: The Gap between Analysts and Executives 303

An Effective Analytics Communication Strategy 305

Analytics Communication Tips 314

Communicating through Mobile Business Intelligence 316

Chapter 16 Business Performance Tracking: Execution and Measurement 321

Analytics’ Fundamental Questions 324

Analytics Execution 325

Business Performance Tracking 332

Analytics and Marketing 336

Chapter 17 Analytics and Innovation 343

What Is Innovation? 344

What Is the Promise of Advanced Analytics? 347

What Makes Up Innovation in Analytics? 348

Intersection between Analytics and Innovation 352

Chapter 18 Unstructured Data Analytics: The Next Frontier 359

What Is Unstructured Data Analytics? 360

The Unstructured Data Analytics Industry 363

Uses of Unstructured Data Analytics 364

How Unstructured Data Analytics Works 365

Why Unstructured Data Is the Next Analytical Frontier 366

Unstructured Analytics Success Stories 372

Chapter 19 The Future of Analytics 377

Data Become Less Valuable 379

Predictive Becomes the New Standard 380

Social Information Processing and Distributed Computing 381

Advances in Machine Learning 382

Traditional Data Models Evolve 383

Analytics Becomes More Accessible to the Nonanalyst 384

Data Science Becomes a Specialized Department 385

Human-Centered Computing 386

Analytics to Solve Social Problems 387

Location-Based Data Explosion 388

Data Privacy Backlash 388

About the Authors 391

Index 393

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Jean Paul Isson is an internationally recognized speaker and an expert in advanced business analytics. He is Global Vice President of BI and predictive analytics at Monster Worldwide, Inc., where he has built his team from the ground up and successfully conceived and implemented advanced analytics and web mining solutions. prior to joining Monster, Isson led the global customer behavior modeling team at Rogers Wireless, implementing churn models and pioneering the Customer Lifetime Value segmentation to optimize services marketing and sales activities.

Jesse S. Harriott, PhD, is Chief Analytics Officer for Constant Contact. Previously Jesse was Chief Knowledge Officer at Monster Worldwide where he helped drive annual revenue from $300 million to over $1.3 billion. Harriott started an international analytics division at Monster and created the Monster Employment Index, now tracked in the United States, Europe, and Asia by millions of people. He also led web analytics, business intelligence, competitive intelligence, data governance, marketing research, ans sales analytics departments for Monster. Jesse has taught at the University of Chicago and was named one of Boston's Top 40 Under 40.
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October 08, 2012
Win with Advanced Business Analytics: Creating Business Value from Your Data

Companies operating on a global scale are inundated with a large volume of data from multiple sources including B2B data, B2C data, traffic data, transactional data, third party vendor data, macroeconomic data, and more.  While some businesses don't even know where to start, others are determined to move beyond basic reporting and analysis. New from John Wiley & Sons, WIN WITH ADVANCED BUSINESS ANALYTICS: Creating Business Value from Your Data (October 2012; $60.00), is a complete plain English guide for strategic business analytics and big data implementation.  This book tackles the massive assignment of integrating multiple types of intelligence, such as web analytics, customer feedback, competitive intelligence, customer behavior, and industry intelligence into a business practice.

WIN WITH ADVANCED BUSINESS ANALYTICS defines business analytics as the integration of disparate data sources from inside and outside the enterprise that are necessary to answer and act on forward-looking business questions tied to key business objectives. Though business analytics is a relatively new field, it has the potential for great organizational impact and importance, much beyond the traditional reporting function, research department, or “business intelligence” activities. Effective business analytics is a focus for business leaders across the globe in ever-increasing numbers.  It is becoming clear that in today’s cut-throat business climate, failing to leverage business analytics effectively can mean the difference between organizations thriving or declining. Win With Advanced Business Analytics covers:

  • The Challenge of Business Analytics
  • The BASP Framework
  • Aligning Key Business Challenges
  • Data Visualization
  • Social Media Analytics
  • Analytics and Innovation
  • Analytics Implementation
  • Voice-of-the-Customer Analytics
  • Leveraging Digital Analytics Effectively
  • Winning with Predictive Analytics
  • Business Performance Tracking
  • Unstructured Data Analytics

The need for advanced business analytics is exploding.  A 2011 report by the McKinsey Global Institute projects that the United States needs 1.5 million more data-literate managers to meet the demands of the data-driven enterprise, and a recent International Data Corporation (IDC) report predicts that the business analytics market will grow to $33.9 billion. Written by an author team with successful analytics implementation experiences across North America, Europe, Asia PAC and Developing Markets, WIN WITH ADVANCED BUSINESS ANALYTICS provides a comprehensive framework and applications to help readers leverage business analytics and big data to outpace the competition.

ABOUT THE AUTHOR:

Jean-Paul Isson (Montreal, Canada; Cary, NC) is an internationally recognized speaker and an expert in advanced business analytics. He is the global vice president of business intelligence and predictive analytics at Monster Worldwide, Inc. (NYSE: MWW), parent company of Monster®, the worldwide leader in successfully connecting people to job opportunities. From the web, to mobile, to BeKnown™ on Facebook, Monster helps companies find people with customized solutions using the world's most advanced technology to match the right person to the right job. With a local presence in 55 countries, Monster connects employers with quality job seekers at all levels, provides personalized career advice to consumers globally and delivers vast, highly targeted audiences to advertisers. Mr. Isson has built his global team from the ground up and successfully conceived and implemented global customer scoring and segmentation, predictive modeling, and web-mining solutions for Monster across North America, Europe, Asia-Pacific, and emerging markets.  Prior to joining Monster, Isson led the global customer behavior modeling team at Rogers Wireless, where he pioneered advanced business analytics, including conjoint analysis for new price plans offering and the Customer Life Time Value (CLTV) Segmentation that is being used to prioritize customer services sales and marketing activities. He started his career as a statistician and holds an MS in Mathematics and Applied Statistics. He is a guest Lecturer at McGill University and Concordia University.

Jesse S. Harriott, PhD (Jaffrey, NH), has been a research and analytics professional for more than twenty years and has held various client- and supplier-side analytics leadership positions. He is currently Chief Analytics Officer at Constant Contact, a marketing solutions company that helps over 500,000 organizations generate repeat business and referrals through email marketing, social media marketing, event marketing, local deals, and online surveys. Prior to Constant Contact, Harriott was the Chief Knowledge Officer for Monster Worldwide, where he conceived and built a global analytics business division focused on the human capital marketplace in the United States, Europe, and Asia. Dr. Harriott also pioneered the creation of the Monster Employment Index, the first measure of online recruitment activity, which is currently in more than thirty countries and is followed by millions of people each month. He also led web analytics, business intelligence, competitive intelligence, data governance, marketing research, and sales analytics departments for Monster. Prior to Monster, Dr. Harriott created an analytics consulting practice for the e-commerce company Gomez, Inc., where his team led projects for Internet start-ups and well-known brands, including Orbitz.com, WebMD, and Fidelity. He has advised many private and public organizations regarding analytics and labor market issues, including the White House, the Department of Labor, the European Commission, the Federal Reserve, the National Governors Association, the Clinton Global Initiative, and various United States senators. He has authored several publications, including as co-author of the book, Finding Keepers, which has been published in North America, South America, Europe, and Asia, and discusses the challenges faced by companies in today’s talent market. Dr. Harriott also taught at the University of Chicago and holds an MA and a PhD in Experimental Psychology from DePaul University. He has appeared in various media outlets including CNBC, The Wall Street Journal, The New York Times, CBS radio, Bloomberg, and Reuters. He has also won several awards including the Platinum Award from PR News and an Ogilvy Award from the Advertising Research Foundation, and he was named by Boston Business Journal as one of Boston's top 40 under 40.

 WIN WITH ADVANCED BUSINESS ANALYTICS

Creating Business Value from Your Data

Published by John Wiley & Sons, Inc.

Publication date: October 15, 2012

$60.00; Hardcover; 416 pages; ISBN: 978-1-118-37060-5

 

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