Friday, June 06, 2008

Tools During Economic Recession: Forecasting & Business Analytics

The economic recession in the U.S., the housing and credit crisis, and the high oil prices are bringing business analytics to the forefront of companies. See Preparing your Company for a Recession at In good economic times business analytics is important. In challenging economic times it may be the difference between success and surviving.

These are the best of times and the worst of time. Business, technology, and science have leap hundreds of years in the last couple of years. Risk and reward are closely intertwined with the vision of our business leaders and their ability to be at the forefront of change. See Evidence-based Enterprise Business Analytics Model: Turning Around in a Quarter. Companies must use all the resources available to become better at forecasting risk. See Bernanke: Banks must get better at foreseeing risk....

Those of us in business analytics have the ability and knowledge to incorporate forecasting and data mining techniques that separates the clusters of data and clarify the driving factors. See Business Case for Analytics: Explaining Cluster Analysis; and Explaining the Value of Business Analytics: Clarifying driving factors in a decision support system. Those of us in business analytics, data mining, and forecasting must do better in explaining the business value to our companies. See Enterprise Analytics: A Business Decision.

We must be specific and present a complete strategy to executive management whether is a workplace reorganization of restructuring, a marketing plan, an investment strategy, or an operational strategy. We cannot just give "the numbers" and not look at the big picture. See Best-laid plans . . .at

We have the ability and responsibility to present solutions. We can make a difference. The future is now. See Intersection of Business, Science, and Technology: Business Analytics.

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