Friday, May 30, 2008

Business Analytics Technique: Borrowing From Medical Imaging

A study published in the journal Nature shows a scanning technique developed by GE Healthcare to detect cancer that can be adapted to business analytics in any industry. This technique involves the concept of separating the clusters in the data and clarifying the driving factors. See, Explaining the Value of Business Analytics: Clarifying driving factors in a decision support system.

The technique involves:
1. Cluster analysis to separate the data. See, Business Case for Analytics: Explaining Cluster Analysis.
2. Vector analysis using regression to clarify the driving factors. See, Three-Dimensional Business Analytics: How Deep is the Ocean?
3. A Human-Interaction Computer Visualization tool. See, Human Factors In Visualization Research; Visualization Projects for Data Mining; Information Visualization and Visual Data Mining.

Business analytics can adapt some of the state-of-the-art solutions from medical imaging techniques and use them for business forecasting, as well as to determine whether strategies are working well at an earlier stage. This would allow businesses to be flexible and adapt to changing an ever changing economic environment. See, Preparing Your Company For Recession; and Evidence-based Enterprise Business Analytics Model: Turning Around in a Quarter.

I envision in the future that business analytics techniques will be at the same level than medical imaging. See, NIH-NSF Visualization Research Challenges Report; and Kaizen and Analytics: The Power of Each Employee to See Data.

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