Category Archives: 99-Applying business intelligence

Conducting systematic research, making the best use of available resources, going beyond the simple and obvious sources, critically evaluating quality and reliability of evidence

01-Structuring a problem, 05-Creating & constructing good solutions, 99-Applying business intelligence, creativity methods, evaluating evidence, feedback, scoping

Performance evaluation

Leave a comment

As part of this semester’s MP course I wanted to solicit feedback on my performance from constituents beyond my direct supervisor. I looked through the web for different options, and I found that I favor MIT’s performance evaluation templates the most. They have two formats that I think can be used to capture a lot of information about feedback on our professional performances.

One of them is focused on a quantitative evaluation of your performance along several parameters; the other is more narrative style and asks for stories regarding your development in your role and your organization.

As a quick summary, here are the parameters around which the quant one measures performance:

1. Proficiency/skill in carrying out assignments (ability/competency)

2. Planning/organizing/prioritizing work load (analysis/time management)

3. Holds self accountable for assigned responsibilities (accountability/reliability)

4. Proficiency at improving work methods/procedures (continual improvement)

5. Effective communicator

6. Ability to work independently/ or with a team

7.  Willingness to take on additional responsibilities

8. Adeptness in analyzing facts, problem solving, decision-making, and demonstrating good judgement (sensible thinker)

All managers are different, and some people may have managers that have unclear expectations, or do not communicate their expectations. This points to the importance of being able to manage oneself. I think that pointers such as these can lead the individual to continually reflect and evaluate their own performance. Of course, we may not be as objective as an outside source (but heck, they are likely not to be objective either!), but at least we can bring a greater awareness to monitoring our performance. By bringing a higher level of awareness, we should be able to hone in on issues, and do a little trouble-shooting ourselves.

 

05-Creating & constructing good solutions, 99-Applying business intelligence, business databases

Why companies should care about e-care

Leave a comment

This recent McKinsey Quarterly article discusses the value and savings from offering and moving customers towards online self-service. I bet some of you all share my frustration with some companies and government organizations where you legitimately cannot find a phone number to call anyone or a location to go to because the company wants you to do everything online instead of bother them with a call.

Though these are typically extreme cases, as customer service becomes more mobile driven, faster, and altogether helpful, customers grow to expect this. Some companies are pressing ahead while others are miserably behind #Comcast.

I’ve embedded the article and a SYNOPSIS and thoughts in the attachment below.

E-Care, Self-Service – modernization of customer service

99-Applying business intelligence

Consumer Analytics and the Future of Shopping

1 Comment

These days the concept of “Big Data” is becoming more and more popular.  Companies are using Big Data to get a better understanding of who their consumer is and what they value.  Some companies have even hired employees just to mine data.

Two examples I have been a part of in my career are Home Depot dotcom and bubba brands.

While I worked at Home Depot dotcom they had a full team dedicated to understanding how an online consumer shops, what their product preferences are, and how to best get them to the pages they are interested in.  Since we were operating in an online environment the data was real time and easy to obtain.  All of these analytics and upgrades have Home Depot dotcom positioned to be a top 10 online retailer by the end of 2014.

At bubba brands we do 95% of our sales through big box retailers so it is not as easy to become intimate with our consumer.  In order to get closer to our consumer we have focus groups once a month throughout the country to understand what women look for when they purchase drinkware.  We combine this qualitative data with the quantitative data to make real time decisions on product assortment and future product launches.  This analysis has positioned us as the number one drinkware vendor in Wal-Mart.

The below article provides information on consumer analytics and how it is going to shape the market place in the future.

http://timoelliott.com/blog/2014/02/the-future-of-customer-analytics.html

 

How is your company using big data to better reach your end consumer?

 

 

 

 

 

99-Applying business intelligence, business databases

The Future of Business Intelligence…Literally!

Leave a comment

Hopefully by now we’re all well versed in the forms of business intelligence that I discussed in my first article (peers, industry publications, and databases).  Now the question remains, what do we do with the information?  I recently read an article by Tom Groenfeldt, written for Forbes.  Here’s a quick link: http://www.forbes.com/sites/tomgroenfeldt/2014/07/30/business-intelligence-bi-isnt-very-intelligent-yet

Tom cleverly points out that “in a SunGard survey of executives in the two industries, only 20 percent use proactive and investigative techniques or showed an interest in scorecards, dashboards and analytics techniques.”  In short, this means that many executives and business analysts are using previously recorded data to formulate strategies and make decisions.  He goes on to say that “only 13% of respondents utilize advanced BI techniques such as predictive analytics and alerts.”  

While this may not be a surprise in for some of us, I would have expected a higher percentage of executives to use some form of predictive analytics, especially in high tech industries.  With this said, I feel like this is a good opportunity to be a part of what could be a movement in this direction.  Clearly there will be growth in this field, and it’s likely that more companies, in a wider set of industries, could employ these tools to develop strategies.  If we can acquire these skills (or at least be able to speak the language), we certainly put ourselves on the front end of a trend that will likely have staying power.

I had a meeting with a business intelligence officer at my company today, and I was very impressed with the tools we have at hand.  However, it does seem that our company is mostly focused on managing and interpreting the bulk data that we collect regularly.  Do any of you have experience with predictive analytics and alerts?  What has your experience been?

business databases, work plans

How to nail your next job (before you even apply)

2 Comments

Like many of my classmates, a significant reason for pursuing my MBA at Emory is the desire to change to a newer, better and more fulfilling job. So the title of this article by Colleen Egan was an easy grab for my eye. While it’s more like a self-help-bullet-point slideshow than an informative article (“Nurture your Network”!), it did get me to thinking about the state of my job search process. Apparently, I am well behind the times when it comes to marketing myself.

Don’t get me wrong, I do have a LinkedIn account with a slowly expanding network of connections and I even took the time to set up my profile and upload my resume. And earlier this semester, I took advantage of a mock-interview workshop through our Career Management Center. (Which I highly recommend to all of my classmates, by the way.) But that is about the extent of my self-promotion and preparation. I have never posted a comment on LinkedIn, nor have I ever commented on someone else’s posting.

The author cites “DailyWorth” (www.dailyworth.com) career coach Alexandra Levit, saying: “Do a Google search of your name once a month to see if you’re happy with what is there”. Well, I just Googled myself and came up with … nothing. (Unless you count a picture of a 1960 baseball card for the New York Yankees catcher “John Blanchard” that Professor Shanken mentioned in our first night of Finance class. I thought that was a nice “full circle” for the summer semester. But, I digress … ) The article also introduced me to something called Google+ (https://plus.google.com). Not really sure what it’s for, but I’ll do some more digging.

Haven’t opened up my Facebook in several years and have long since forgotten my Instagram and Pinterest passwords. Never “tweeted”. Long story short, my “online presence” is a ghost town. That might explain why I’ve gotten very little response from companies that I’ve applied to. If they were trying to find me online, their first impression was one of frustration.

In addition to social media, Levit also recommends “setting up a basic, but well-done website with contact information, links to your work and professional accomplishments.”

So if I’m really serious about finding that dream job, I need to stop dreaming and start promoting myself.

DailyWorth:
http://www.dailyworth.com/posts/2813-7-ways-to-prepare-for-your-next-job-before-you-even-apply

Reprinted through the Wall Street Journal’s MarketWatch website:
http://www.marketwatch.com/story/how-to-nail-your-next-job-before-you-even-apply-2014-08-02

05-Creating & constructing good solutions, 99-Applying business intelligence, business databases, evaluating evidence, library research

Iron Maiden and Data Analysis: How one Heavy-metal band used data to profit from a revenue-stealing platform

2 Comments

Applying data analysis definitely isn’t always the most exciting field- certainly not as fun as seeing a heavy metal band say Iron Maiden live for instance. With the constant shrinking revenues from traditional album recordings many bands are increasingly reliant on live shows- especially older bands who’s catalog of albums can be easily downloaded in a matter of minutes at no profit to the band or label. This leads them down a road of never ending farewell tours in the same reliable but boring locations.

Enter Iron Maiden: The international super group undoubtedly has fans all over the world but has struggled with their selection of where to tour, despite being one of the most iconic acts in industry. In an innovative use of data analytics for the music industry the band now weighs illegal downloads by location to help determine demand. This has paid off huge in their recent South American tours whereas prior data say that it would have been a disaster and complete opportunity loss. Their most recent tour gained them the distinction of “One of six groups that outperformed the industry” including live documentary sales and one concert alone in Sao Palo that grossed them over $2.5 million. South American attendance and revenue also trumped their previous averages in NA and the EU too.

Hail the Iron Maiden data wonks!

http://www.rollingstone.com/music/news/iron-maiden-using-bittorrent-analytics-to-plot-tours-20131226

03-Planning the work of a team, 04-Managing a project team, 99-Applying business intelligence

Career Rocket Fuel in Three Stages

1 Comment

http://www.fastcocreate.com/3027499/career-rocket-fuel-whether-youre-a-millennial-or-eyeing-retirement-heres-what-you-really-nee?utm_source=facebook

Recently, my boss shared this thoughtful article on career planning. Despite the unwieldy title, “Career Rocket Fuel: Whether You’re A Millennial Or Eyeing Retirement, Here’s What You Really Need To Get Right About Work,” it opened my eyes to a longer view of what constitutes a career.

The key takeaway for me is the thought of pacing. Author Brian Fetherstonhaugh suggests thinking of a career as a three stage process, with each stage spanning roughly 15 years. These days, people don’t stay with one company for their entire career. The article points out that it isn’t necessary to remain in one place if you have the structure to build toward something.

Stage One is a time to acquire valuable skills and experiences that are transportable to all types of work. These are the skills we are working on this summer—problem solving, communication, working with teams, reasoned decision making—not purely technical skills. Another goal in this stage is to build enduring relationships with people on all sides of us. Stage One is a time to figure out what you find interesting and what you could devote future years pursuing.

Stage Two is a time to focus in on the interests and hone the skills discovered in Stage One. It’s a time to elevate those skills to a level that differentiates you from the rest of the field. This is the time to take the skills with which have the most proficiency and become most proficient in your department, company, industry, etc.

Stage Three was the most revolutionary part of this article for me. This is a time to mentor the next generation and pass along the wisdom (hopefully) earned over a nearly full career. Thinking of coworkers in this stage made me realize how much value there is to gain by listening to people near the end of a successful career.

This article concludes with an interesting breakdown of how you might invest your time in each career stage if you wanted to optimize your return in each segment.

06-Building a case, 99-Applying business intelligence

Jumpstarting post-grad job searches

Leave a comment

As has been mentioned in multiple posts already, it’s never too early to begin thinking about job searches for those of us that plan on changing companies, roles, or industry’s post graduation.  Here’s a short article that offers some tips and strategies that could help the process.  There’s nothing earth shattering or likely anything you haven’t heard in the past but a good reminder nonetheless.  Also, if you haven’t subscribed to Vault, it’s a great resource for career intelligence and has helped me in the past. 

Highlights include leveraging Emory’s career center, leveraging school contacts, casting a broad net because referrals are key, staying organized, and customizing resume’s and cover letters for each opportunity. 

http://www.vault.com/blog/job-search/how-to-jumpstart-your-post-grad-job-search?utm_source=WCU_Letter&utm_medium=Newsletter&utm_campaign=7_31_2014&referer_ID=7778&utm_source=&utm_medium=email&utm_campaign=86670

99-Applying business intelligence, business databases, Uncategorized

How Intelligent is Business Intelligence?

1 Comment

The article below focuses on the gaps between the potential for business intelligence and its current usage. Much of the gap can be explained my management’s reluctance to change- something that we have discussed thoroughly during our first year at Emory.

According to a survey they conducted among executives only 13% utilized advanced BI techniques such as predictive analytics and alerts, and about half of the respondents fill reporting needs through manual extraction of information into spreadsheets and PDFs.

There is still a significant resilience to change among executives who believe that “if it ain’t broke, don’t fix it” so companies still use analytical tools like Tableau and Microstrategy that do the job but come with a large price tag in time and manpower.

In most cases, companies don’t need real-time information, but getting daily reports (P&L, for example), can make a significant difference in your forecasting and variance analysis capabilities.

It seems that using BI is far from being a standard across industries and that early adopters are still enjoying the first-mover benefits.

http://www.forbes.com/sites/tomgroenfeldt/2014/07/30/business-intelligence-bi-isnt-very-intelligent-yet/

99-Applying business intelligence, business databases, library research, Uncategorized

Traditional and Crowd Sourced Business Intelligence

3 Comments

Going into grad school, one of my main goals was to change jobs and change industries.  Needless to say, I knew that I had a lot to learn, both in and out of the classroom.  In retrospect, I took a three-pronged approach to acquire the business intelligence that helped move me from me from point A to point B:

1) Talk to anyone and everyone who worked in the space.  I mean everyone. Through networking opportunities, I was able to land some informational interviews with industry leaders that were happy to share their experiences.  There is no substitute for the value of their insights that both informed me and reinforced my desire to be a part of the industry.  Even more valuable – and directly responsible for my eventual success – was the help of classmates that had significant experience working for food and beverage companies (you know who you are!).  Their willingness to help was undoubtedly the turning point for me, and the shared knowledge of industry dynamics and lingo was instrumental.  I truly believe gaining direct knowledge from peers and mentors is the best way to gain business intelligence.

2) Industry publications: Being familiar with the current landscape of an industry is critical in making a big transition.  So many resources are available to help deepen understanding and industry knowledge, and not just the usual suspects.  I was able to stay on top of emerging food and beverage trends by following leaders on Twitter and other social media platforms.  This awareness was integral during the interview process.  However, as Ann Cullen, on of our business librarians, was quick to point out: consider the source.  Industry publications can be motivated by all sorts of outside forces, so this must be considered.

3) The old fashioned way: research.  In my meeting with Ann, we walked through so many examples of deep resources available to us.  It’s truly amazing how much data there is out there, and it’s up to us to refine our skills on how to find it.  Luckily, our business librarians are there every step of the way to support.  In addition, she showed me several great methods to make the search easier.  My favorite trick is to narrow a google search by using “inurl,” which can search for any keyword within a specific website.  Another great tip is using the tilday symbol (~), which searches for any synonym of a key word.  Using tips like these have helped me become more efficient in my research, and the mountain of information out there seems a little less daunting.

What research tips can you share?  Do you agree with my three-pronged approach mentioned above?  Have I forgotten any good source?