Lavalle et al Data Survey Recommendations Quiz

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What is the key difference between aspirational and transformed companies in their use of analytics?

Aspirational companies use analytics for data collection, while transformed companies use analytics for data analysis.

Aspirational companies do not use analytics, while transformed companies rely heavily on analytics.

Aspirational companies use analytics to justify actions, while transformed companies use analytics to prescribe actions. (correct)

Aspirational companies use analytics for guidance, while transformed companies use analytics for decision-making.

Which of the following is NOT one of the recommendations given in the text for getting the most out of data?

Keep existing capabilities while adding new ones.

Focus on small, incremental changes. (correct)

Use an information agenda to plan for the future.

Start with questions and embed insights to drive actions.

What is one way companies can innovate their business model using data?

Restrict access to data to maintain a competitive advantage.

Use data to develop new products and services.

Outsource data collection and analysis to third-party providers.

Monetize data by selling or trading information. (correct)

Which of the following is NOT one of the patterns of advances mentioned in the text for creating value using data and analytics?

Developing proprietary algorithms for data analysis. Signup and view all the answers

What is one example of a company trading data?

Vodafone selling information to TomTom. Signup and view all the answers

Which of the following statements is true, according to the text?

Experienced companies use analytics to guide actions. Signup and view all the answers

What is one way companies can improve their business model using data, according to the text?

Use new data sources like sensors and social media. Signup and view all the answers

Which of the following is an example of codifying a capability using data, as mentioned in the text?

IBM marketing its expense reporting solution. Signup and view all the answers

What are the three levels in which Lavalle et al sort businesses based on their use of analytics?

Aspirational, Experienced, Transformed Signup and view all the answers

According to Lavalle et al, what is the main focus when making recommendations to get the most out of data?

Focus on big opportunities Signup and view all the answers

What is the advice given by Woerner & Wixom in relation to improving and innovating business models?

Reexamine business model to improve & innovate Signup and view all the answers

What is one way companies can innovate their business model using data, as mentioned in the text?

Data monetisation Signup and view all the answers

What is an example of a pattern of advances mentioned by Parmer et al for creating value using data and analytic tools?

Augment products to generate data Signup and view all the answers

According to Lavalle et al, what should businesses do to embed insights and drive actions as part of utilizing data effectively?

Embed insights to drive actions Signup and view all the answers

What is the main purpose of having an info agenda, according to Lavalle et al?

To plan for the future Signup and view all the answers

How do Woerner & Wixom describe companies engaging in digital transformation in new industries?

Become active in new industries Signup and view all the answers

Lavalle et al Data Survey Recommendations Quiz

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