16 Questions
What is the key difference between aspirational and transformed companies in their use of analytics?
Aspirational companies use analytics to justify actions, while transformed companies use analytics to prescribe actions.
Which of the following is NOT one of the recommendations given in the text for getting the most out of data?
Focus on small, incremental changes.
What is one way companies can innovate their business model using data?
Monetize data by selling or trading information.
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.
What is one example of a company trading data?
Vodafone selling information to TomTom.
Which of the following statements is true, according to the text?
Experienced companies use analytics to guide actions.
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.
Which of the following is an example of codifying a capability using data, as mentioned in the text?
IBM marketing its expense reporting solution.
What are the three levels in which Lavalle et al sort businesses based on their use of analytics?
Aspirational, Experienced, Transformed
According to Lavalle et al, what is the main focus when making recommendations to get the most out of data?
Focus on big opportunities
What is the advice given by Woerner & Wixom in relation to improving and innovating business models?
Reexamine business model to improve & innovate
What is one way companies can innovate their business model using data, as mentioned in the text?
Data monetisation
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
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
What is the main purpose of having an info agenda, according to Lavalle et al?
To plan for the future
How do Woerner & Wixom describe companies engaging in digital transformation in new industries?
Become active in new industries
Test your knowledge on the recommendations provided by Lavalle et al for businesses to make the most out of data, including focusing on big opportunities, starting with questions, embedding insights to drive actions, keeping existing capabilities, and using an info agenda to plan for the future.
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