Business Analytics: Turning Data into Insights for Competitive Advantage by Creating a Data-Driven Culture

 

Course Description

 

We now live in the age of data. Through the use of computers, cell phones and other smart devices, we generate enormous amounts of data that companies can use to better understand their customers, track their products, more effectively utilize resources and increase productivity and the bottom line. In this course, you will learn how some of the world’s leading companies have leveraged business analytics to turn data into insights for better decision making and create a data-driven culture that leads to superior strategic, tactical and operational decisions.

Topics include:

  • How  business analytics can be applied to your business
  • The different types of analytics and how/when they are useful
  • How to create a data-driven culture and turn data into insights
  • The factors that lead to success or failure with business analytics
  • Current and future trends in business analytics
  • Techniques for using data to generate new ideas, experimenting with solutions, and evaluating alternatives
  • Practical examples of companies using business analytics in real world decision making to drive value.

 

Who Should Attend?

 

This course is designed for managers who want to learn more about what business analytics is, how it provides value, and how it is applicable to their business. Marketing directors, business analysts, and finance and operations leaders across a range of industries can benefit from the new skills and approaches gained through this program. The program also is highly relevant for senior managers who seek a more strategic viewpoint on analytics.

This course assumes no prior knowledge or understanding of business analytics, only a desire to learn what it really is, and how and when it can be useful.

 

What You’ll Learn

 

This program will assist you in exploring the data analytics life-cycle and introduce analytics techniques in the context of real-world applications from a variety of business areas such as marketing, financial forecasting, and operations.

Key program takeaways include:

  • Know what it takes to create a data-driven culture
  • Understand the different types of business analytics and how they can add-value to your business and the overall quality of decision making
  • Improve your ability to view business processes and relationships systematically and analytically.
  • Understand the latest trends in business analytics and how they might impact your business
  • Gain knowledge, confidence, and ability to use a more data oriented approach in your daily decision making

 

Course Outline

 

Day 1

  1. The Data-Driven Organization
    • What are some examples of successful data-driven corporations that have used analytics for competitive advantage? Procter & Gamble, UPS, Amazon, GE and Linked In are all early adopters of analytics and have created a data-driven culture throughout the organization.
  2. Establishing a Data-Driven Culture
    • How did these companies transform their cultures to be more data-centric? What are the different paths taken to this end? What works, what doesn’t?
  3. Big Data – – finding value in the hype
    • What is big data? How is it different from just plain data? Which companies have used it for competitive advantage? Can you use analytics with non-big-data?
  4. What makes decision making difficult?
    • What factors make decision making difficult: uncertainty, too many alternatives, difficult trade-offs?
    • Case – illustrating a decision-making challenge – How might analytics drive innovation in an organization?
  5. What is Business Analytics and How Does It Add Value?
    • What is business analytics and how does it improve decision making? The process involves moving from mess to model, from model to insight and insight to impact. Each of these stages is important for success.
    • Case – brainstorming how analytics can address the challenge

 

Day 2

  1. Types of Analytics
    • There are three types of analytics: Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics. We will provide real examples of each and discuss the types of challenges each address.
  2. Success Stories – – home run analytics
    • We discuss examples from Moneyball to manufacturing, the service sector, health care and the positive impact analytics has had on these industries in operations, marketing, finance and human resource management.
    • Case- Restructuring P&G’s Supply Chain
  3. Pitfalls – How and why analytics projects fail
    • Many analytics projects fail. Understanding the reasons for failure will greatly enhance your chances of success. Everything from managerial support to the right information technology influence project outcomes.
  4. Analytics in the Board Room
    • Story telling is a major determinant as to whether or not data and analytical models have an impact on the firm. Without the ability to influence leaders and decision makers by telling the story, analytics is far less impactful.
  5. Advanced Analytics – where is it all going?
    • The Internet of Things and Cognitive Computing are two of the latest developments that will have an impact on the future of analytics and its impact on business.

 

 

Faculty

 

Jeffrey D. Camm
Associate Dean of Business Analytics
Inmar Presidential Chair of Analytics
Wake Forest University School of Business

Jeffrey Camm is Associate Dean of Business Analytics and the Inmar Presidential Chair in Business Analytics at the Wake Forest University School of Business. His scholarship is on the application of optimization modeling to difficult decision problems in a diverse set of application areas including, operations planning and scheduling, supply chain optimization, product design, and conservation. His research has been featured in Business Week/Financial Times-ranked academic journals such as Management Science and Operations Research as well the renowned journal Science.

Jeff has received a number of teaching awards including the 2006 INFORMS Prize for the Teaching of OR/MS practice. He is coauthor of seven texts on business statistics, management science, and business analytics. He has also been active in the profession, serving in numerous roles within INFORMS, including six years as the editor in chief of Interfaces, the INFORMS journal on practice.

Jeff received his PhD in Management Science from Clemson University and a BS in Mathematics from Xavier University. He previously held the Joseph S. Stern Chair in Business Analytics in the Lindner College of Business at the University of Cincinnati, where he served as department head for twenty years, was awarded the life-time appointment as a Fellow of the Graduate School, and was the founding director of the UC Center for Business Analytics. He has also held positions of visiting professor of business administration at the Tuck school of Business at Dartmouth College and visiting scholar at Stanford University. He has consulted for numerous corporations including Procter and Gamble, Owens Corning, GE, Tyco, Ace Hardware, Boar’s Head, Brooks Running Shoes and Kroger among others.

 

Program Dates

 

Upcoming dates to be announced soon.

Classes begin promptly at 8:30 each morning and will wrap-up no later than 5:00.

 

Meeting Location

 

Wake Forest University Charlotte Center
200 N. College Street, Suite 150
Charlotte, NC  28202

Parking is available in the Wake Forest Charlotte Center parking deck, which is adjacent to the Wake Forest Charlotte Center on 5th Street.

Wake Forest University Charlotte Center – Map, directions & parking

 

Tuition

 

The cost of the program is $1,950 and includes materials, continental breakfast and lunch both days, and is due in full at time of registration. Wake Forest University alumni, faculty, and staff receive a 10% tuition discount.  Please contact Rusty Smithey, smitheyr@wfu.edu, for more details.

 

Program Materials

 

Course materials are included in the cost of tuition. Course materials will be distributed electronically in advance of the program start date. Participants must have a laptop or tablet computer to access course materials.


Registration and Payment

 

This is an open enrollment program. Application is not required. Course registration is complete when payment is processed. Upon registration, a representative of Wake Forest will contact you to validate the registration information and to assist in fee payment. Please click the link below to begin the registration process.

 

Register Now

 

 

Cancellation of Program

 

This course is offered contingent upon sufficient enrollment. If a course must be cancelled, all registered participants will be notified at least five (5) calendar days before the course’s start date. All registered participants will receive a 100% tuition refund. No fees will be charged for cancelled courses.

 

Refund Policy

 

Prospective participants who withdraw at least 5 days prior to the start of a course will receive a full refund of tuition paid.

 

For More Information

 

For more information or to speak with a program adviser, please send an email to Rusty Smithey at smitheyr@wfu.edu or call 336-758-5110