During the Spieker Point Inc. open house, Walter Schwabe from FusedLogic TV interviews Brent Collingwood from the University of Alberta School of Business (#UAlbertabcom) about the importance of business analytics.
Walter Schwabe:
“We’re here at Spieker Point Software Engineering and Solutions at their open house and eighth anniversary. Welcome to fusedlogic TV. I’m your host Walter Schwabe. I’m joined by Brent Collingwood with the U of A School of Business. Brent, thanks for being on the show.”
Brent Collingwood:
“Thanks for having me.”
Walter Schwabe:
“Well let’s talk a little bit about the importance of analytics and how the school of business is incorporating that into your programs.”
Brent Collingwood:
“Right, well of course analytics it’s gone by many different names we used to call it statistics but people didn’t like that word so we’re now calling it analytics. Basically what we’re trying to do at the school of business is show students the fact that we’re now virtually inundated with data. There’s just so much data out there and for the students it’s now more about analyzing the data and using the data to make good business decisions. So, data has always been with us but now we’re trying to move beyond simply the professionals or the analytics professionals into the business leaders and looking at ways that they can now extrapolate that data for good business decisions.”
Walter Schwabe:
“You know it’s very important to do that and we come across clients all the time where they don’t really take the analytics or the data that they do pull in and make business decisions on the fly with it so it’s good to see that your building that in the program’s. Analytics is a bit more buzz word than statistics you’re exactly right let’s talk a little bit about then the advancement of businesses when they do incorporate analytics what kind of things are you seeing there with companies that are doing it right?”
Brent Collingwood:
“So a couple of things that are happening first of all accessibility of data. It used to be that data was held quite close and so that a lot organizations now data lives in the cloud data is much more available so its accessibility and its affordability. It used to be that you’d have to pay big dollars for a lot of this data were now wearing devices that are all giving us tons of information, our wrist watches our shoes, so there’s just so much data out there. What organizations are starting to do now is say, okay marketing departments or supply chain management departments, how can we do two things, expand our revenues through good data and creating CRM systems much more sophisticated customer relation management systems? Then on the expense side how about supply chain management and all the sophistication that that’s doing. So, from a business perspective its maximizing revenues lowering those expenses by using the science by using the data that’s now available to them.”
Walter Schwabe:
“So really we’re helping to put more money on the bottom line helping with positioning of these companies as well further separating them from their competition.
Brent Collingwood:
“That’s right and it’s the differentiator and because everybody’s doing it now organizations are looking for what are those razor’s edge differences that we can do that will separate us from our competition. CRM’s are a great example not just what does my customer buy but when does he buy it what quantity does he buy what is the frequency so utilizing that data to make good business decisions on that customer is a great example.”
Walter Schwabe:
“Brent thank you so much for being on the show.”
Brent Collingwood:
“Thank you.”
Walter Schwabe:
“I’ve been speaking with Brent Collingwood with the U of A School of Business here at Spieker Points open house. Stay tuned for more soon.”