The Deciding Factor: The Power of Analytics to Make Every Decision a Winner

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The Deciding Factor: The Power of Analytics to Make Every Decision a Winner (eBook) Pub. Date: 2/17/2009 Publisher: Wiley, John & Sons, Incorporated
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The Deciding Factor: The Power of Analytics to Make Every Decision a Winner Pub. Date: 3/16/2009 Publisher: Wiley, John & Sons, Incorporated
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The Deciding Factor: The Power of Analytics to Make Every Decision a Winner (MP3 - Unabridged) Pub. Date: 8/4/2009 Publisher: Gildan Media Corp

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Overview

Praise for The Deciding Factor

"Both companies and governments have made some poor decisions recently, and almost all would benefit from more fact-based and analytical approaches. This book provides clear methods and extensive examples for organizations that want to make better, faster, and more consistent decisions."—Thomas H. Davenport, author, Competing on Analytics, and President's Distinguished Professor of Information Technology and Management, Babson College

"The secrets of the decision-making processes employed by the most successful corporations of the world are revealed in The Deciding Factor. Both corporate decision makers as well as analysts will gain invaluable insights from this treasure trove of case studies and expert guidelines."
—Robert Heller, former president and CEO of VISA U.S.A., and former governor, Federal Reserve Board

"Information, used correctly and creatively, can be a source of tremendous customer value, competitive advantage, and company profitability. The Deciding Factor will help you understand if you have this opportunity, and how you might seize it."
—Nigel Morris, co-founder, Capital One Financial Services

"There has never been a more important time in business history to truly understand both the technical strengths and conceptual weaknesses of decision analytics. If you're prepared to be serious, The Deciding Factor offers the insider's insights that matter when managing innovation risk."
—Michael Schrage, author, Serious Play, and research associate, MIT Sloan School of Management

Product Details

ISBN-13: 9780470398197
Publisher: Wiley, John & Sons, Incorporated
Publication date: 3/16/2009
Edition number: 1
Pages: 272
Sales rank: 1,048,124
Product dimensions: 6.20 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

Larry Rosenberger is widely recognized as an innovator in decision technology, particularly in consumer lending. During his tenure as CEO of Fair Isaac Corporation, revenues soared eight-fold over a nine-year time frame. He was named Fair Isaac's first analytic research fellow in 2007, following more than 33 years of service to the company. In this capacity, he continues to pursue research projects that advance Fair Isaac's analytic science.

John Nash is Fair Isaac's vice-president of corporate strategy, leading strategy development across the company's product portfolio. Nash has worked with Fortune 500 companies in financial services, retail, consumer packaged goods, and high tech.

Ann Graham is a contributor to and former deputy editor of strategy+business magazine, and has been a writer and editor for The Economist Group; Gartner, Inc.; Booz & Co.; and Knowledge@Wharton.

Introduction.

1. From Intuition to Algorithms: A Brief History of Using Analytics to Make Better Decisions.

2. How Analytics Makes Customer Relationships More Valuable: The Netflix, Best Buy, Tesco, and Harrah’s Experience.

3. Co-Creation and Decision Management: How Consumers and Companies Share Data to Create Value.

4. The Disciplines of Decision Leaders: The Math, Mind-Set, and Technology for Managing Decisions.

5. The New Knowledge Workers: Defining the Talent Mix for Success with Analytics.

6. Demystifying Decision Management: A Primer on Various Analytic Tools and Techniques.

7. The Future of Decision Management: Using Differentiated Decisions to Gain Competitive Advantage.

Notes.

Appendix A: Fair Isaac’s Decision Management Project Methodology.

Appendix B: Glossary.

Acknowledgments.

The Authors.

Index.

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The_Rational_Taoist

Posted April 12, 2009

more from this reviewer

Become Data Driven . . . Analytics for improved productivity

Rosenberger and Nash have put together a concise, well written and relatively easy to follow book to explain exactly how using analytics will enhance your business decisions. Practical methods are given with examples to demonstrate how to apply the theory. The Deciding Factor is for any manager, leader, entrepreneur, and IT professional.

The authors use several high-profile companies to put together case studies demonstrating the value of analytics or how the absence of analytics caused poor decisions to be made. They point out that there are several societal trends which require us to change our business models.

. An Increasingly Cashless Economy enables Tracking of More Customer Data
. Multiple Companies Sharing Data About Customers they have in Common
. New Technologies being developed to Enable the Use of Unstructured Data
. Obtaining Data from Social Networking sites
. Companies from emerging Markets Competing for their Share of Consumer spending

Companies who are responding to the changing trends are rapidly revising how they make decisions and are automating much of the process. Industries that seem to be ahead in this move to improve are: Retail Banking, Credit Cards, Health care, Insurance, Telecom. Many companies will find they have to update their IT infrastructure as well as manage the change in decision making with their employees.
The authors use Fair Isaac's Decision Methodology to demonstrate how a fully integrated IT assisted might evolve. The method is a "circular, continuous improvement process" which might be thought of as seven stages - Stage 1) Set Decision Strategy: Identify, assess, and link business objectives to decision improvements. Stage 2) Identify Decision Yield: Determine critical decisions and potential decision yield. Stage 3) Design Decision Architecture: Design the architecture for your decision environment. Stage 4) Build Data Environment: Develop and/or integrate the data environment required to inform decisions. Stage 5) Build Mathematical Models: Develop and implement mathematical models to improve decisions. Stage 6) Build Operational Environment: Develop, implement, and modify the operational environment to enable decision execution. Stage 7) Continually Improve Decisions: Operate, monitor and improve the decision environment. (Back to Stage 1, closing the circle).

Each of these stages is then explained in detail. For example, in Stage 1), the key questions for the organization to ask about the Decision Strategy are outlined: What are the Possibilities? What are the important opportunities in alignment with company strategy or problems to be solved? What are the most important decisions related to these opportunities? How should opportunities be pursued based on priorities?

I believe the case is made that the continuing productivity improvements from our IT investments will come from using Analytics to help make rational, data driven decisions to better serve customers and clients. The Deciding Factor provides a clear understanding and methodology to move your company to the next level of productivity.
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Posted July 22, 2010

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