Analytics Magazine Analytics Magazine, November/December 2014 - Page 45

directing a talented IT person to “own” the program at hand. This tactic typically fails. To develop a true data-insights approach to business, an organization must treat data as an asset. And that means the whole company must be structured to access, interpret and act based on insights drawn from the data, focusing on: • Robust internal data sets (organized and cleaned and ready for analysis) • External data (often from a combination of free and paid sources) that provides insight into fraudsters’ behaviors S! ES LINE C (such as applications for multiple lines of credit) – often a signal of coming malfeasance. Agreeing that the business “drives this data” Big data projects must be driven by the company’s core business in a way that makes it user-friendly, not by taking a “build-it-and-they-will-come and figure it out” approach. The business begins by determining the key-performance areas that are crucial to manage or monitor. es! C N nde D A le O tte E ilab g a NCals avaMeetin A DV tORi nual A u n 4T SA 201 ORM INF for Bridging Data and Decisions Alexandra Newman and Janny Leung, volume editors J. Cole Smith, series editor INFORMS 2014 edition of the TutORials in Operations Res