To succeed in business, one needs to be smart—really smart—but business intelligence (BI) is not measured by college degrees. BI is about quickly making sense of the vast amounts of data collected about all dimensions of a business, and then making sound decisions that will generate value for the company. For business schools, it’s also a big opportunity, one that is, by and large, being missed.
In today’s turbocharged digitized world, there seems to be an “application” (“app”) for almost everything. The intent of the app software is to help the user perform singular or multiple related specific tasks on a repetitive basis. In the field of analytics and decision analysis, the apps analogy can be made when we think about the entire list of “hard and soft” skills that are used when we are working to bring discipline and analytical rigor to business decision-making.
“Hard skill” apps can be classified as the left-brain technical skills and include analytical processes, procedures and techniques that are used to perform all forms of descriptive, prescriptive and predictive analytics. The “soft skill” apps can be classified as the right-brain interpersonal/personal skills that cover a large continuum of proficiencies such as communication skills, conflict resolution and negotiation, creative problem-solving, strategic thinking, team building, influencing skills and selling skills.
Like apps in the digital world, hard and soft skills are being used by practitioners in a myriad of combinations to satisfy the growing demand for analytical decision-making in a wide continuum of business situations. The success of today’s decision analysts and analytical practitioners depends on the types of hard and soft skill apps in their toolboxes along with their abilities to creatively apply their apps to satisfy the needs of their customers.
Focusing on the acquisition of hard skills is easy since formal education and new analysis tools and training are readily available and are more tangible and easier to learn than soft skills (e.g., learning how to use a new simulation software package vs. learning how to be a better communicator). However, it is no longer sufficient to just bring a toolbox dominated by technical hard skills since they are becoming commonplace in today’s business word. People are becoming more comfortable manipulating and analyzing information due to the pervasive use of spreadsheets and the availability of data. Microsoft gauges the number of Excel users worldwide at more than 400 million [1], and business data is being mined at an exponential rate and disseminated to managers who want to tap into that data and gain insights to make better decisions [2].
The second problem with this perspective is that the expectations of customers for analytic and decision analysis activities are changing. Customers are no longer looking for someone to simply do the number-crunching analysis. They are also looking for people who have the skills to effectively identify and frame a business opportunity or problem, manage a team to develop and analyze potential solutions, communicate insights and recommendations all while collaborating with the various stakeholders needed to make and implement the decisions associated with the business situation. The bottom line is customers are looking for a strong set of soft skills in addition to technical hard skills.
A team of researchers has used data-mining and machine-learning techniques to find subtle changes in electrical activity in the heart that can be used to predict potentially fatal heart attacks. Researchers from the University of Michigan, MIT, Harvard Medical School and Brigham Women’s Hospital in Boston sifted through 24-hour electrocardiograms (which measure the electrical activity in the heart) from 4,557 heart-attack patients to find errant patterns that until now had been dismissed as noise or were undetectable.
(via INFORMS)
