Value Addition

As someone rightly mentioned - " Economy is not struggling, the business models are changing". We are experiencing a transition phase. It's challenging for those whose business models are based on ancient data. It's mystery for those who have never looked beyond traditional methods or have assiduously resisted change of any kind.

Booking keeping, has come a long way - every thing today is Analytics and Robotics. Basically activities go through three phases:
1) First is Data Analytics - This involves Segregating Data.
2) Then comes Business Analytics - Means working on segregated data and
3) Data Science - Use of Machine tools on segregated, worked upon data.

Everyone looks for Value creation. How can we make it happen? Get the concepts right and apply. It involves two parts viz: Creative Analytics and Prescriptive analytics.

Every difficulty would go through three phases viz: Hindsight, Insight and Foresight. How we can add value in each of the situation is:
1) Understand What happened? - Descriptive Analytics; based on Hindsight.
2) Know Why did it happen? - Diagnostic Analytics - Get Insight and work on Foresight viz:
3) What will happen? - Predictive Analytics
4) How can we make it happen? - Prescriptive Analytics.

Optimization is the key. We need to upgrade ourselves in this transition phase. Cope up with change, Create (Add) Value.