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Innovative Uses of Analytics in Business

Organizations are leveraging analytics in various ways, such as improving leadership skills and predicting cyber-attacks. IDEXX Laboratories exemplifies this by using big data and machine learning in diagnostic instruments to provide quick and accurate health insights for pets, creating significant business value. However, challenges such as the high cost of data storage and the potential irrelevance of historical data may hinder their progress.

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5 views1 page

Innovative Uses of Analytics in Business

Organizations are leveraging analytics in various ways, such as improving leadership skills and predicting cyber-attacks. IDEXX Laboratories exemplifies this by using big data and machine learning in diagnostic instruments to provide quick and accurate health insights for pets, creating significant business value. However, challenges such as the high cost of data storage and the potential irrelevance of historical data may hinder their progress.

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prem
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Find a few examples from the recent news about how organizations are using

analytics. What, if anything, seems novel or unusual in these examples? How


might these examples create business value? What difficulties may these
organizations have as they proceed?

Analytics can offer value to different businesses in different ways, as Colin and Maritza mentioned,
where it helps some of the organizations to improve leadership skills, and some to predict cyber-attacks.
In a different example, IDEXX Laboratories combined the power of big data and machine learning to
diagnostic instruments to provide patient’s overall health status insight quickly, easily, and accurately.
IDEXX has created business value to customers by including machine learning capabilities in the
instruments and identify the abnormalities with every patient result accurately. This software is powered
by a database of 70 million veterinary patient-generated images which were created by millions of tests
run on the same instrument. The difficulties they might come across could be the storage as it is
expensive to store millions of records and at some point, the historic data could not be relevant as the
patient results 20 years back could lead to inaccurate results as the dynamics are different.

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