This year, HBR celebrates its 100th anniversary. To mark the occasion, we're highlighting 12 of our favorite articles from across the decades. For the month of August, the article is “Competing on Analytics” by Thomas H. Davenport.
Progressive employs similar experiments using widely available insurance industry data. The company defines narrow groups, or cells, of customers: for example, motorcycle riders ages 30 and above, with college educations, credit scores over a certain level, and no accidents. For each cell, the company performs a regression analysis to identify factors that most closely correlate with the losses that group engenders.
Some analytics competitors apply the same enterprise approach to people as to technology. Procter & Gamble, for example, recently created a kind of überanalytics group consisting of more than 100 analysts from such functions as operations, supply chain, sales, consumer research, and marketing. Although most of the analysts are embedded in business operating units, the group is centrally managed.
CEOs leading the analytics charge require both an appreciation of and a familiarity with the subject. A background in statistics isn’t necessary, but those leaders must understand the theory behind various quantitative methods so that they recognize those methods’ limitations—which factors are being weighed and which ones aren’t. When the, they turn to experts who understand the business and how analytics can be applied to it.
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