How, in an increasingly volatile marketplace, and with a vacillating customer base, can organisations continue to make real money using big data and smart analytics?
This is a theme Dr Rado Kotorov will examine as a keynote speaker at ITWeb's 2016 Business Intelligence Summit in March.
While the potential to monetise data has always existed, the proliferation of big data from new sources such as mobile, social media, and the cloud presents opportunities to make information an integral part of an organisation's value proposition, he explains.
Monetisation, however, is not just about generating new revenue, it can also be used to save money and cut costs.
Decision and game theory
Kotorov says a major turning point in his life was when he moved from Bulgaria to the US, where he became captivated by economics and technology.
He studied decision and game theory, which examine how people make decisions by their choices in either a strategic or non-strategic situation.
The key question in both decision and game theory is how information improves decision-making.
Accessible, intuitive and collaborative
A major theme he focuses on is how BI and business analytics can be made more accessible, intuitive and collaborative. How is this achieved?
Kotorov believes it is by viewing people in real-life situations and learning more about how they come to a decision in a specific situation.
He accepts research carried out by Daniel Kahneman (2002 Nobel prize winner in economics) that there are two thinking systems in the brain; and that operational decision-making is all about fast decision-making.
He has therefore focused his efforts on designing information systems and decision support that is conducive to a decision being made in under 30 seconds.
Where does SA fit in?
Kotorov's advice to budding analysts in South Africa is "Operationalise analytics"! When he visits the country in March for ITWeb's BI Summit 2016, he will explain how with money being made through operational systems which require real-time decision-making, analytics and big data are needed to support this.
Kotorov has only good things to say about South Africa. During previous visits he was struck by the country's people, its history and its nature. He believes others can learn from SA's achievements.
The man behind the data
Kotorov is chief information officer and global vice president of Information Builders, a 40-year-old company that provides software and services that transform data into business value. The company focuses on helping its customers apply intelligence, integration, and integrity solutions to improve the performance of their organisation.
Kotorov's other interests include walking and cycling. He also creates geometric art from photographs, where he arranges shapes closely together, in repeated patterns without gaps or overlapping, to form a picture.
He takes inspiration from watching and reading about great people, both past and present. His family and friends provide him with real tangible proof that those we should admire most are those that we know and love, and who have achieved in life through hard work.
When asked what he has learned the hard way, his response is: "Timing" and "how to build and sustain organisational learning and confidence".
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