What major areas are most influenced by business analytics right now?
Everywhere you look, in every industry, in every department of every organization, executives around the globe are rethinking what they do and how they do it. Everyone is on a transformational journey. Exactly what is changing? What industries and systems are most affected by analytics? The top eight areas I’ve seen changed by analytics are described here. Banking was one of the first to be transformed by analytics Myron Scholes and Fischer Black are widely credited for starting a math revolution on Wall Street in the mid-to-late 1970s. Their method of determining the value of derivatives (the Black-Scholes model) provided the conceptual framework for valuing options and precipitated a plethora of new financial products, from options to hedging strategies. Prior to that, in 1956, two Stanford graduates developed the idea that replaced loan officers with computers. The scientific system based on a small set of numbers replaced years of social observation that local bankers kept in their
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