Harrah's has since developed a program that assesses customer worth, tailors marketing programs to those customers and sets optimal prices for hotel rooms. Now, Loveman says, analytics is "the juice that makes the company go."

He acknowledged that using data analysis to solve complex problems is difficult but added that its benefits are well worth the effort.

"The only way I did it is I ordered [employees] to do it," Loveman said. "If I were to disappear tomorrow and someone came in with different ideas, there is no question in my mind that this would be gone."

Deeper knowledge

The Procter & Gamble Co. has used analytics since the 1930s, but the capability was spread throughout the organization only last year. In 2005, the Cincinnati-based consumer goods company formed an analytics group of about 100 employees to work on strategic initiatives, said Glenn Wegryn, associate director of global analytics.