While data and analytical information has been around for a long time, it is only recently that the speed and depth of that information has been used towards building a competitive corporate advantage.
Information can alter the path of a company and may even prove that an accepted corporate strategy could be flawed. These insights are everywhere and a good executive knows how to capture them and how to interpret what the data is saying.
Using the speed of todays computing power, a company can build subsets of data from almost any point of contact – audio, video, geospatial, sensor, telemetric and more – and monetize it in a multitude of ways. The commercialization of data and analytics is made more enticing by the reduced cost of gathering and storing this information.
The biggest problem that executives face is determining how to align the business programs and the corresponding data output with overall corporate strategy.
According to a survey conducted by EY and Forbes Insights (June 2015), of the 564 executives interviewed in large global enterprises – only 10% were using the data in making decisions everyday and see a significant shift in the ability to meet competitive challenges. They are “advanced” in applying data analytics to business issues and opportunities.
Those companies effectively utilizing their data and analytics are successfully meshing together various low cost collection tactics with corporate strategy, leadership, production and consumption.
Enterprises are embracing strategy but the analytics consumption side is what delivers business value. This is where the human aspect is truly important. Making analytics-based decisions and the determination of business processes still requires human determination.
For companies that were not digital enterprises from their inception, transforming into an analytics-driven company is a process that evolves over time. What are the proper initiatives to implement? How does my company’s maturity level affect the long-term growth curve? There are no easy solutions. Leaders have adopted proven practices that help pave the way to achieving this challenge.
While most companies are still struggling to create value from their data and analytics, using the experiences and practices of other enterprises can provide direction on this transformative journey.
This piece was written using content featured in Forbes Insights “Don’t Forget the Human Element”.