Analytics Improves Your Vision in All Directions
“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.” – Geoffrey Moore, author of Crossing the Chasm and Inside the Tornado
Collecting data is the first step in a company’s ability to make informed strategic decisions, but without the proper analytical tools, models, and domain expertise to sort through the data, it can be difficult for executives to distinguish between data that’s noise and data that’s really important. Companies that lack the capabilities business analytics can offer are making their decisions with incomplete, incorrect or stale information. Are you confident that your company is looking at the correct information to define its corporate strategy? Is your company looking at analytics that help predict future trends or only those that offer revelations in hindsight?
Without analytics, big data is overwhelming and much of the value of data is inert. With analytics, big data can deliver insight in time for action. And not just action itself, but action based on solid and timely information. Gaining these capabilities is important and urgent across the board for decision-making; in fact, CIOs surveyed in the 2016 Gartner CIO Agenda Survey noted that their top priority for 2016 is Business Intelligence and Analytics.
You can best begin your journey towards better-informed – and forward-looking – decision-making by assessing how data drives C-level decisions in your company. Some questions to consider:
- Do your decision-makers sometimes have to analyze raw data?
- Do they leave the analysis to subordinates and take it on faith that the analyzed data is complete and relevant to the decisions at hand?
- Are you concerned that your executives are making too many “gut” decisions or falling back to the “safe” decision because they don’t have access to a full picture of the information necessary to decide with confidence?
Analytics experts can help you understand exactly where your company is in terms of effectively applying analytics to your important data. After assessing the state of your data and measuring how effectively your company is using that data – for both day-to-day decisions and for the development of corporate strategy – analytics consultants can help you prioritize areas that need to be addressed for achieving your goals.
Highlighting areas for growth guides the development of a prioritized road map for continual improvements from an objective basis.
“What gets measured, gets managed.”
Peter Drucker, author of The Practice of Management and Innovation and Entrepreneurship
The analytics assessment process also identifies metrics for measuring the success – and any outstanding gaps – of your increased application of analytics. This collection and evaluation process supports a commitment to continual improvement. In addition, objective snapshots of your company’s metrics viewed through business analytics are crucial for fostering strategic consensus among executives and stakeholders.
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