People, Culture Key To Analytics Success
The use of analytics as a strategic business tool often determines the success of an organization. Firms that foster a culture of using data to drive key decisions are often the ones that stay ahead in the game . Two separate recent studies on data analytics find that analytics is central to business strategy among leading organizations, and the focus on people and culture is critical for that success.
According to a recent study. “2015 State of Analytics” from Salesforce, high-performing organizations are more likely to use analytics to drive business decisions, and recommendations based on analytic insights are more likely to win executive support.
The report found that the number of data sources analyzed by companies will jump 83 percent over the next five years. In addition, the report showed that 90 percent of high-performing organizations say analytics are important to driving their overall business strategy and improving operational outcomes. In order to stay competitive in the data driven economy, companies today need to deploy analytics in order to keep pace.
“With consumers generating more data than ever, companies need to make sense of the torrent of web searches, tweets, product logs, connected devices and apps that reveal their customers’ needs and behaviors,” said Stephanie Buscemi, COO of Analytics Cloud, Salesforce. “With data analytics, companies can tap into this vast ocean of insights and arm their employees with a 360-degree view of their businesses and customers, allowing them to make smarter, data-driven decisions.”
The study concludes that building a culture around analytics not only gives employees access to the right insights at the right time, but also empowers them with the ability to collaborate and take data-driven action. In fact, high-performing organizations are extending analytics across the business, from the boardroom to the front line.
Meanwhile, a separate study titled “2015 EY/Forbes Insights Data & Analytics Impact Index: Don’t Forget the Human Element,” confirms the critical role that people play in the successful use of analytics.
”Technology is no longer a strong enough differentiating factor among organizations – companies must invest in people and recognize the importance of the human element if they are to reap the benefits of their analytics initiatives,” noted Chris Mazzei, principal at Ernst & Young LLP and the research firm’s chief analytics officer.
The study looked at how successful organizations are using analytics. It found that these companies focus on analytics as central to business strategy, they implement an enterprise-wide data architecture and embrace change management as key to advancing analytics. The establishment of strong governance to align business decisions around analytics is also key to businesses.
- Business Intelligence In Insurance Industry: What Are The Possibilities?
- How Cisco Streamlined UTI's Communication System
- Subscription E-commerce: What Online Retailers Should Know
- How Cloud Is Transforming CXOs' Operating Style
- AI, Cloud, IoT To Have Huge Impact On Semicon Revenue: KPMG
- Weekly Rewind: Top 10 Stories On CXOToday (Feb 12-17)
- Embracing Technology For HR Innovation
- Why Financial Sector CIOs Should Get On Top Of Machine Learning
- AI, Robotics Are All Here; Are Business Leaders Ready?
- Smart Cars Can Be The Next Big Thing For Indian IT Firms, Says Study