So your company uses analytics. In this day and age, you can’t afford not to. But there is a problem with using analytics. It’s not just about building valuable insights, capturing and storing data, or getting enough data. The true challenge of analytics is inserting insight into tactical systems and using insight to shape long-term business strategy.
Traditionally, data comes from customers or high-level organisational activities. Today, micro-events and detailed data streamed from operational events, sensors, or devices are rapidly filling the data lake.
We understand large dumps of data and streaming data to supply data lakes, but being able to fill a data lake is less than half of the battle. The execution of this insight impacts decisions such as price changes, customer retention initiatives, marketing investments, asset maintenance, production (demand) forecasting, and healthcare planning.
This is where Analytics8 comes in. We have a team of highly-skilled data aspects with a flair for innovative thinking. And we know what we are doing. Our work becomes pervasive in every decision made every day across the organisations we work with.
Consistently delivering this type of capability, and at low operational risk, also demands rigorous information and data management processes to be prepared from the start – from the depths of the data lake to the lofty cloud-enabled customer-facing reporting solutions.
The I.T. systems of an organisation are rarely simple, and change is the only thing that is constant. Making analytics operational requires integration and data governance to ensure analytical algorithms and processes continue to operate successfully while data sources are continually added and changed within the data lake.
If you fail to adopt a strategy of data governance and integration, it will lead to diminished performance from analytics initiatives, regardless of how advanced or innovative they are.
What to do
One of the biggest obstacles to achieving successful outcomes from any analytics initiative is the lack of effective communication and reporting strategy throughout the organisation.
According to an HBR article ‘Embedding Analytics for Growth: Creating a Data-Driven Culture’, “Using big data and analytics to solve problems and make better decisions requires new behaviours across all the business functions in an organisation. People may need to share and collaborate more.”
Surveys of organisations that have undertaken analytics initiatives support the view that implementation and support structure of analytics is key.
“The number one barrier mentioned by survey respondents involved translating analytics into business actions – in other words, making business decisions based on the results, not producing the results themselves,” the Harvard Business Review ‘Minding the Analytics Gap’ states.
Data is often described as the life-blood of an organisation, but it is nothing without an effective support-system to use it. We often see innovation drown without the essential data plumbing that integrates analytics experts, as well as a feedback loop that allows business subject matter experts and operations to report upon and refine data analytics in an on-going basis.
Analytics8 is a master of data analytics. We can turn your valuable information into actionable insight. This way, you don’t have to wade into neck-deep data and drown with information. Contact us to find out how.