According to Merriam Webster, data is “information in digital form that can be transmitted or processed.”
Sounds simple. Sounds like something that’s everywhere.
However, smart, influential business leaders will tell you data is important. It’s powerful. It’s a key business driver.
So, how can you use something that’s all around to drive business transformation?
We’re here to guide you through the journey.
Benefits fueled by data analytics
When put to use in a strategic manner, data can drive business innovation, performance and profitability, from the factory floor to the boardroom. The ability to turn data into actionable information is fueling tremendous growth in analytics spending and a race to outmaneuver the competition.
Examples of businesses using analytics in this way include:
- A bank initially turned to its analytic data to predict at-risk customers and help staff better anticipate and react to retention situations. The same data insights ended up powering enhancements to their mobile banking applications.
- A security software company amassed a robust collection of data as they monitored various endpoints for potential intrusions. They realized that analyzing and exposing this data, which charted the vast number of cyberattacks they prevented, was the perfect way to show customers the value the service delivered. When “nothing” happened, customers gained everything.
- A delivery company launched a new service, and new revenue stream, with manufacturers by sharing its data on package deliveries. By aggregating customer insights about things like type of goods delivered, order frequency and neighborhood preferences, the manufacturers could better understand shopping trends and hone their marketing efforts.
As these real-world solutions show, the opportunities for new product development are numerous. They’re limited only by the insights available in company data.
Still, for the business and IT leaders charged with paving the way for an enterprise-wide analytics practice, the road isn’t always smooth. The possible obstacles are numerous, from siloed data and lackluster platforms, to poor governance, change management and cost overruns. Any of these issues can put the brakes on progress—or derail an analytics project altogether.
As an analytics champion, how can you fast-track your organization’s analytics journey and—more importantly—create the right roadmap for success?
This series of blog posts will provide valuable insight and advice, covering topics including:
- Top business drivers for analytics programs.
- The four stages of analytics maturity.
- The importance of a modern cloud data foundation and practical tips for demonstrating value.
We’re happy to share this information, gained from hundreds of hands-on engagements working side by side with corporate teams to develop the best possible analytics environments and outcomes. We hope you’ll join us on the journey during this series as we share our expertise and experience to move the analytics discipline forward for all.
For more information, please download our white paper: Accelerating Your Analytics Journey.
Be sure to read the other posts in this series:
- Part Two: Top Business Drivers for Analytics Programs
- Part Three: The Four Stages of Analytics Maturity
- Part Four: The Importance of a Modern Cloud Platform Foundation
If you have any questions or thoughts, please feel free to leave them in the comments.