The flood of digital data is revolutionizing businesses and business decision-making. One thing is certain: the transformation toward a data-driven world offers business leaders opportunities in nearly every sector.
The role of data analytics represents a shift to more reliable insights, and its future is undeniably huge. Data analytics will help organizations better understand their customers, increase sales, make more informed decisions, and improve business processes like never before.
In October 2016, Atos commissioned Forrester Consulting to evaluate the data analytics strategy at organizations in Asia Pacific, Europe, and North America. The study was completed in December 2016.
It’s no surprise that, according to this survey, 40% of businesses surveyed are already using data analytics across key business functions.
Sixty-nine percent of firms rated analytics as a top strategic priority, and over the next 12 months, businesses will focus on extending data analytics to more innovative and predictive use cases. If they do not, however, they’re afraid of being left in the dust (65%).
However, Forrester developed a hypothesis that many organizations fail to take advantage of their vast amounts of data.
The survey revealed that organizations are still getting to grips with their data analytics tools and face constraints limiting their capabilities. Sixty-seven percent of organizations, a vast majority, are still maturing in this space. This begs the question, are analytics really being used or are organizations just using outdated methods of reporting, like ad hoc spreadsheets?
And even though analytics exists in pockets, organizations are not getting a full view of their business.
The key takeaway messages from the study were:
› Organizations must continue prioritizing and investing in data analytics now or perish. Businesses will double the use of data analytics investments over the next 12 months, and it’s important for your organization to do that, too.
› Organizations must move from obtaining and collecting data to providing critical insights. Although the adoption of data analytics is at 40% and set to grow, most organizations continue to struggle with some of the fundamental pieces to move from data to insights. Organizations that quickly build new processes such as embedded deep analytics models can predict outcomes that boost organizational operations.
› Technology partners have the experience, expertise, and understanding — work with them. External partners may not only bring advanced solutions; they can also contribute valuable domain and industry expertise to help their customers be successful more quickly than they would be on their own. When evaluating partners’ capabilities, organizations should take a special look at a business-driven analytic mindset, agility, security, and scalability; these are deemed critical components for the future.
Fielo offers ways for your company to collect, store and analyze data on reseller behavior, as well as in-built automated reward and tier systems to incentivize them towards top class engagement.
When big data is coupled with cloud-based technologies, companies are able to store, track and analyze trends to perform predictive analytics and shape strategy. Firms need to embrace and utilize the data at their disposal if they want to remain competitive and significantly boost their bottom line.
Stay tuned – in the coming weeks we’ll take you on a deep dive into how data can be used in your industry. Next week – Manufacturing!