The era of top-down information flow or Intuition Driven decision making is a thing of the past. Business leaders and professionals, on the whole, are beginning to favour the data-driven or analytics-driven decision-making techniques. People from across the organisation are making business intelligence and business analytics a part of their daily lives. Of course, their expectations with an analytics-driven approach is that the solution will be quick and will work on any kind of data. However, we know that might not be the case always, there are a few challenges, like building a vast interconnected analytics ecosystem. There is a great amount of refining and recognising the right data links between different departments of a business. One also has to ensure that the data focused resource is effectively and efficiently used.
Almost every organisation is using data analytics or business analytics in some capacity. The big question is, ‘How Effectively?’ It is evident that every business head acknowledges how business analytics if used accurately and effectively can impact two areas positively. i.e.
(1) Revenue Increase &
(2) Reduction in the Cost.
According to a survey conducted by Deloitte, a majority of respondents are said to have commented, that in the market-place related areas, the most significant use of data analytics was in identifying methods of increasing sales, by understanding customer behaviour, and hence targeting products and services to segmented audience.
One notices that the awareness is there amongst professionals on the benefits associated with Business Analytics, however the impact on application is not always optimum, every organisation is unable to get as much out of analytics application as it could, let us read on to understand how can we maximise the impact of application, let us uncover the unknown facts of business analytics solution.
Goal – Have a clear strategy on why and How you are going to initiate an Analytics Solution. Have the What, Why and How in place, along with the Stakeholders.
Data – Use an analytics tool to find anomalies in the data, and engage people who own that data to fix the process. You can never wait for the perfect data set.
Visualization– Most of the times the story is nice but not presented well, hence is not impactful. It is the same with data, the way users visualize the data, also influences the way they understand, data should be engaging and visually appealing. Hence a good designer who can create effective dashboards should be engaged.
Promote Analytics – While software project is mandatory, adoption of analytics is usually voluntary, hence promote and sell analytics, be the pioneer of business analytics across the organisation. Find a success story within the organisation and promote the same within.
Beyond Reports – Most business analytics or business intelligence arrangements speak through the age-old reports. On the other hand, diagnostics discovery that is finding the why and not just the what rebalances, the focus on exploration capabilities.
Value the Data – It could be possible that the data present could hold immense potential, it is always good to think of creative uses of monetising the data already available.
While business analytics holds answers and insights that could benefit the organisation, there are certain barriers that need to be worked. Engaging analytics to decision making, Acquiring the right talent, Strategizing accurately, Creating a more central co-ordination for analytics, and Building a smart and modern analytics foundation are steps that can be adapted to plan for this evolution in advance.