Does your Analytics journey look like this?
Big Data and Analytics is now moving at a faster pace than before to midsized businesses (MSBs). The potential “Value” of Analytics while once thought useful to larger global enterprises, has quickly moved downstream. As a consequence, the spend in this space is also expected to grow faster than the large-scale enterprises.
Midsize businesses across domains can now gain a significant competitive advantage, get valuable insights to identify potential markets, and form the basis to improve customer experience and operational efficiency.
However, there’s more money spent on efforts to cope with massive influx of available data than the applicability of “Analytical Value” that technology offers. To influence business results meaningfully, MBs must take a multi-dimensional view of the Analytics Value. They must consider the Value across the following three dimensions:
Intent, Commitment, and Clarity of Business Impact
It is imperative to understand the purpose and focus areas where Big data and Analytics have the most potential. Here are few key questions:
- What do we want to use big data for? Strategic? Tactical?
- How can we monetize the data streams in terms of customer loyalty, revenue growth and/or cost reduction?
- What are the areas for Business Impact (Customer, Product/Service, Operations, Supplier/Partner, Finance, Risk)?
- Where within these areas does Big Data and Analytics provide the most sustainable value?
- How can we use data-driven customer intelligence to understand customer behavior?
- What specific customer-centric and operational-centric KPIs or metrics provide insights into a particular component of our business? e.g.: Propensity to Buy, Customer Lifetime Value (CLV)
- How will better insights and information help overcome the most pressing challenges in our business?
Solution Options Built on a Foundation of Analytics
Most medium sized businesses lack understanding of the various Solution Options and Tools available, and hence are not confident and hesitate to employ it. It is imperative to select diligently from a plethora of Analytics Solutions and Tools for cost efficiencies, process improvements, data governance, and technology.
From a process perspective, they must be able to collect enough internal data, normalize and combine this data with external data sources to identify patterns and behaviors.
A study by IDC revealed that organizations that use diverse data sources, analytical tools (e.g., predictive analytics) and the right set of metrics are five times more likely to succeed and exceed expectations for their projects than those who don’t use these big data strategies.
Skills Training, Gap Analysis, and Lessons Learned
Having a successful initial implementation or Proof Of Concept (more is better, timing is of essence) within 6-8 months is critical. Shorten decision paths and leveraging domain centric Big data and Analytics partners and solution providers is essential.
However, identifying and realizing Analytics Value for midsize businesses is also more than just working with external partners. They must know the critical questions to answer based on the data.The business must understand the Analytics terminology and technology, as well as possess some internal statistical knowledge. We see a few midsized businesses include a new role – a Data Strategist, to help with their growth strategies, streamline business operations and integrate technology to help the business operate more efficiently.
Please feel free to reach out to learn how Orzota has helped organizations across the above dimensions to:
- Build models targeted to specific use-cases that can be implemented swiftly, with clear business focus
- Select, deploy of targeted data-analytic solutions
- Adopt the Analytical solutions and tools
- Realize Analytics Value Faster