Few Enterprises Using Big Data Analytics
Leaders invest in four areas: Data-savvy people, Quality data, State-of-the-art tools, Processes and incentives
The four main elements are: 1 A mix of data science, business acumen and technical expertise, 2 Quality, consistent data stored so that it’s easy to access, 3 The best current tools, like unstructured databases and heuristic instrumentation, 4 The commitment to be data-driven; that is, create structures, processes and incentives to support analytical decision-making
One third of companies don’t invest in these four elements. 36% of respondents have a dedicated data-insights team, Only 19% have high-quality, consistent data, 38% are using state-of-the-art analytics tools, 23% have clear strategies for using analytics effectively
Companies need a strategic plan for collecting and organizing data in order to create value. 56% of respondents don’t have the right systems to capture data or are not collecting useful data.
Differentiate your company’s analytics capabilities from competitors’ and identify relevant sources of data.
Tools, such as Hadoop, HPCC and NoSQL, are evolving rapidly. They, and mature analytics, visualization and data management, can help you gain insight and gather statistical novelties in ways impossible just a year ago. So aim high.
Successful big data and analytics efforts need: Data scientists, Business analysts, Technical specialists
The CEO and top leadership should explain how analytics will shape the business’s performance by improving products and services, optimizing internal processes, building new products and services, or transforming business models.
Some industries, such as financial services, technology and health-care, are ahead in redefining business models based on analytics and insight-driven decisions.
The competitive edge for advanced analytics is no longer limited to a few technological companies or data-intensive industries. Companies that commit to making the most of their data by investing in analytics are already financially outperforming their peers.