How Analytics Separates the Best From the Rest

 
 
By Dennis McCafferty  |  Posted 12-01-2015 Email
 
 
 
 
 
 
 
 
 
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    How Analytics Separates the Best From the Rest
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    How Analytics Separates the Best From the Rest

    Data points now come fast and furious at organizations, and IT execs at top companies are expected to use analytics to gain a competitive edge.
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    Core Component
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    Core Component

    54% of surveyed execs at organizations considered "the best" at deploying analytics said their analytics strategy is well established and central to their overall business strategy, compared to about one in 10 execs at remaining companies which claim the same.
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    Required Action
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    Required Action

    51% of execs at "best" companies said they "always" use analytics to guide strategic and tactical decisions/actions, while only 19% of those at remaining organizations do this.
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    Market Advantage
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    Market Advantage

    All execs at "best" organizations said data analytics has impacted their company's ability to meet competitive challenges beyond a moderate degree, as opposed to only 17% of execs at remaining organizations who said this has happened.
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    Group Effort
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    Group Effort

    56% at "best" companies said they have enterprise-, department- and lines-of-business data and analytics groups and they are well aligned, but just 13% of execs at remaining organizations make the same claim.
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    Well Equipped
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    Well Equipped

    47% at "best" organizations said their analytics tools and tech are well established and updated regularly, while just 14% of those at remaining companies say this is the case.
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    Can-Do Spirit
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    Can-Do Spirit

    74% at "best" companies allow their employees either "some" or "complete" latitude to act upon opportunities discovered through data analytics, as opposed to 58% of execs at remaining organizations which allow this.
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    Lead Role
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    Lead Role

    64% at "best" companies have appointed a chief analytics officer to lead data analytics initiatives, compared to 40% of execs at remaining organizations which have done this.
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    Top Information Management/Tech Skills Sought by
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    Top Information Management/Tech Skills Sought by "Best" Organizations

    Data extraction and transformation: 58%, Data quality and profiling: 56%, Data architecture: 54%, Data governance: 46%, Big data platform oversight: 46%
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    Incentive Plan, Part I
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    Incentive Plan, Part I

    58% of execs at "best" organizations give team members rewards for providing new recommendations derived from data/analytics insights, while only 32% of those at remaining businesses do the same.
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    Incentive Plan, Part II
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    Incentive Plan, Part II

    42% of those at "best" companies provide greater opportunities for promotion/advancement for these team members, but only 32% of those at remaining organizations say this happens.
 

Organizations that are superior at deploying analytics are committed to incorporating these efforts within their business strategies, according to a recent survey developed by Forbes Insights in cooperation with EY. The report, titled "Analytics: Don't Forget the Human Element," divides companies into two categories: "The best," or those which perform at the top 10% of analytics-driven enterprises; and "the rest," or the remaining 90%. "Best" organizations across the board are gaining a competitive edge due to analytics, and most have aligned enterprise, departmental and lines-of-business data/analytics groups. They're also doing a better job than "the rest" at establishing and updating data tools and technologies. "(There) has been an explosion of data, coming not only from every corner of the enterprise and consumers across the globe, but also from a dizzying array of sources—audio, video, geospatial, telemetric and sensor data," according to the report. "Computing power, now available at dramatically reduced costs, has added enormous new capabilities to the equation, making many applications and use cases of analytics commercially feasible." More than 560 global execs took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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