CIOs Need Predictive Analytics to Excel
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ROI Driver
By 2017, organizations which use predictive business performance metrics will increase profitability by 20%. -
Amazing Feat
Within the same time period, 60% of organizations will perform at least one effort which is currently considered "revolutionary" and "unimaginable." -
Known Commodity
71% of business and IT leaders understand which key performance indicators (KPIs) are critical in supporting business strategies. -
Out of Reach
Only 48% can access metrics which will help them comprehend how their work contributes to the key KPIs. -
Agenda Leader
By 2015, CEOs will consider digital process reinvention as a top three priority. -
Best Practices: Start With Business
Recognize that responding to rapid change begins with understanding your organization's future strategic needs, as opposed to going out and buying a bunch of new technology or hiring a bunch of people to fill IT vacancies. -
Best Practices: Step Back.
Re-evaluate the usage of "lean" or six sigma methodologies, because these can sometimes stifle the dynamic business innovation needed to compete today. -
Best Practices: Embrace Intelligent Business Operations (IBOs)
These technologies can compress insight-to-action cycle turnover from days to minutes. -
Best Practices: Take Chances
Reinvention is not a scripted, straightforward journey. You and your IT teams need room to experiment in translating insights to optimal business action.
CIOs must turn to predictive analytics to help their organizations navigate the swift pace of business changes, according to a new research report from Gartner. The report, "Predicts 2014: Business Process Reinvention Is Vital to Digital Business Transformation," compiles information and findings from a cross section of Gartner's highly followed surveys, reports and presentations. Gartner concludes that technologies depending solely upon historical measures are quite literally a thing of the past, and that solutions which effectively use predictive metrics or leading indicators will ensure a competitive edge. Business leaders who do not "apply predictive metrics to cross-boundary business processes will leave their organizations vulnerable to the risk of failing to execute their business strategies," says Samantha Searle, research analyst at Gartner. "This is because they are unable to anticipate how well critical processes are driving strategic business outcomes, and therefore are unable to make well-informed decisions and intervene when process performance has plummeted below acceptable levels … This ability will be crucial in determining the organizations who survive the shift towards a digital world and those who will be left behind." For more about the report, click here.