Business leaders have started to use big data analytics technology for a wider range of processes, objectives and management needs, especially as they become more comfortable with the solutions following a couple of years of experience. The potential applications of modern business intelligence tools are practically boundless, as virtually every aspect of operational management and strategic oversight can benefit from more powerful and rapid insights.
It is worth noting that the average organization still has plenty of road to travel to see truly positive impacts from the technology, as studies have shown that return on investment has been elusive at best for the vast majority of adopters. However, with the right data preparation methodologies, tight alignment of deployments with objectives and completely refined information governance strategies, analytics tools are expected to dive deeper into the average company’s IT foundation.
Evolving with intelligence
Forbes contributor Daniel Newman recently explained how organizations can use business analytics to fuel digital transformation efforts – a demand that transcends borders and industry barriers today. Virtually all companies have had to quickly and efficiently digitize their core processes and operational frameworks to compete in the modern era, and such major changes to their foundations can be highly disruptive when not handled properly.
According to the author, analytics might be the best medicine to cure the issues involved, as the insights involved will tend to provide leaders with future-facing trends and potential roadblocks standing in the way of strong transformation. He also noted that, technically speaking, a real digital transformation will not actually be possible without modern analytics in place, as this technology is one of the more prominent aspects of today’s IT systems and strategic oversight.
Newman suggested targeting analytics usage at substantive improvements, especially those related to workforce management, corporate efficiency, customer experience and retention, waste reduction and operational overhauls. Leaders need to keep in mind that these initiatives will only be effective when they are highly specialized, meaning that alignment must be a priority to keep the focus oriented on one objective at a time.
Finally, Newman stated that decision-makers should always look to external support when they are struggling to make sense of the technology or its place in their operations.
The future is bright
Modern analytics technology is still relatively novel, with most organizations adopting it within the past few years and just now beginning to learn how to derive value from the investment. As time goes on and comfort spreads across industries and adopters, there is no doubt that the technology will become more powerful and transformative.
However, now is the time to get moving on projects that yield some form of improvement in operations in the immediate future. Rather than constantly conducting trial-and-error experiments, leveraging the support of a managed services firm that can guide data prep and other core processes in the right direction might help speed up the realization of returns.