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Why Your Biz Needs An Analytics Strategy

Why Your Biz Needs An Analytics Strategy

Predictive Analytics is still in the spotlight, but many studies have found that managers around the world reported that their enterprises are not ready for the change and investment needed to achieve continued success with the practice.

One of the crucial mistakes among enterprises that are unable to gain a competitive advantage from analytics is that they don’t have an analytics strategy. Leadership in analytically innovative enterprises are more likely to be advocates or users of predictive analytics than their counterparts in companies that are analytically underdeveloped. These analytically challenged organizations are usually half as likely to have leadership that use analytics compared to our innovators.

These findings are all from a study by MIT Sloan Management Review and SAS. This research also suggests that having an analytics strategy in place can improve these behaviors. Having the proper analytics strategy can change how decisions are made in an enterprise. These strategies can affect both employee and executive attitudes, and can help enterprises go far beyond simple optimization to finding new and better ways to create business value.

The study indicates that making a successful transition to a higher stage of analytics includes prioritizing 4 crucial matters:

  1. Willingness to accept new ideas
    Being open to a wide range of ideas is necessary in order to cultivate an advantage over competition as well as innovation with analytics.
  2. Awareness and responsibility over data
    As executives rely more and more on data, their awareness of how data is handled, how to find needed information within the data, what’s currently available and who has access to it should grow as well.
  3. Decisions that mix intuition with analytics
    Another major issue involves helping management by teaching them the needed skills and attitude in order to appreciate that analytics can boost and support intuition.
  4. Changes in organizations to show the value of analytics
    It is crucial to establish institutional structures such as data centers, data councils and labs, as well as centers of excellence to show staff that the enterprise is taking data seriously as a primary asset.

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