Driving Business Value through Data Analytics
Introduction
In the modern era of abundant data, driving business value through data analytics is crucial for staying ahead of the competition. The mandate of the data analytics team goes beyond creating data paths, focusing on driving insights that correlate with real business outcomes.
Driving Business Value through Data Analytics
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According to our CDAO surveys, just over 50 percent of CDAO is actually responsible for driving value.
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To stay ahead of competition, it is crucial to drive innovation using analytics to bring forth real business value.
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The data analytics team’s mandate is not just to create data paths, but to drive insights that correlate with business outcomes.
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Using data to solve real-life business problems is critical in the modern era of abundant data.
Creating a Community of Influencers in Business to Drive Data and Analytics Value
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The key insight is to encourage business professionals to take ownership of the discussion around insights.
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The Eureka moment was the creation of a community of influencers within the business space to emphasize the value of data and analytics.
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Gartner’s article about ‘instagrammers of data’ resonated well as it highlighted the relevance of influencer communities in the business environment.
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Influencer communities have a significant impact as they influence individuals within the business and can potentially drive the adoption of new ideas and practices.
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It is essential to understand the power of influencer communities and how they shape the decision-making process within the business.
Creating Value in Data Analytics: Key Strategies for Success
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Involving stakeholders in the data and analytics process is essential for creating value
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Establishing internal evangelists for analytics can help in communicating the value to a wider audience
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By 2024, only about 50 percent of data analytics strategies are expected to deliver the value due to organizational challenges
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Organizations need to implement necessary changes to create influencer circles and centers of excellence for data analytics
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Increasing awareness and understanding of the value of data can contribute to overall success in analytics
The Importance of Cultural Change in Data Analytics
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Cultural change is essential for all stakeholders to become data savvy, not just data hungry.
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Creating analytics without a specific problem to solve is ineffective and akin to using a hammer to find a nail.
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Bringing the business to the forefront and defining a problem is crucial to effectively utilizing data and analytics.
The Importance of Business Outcomes in Data Analytics
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Focusing on business outcomes is essential in gaining the attention of business leaders. Understanding the decisions they are trying to make and the challenges they face allows for a more targeted approach to data analytics.
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Data analytics teams should aim to align with the overall business strategy rather than operating as a separate entity. This integration enables the team to have a more significant impact and be involved in critical decision-making processes.
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The shift from being a project-based team to having a seat at the strategy table marks a significant evolution for data analytics. It indicates a transition towards being an integral part of the business rather than a peripheral function.
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A successful data analytics organization is one that seamlessly integrates with the business, becoming omnipresent in its operations. This level of integration signifies true success for the data analytics function.
Conclusion
By aligning data analytics with business outcomes, involving stakeholders in the process, and understanding the importance of cultural change, organizations can create a significant impact through data-driven decision-making. The shift towards a business-integrated data analytics function marks the true success of data analytics in driving overall business value.