Translating data and information into meaningful business intelligence is as much art as it is a science.This is why the ability to do so effectively and successfully provides companies with such a distinct competitive advantage. Without these capabilities and insights, strategies and execution can, at times, come down to a guessing game.
Playing “chance” isn’t ideal for any company aspiring to a lasting and continually thriving future. Yet, this appears to be the approach of many organizations. According to a Gartner article, less than half of documented corporate strategies prioritize data and analytics as integral to delivering enterprise value.
Perspectives Are Shifting as the Digital Economy Takes Over
Gartner also predicted that this data analytics gap in the digital transformation space will close significantly by 2022. In fact, it’s expected that by then, 90% of businesses will hone into and pinpoint information as a prioritized enterprise asset and analytic skills as a necessity.
There’s now an understanding that adapting and thriving in the digital economy requires some manner of clairvoyance—meaning that technologies and consumer behaviors are rapidly shifting, almost as if permanently in flux. Competency and proficiency in data analytics is now more important and strategically valuable if companies are to keep up with evolving technology and market trends.
Instead of being relegated to “specialist” nestled away in a specific department, data and analytics leaders should and will be part of the high-level conversation. As much as a vision statement and big-picture objectives are focal elements across corporate planning, so should be information and the ability to interpret it.
Digital transformation isn’t a half-measure. It’s something that will only happen when data and analytics practices are understood, implemented, and embraced at an organization’s highest levels.
Data and Analytics Should be A Frequent Topic in the Boardroom
Since data and analytics are competitive differentiators, operational streamliners, and innovation igniters, such strategies should be regularly discussed with executives.
All the same, talk is cheap, and this philosophical shift must go beyond words. Despite their best efforts, many companies struggle with taking that challenging cultural step. Committing to information management and investing in advanced analytics and technology are not straightforward tasks.
If data and analytics are to spearhead a digital transformation that thrives over the long haul, following these insightful strategies is non-negotiable:
Strategy #1: Elevate the Prominence of the CDO
Chief data officers (CDO) should be increasingly relied upon and empowered to drive corporate planning, similar to CMOs, CTOs, or CEOs.
Once the CDO is appropriately established within a company, it’s then clear that data and analytics are a centerpiece, not merely playing a supporting role.
Strategy #2: Clearly Illustrate the Value of Data and Analytics
Perform research on your organization and other similar companies to clearly display data and analytics’ economic benefits.
This will give any doubters real-world proof of the profitability and positive results driven by these initiatives.
Strategy #3: Be Proactive with Data and Analytics
Ensuring that data and analytics shapes a company’s digital transformation necessitates unwavering determination. There must be a driving force (ideally, the CDO) steering corporate strategic planning sessions towards these aspects.
Focus on how data and analytics are currently being implemented and how they should look in the future. Ensure this messaging is internally and publicly reinforced through methods such as annual reports and investor conferences.
Strategy #4: Change the Data and Analytics Conversation
CDOs and other data and analytics employees must focus on measurements conveying their initiatives as valuable assets. This way, from top-to-bottom, there will be a shift in the company’s behavior and culture in how information, and its interpretations, are viewed.
Strategy #5: Invest in the Right Tools
It’s time for companies to evolve from their traditional business intelligence tools and methodologies.
Data science and machine learning are two examples of advanced analytics competencies that organizations should borrow, buy, or build.
These kinds of tools should be embedded across all aspects of the business.
Strategy #6: Stay on top of Data and Analytics Trends
Here are a few current data and analytics trends to consider (as provided by Gartner):
- 75% of companies will move from piloting to operationalizing AI by 2024’s end. This amounts to a 5x increase in streaming data and analytics infrastructures.
- Visual, point-and-click authoring and exploration will be replaced by dynamic data stories with more automated and consumer-centric experiences.
- Over 1/3rd of large organizations will have analysts practicing decision modeling and similar forms of decision intelligence.
Staying on the cutting edge will prove crucial to a company’s digital transformation. Keeping one’s ear to the ground means remaining informed about these trends.
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Call us today to learn more about how we can help you hire the top data and analytics talent in the marketplace.