Every leader comes with a powerful vision. However, in today’s world, you need to harness the power of data to turn your vision into reality. Insights from data will help you formulate strategies not only for growth and innovation but also to keep your workforce happy, engaged, and motivated.
Big data and tools that help to make sense of that data are the integral parts of an organization. If you consider data to be the new oil, then analytics is definitely the combustion engine. Without analytics, organizations would simply be shooting in the dark. Research indicates that the Big Data Analytics Market is expected to grow at a CAGR of 29.7% to $40.6 Billion by 2023[i]. Data Analytics promotes business expansion, improve efficiencies, helps in gauging customer trends, optimize campaigns, and gain a sustainable competitive advantage.
Data Analytics and C-Suite
If an organization does not adopt data analytics into its systems, then it is most likely to stay behind its competitors. But many companies do not realize the full potential of data and data analytics due to a lack of support from the C-suite. To strive ahead, the company’s leadership must adopt analytics into decision-making and lead by example. It is one of the biggest and most reliable tools for defining vision and strategy.
As business evolves, new C-suite roles are added. We have seen how the roles of a CFO and CMO came into the spotlight. If you go back to the 1980s, these roles were almost unheard of. Changing the business environment and dynamic conditions need more C-suite employees. The data revolution highlighted the importance of the CIO (Chief Information Officer) or CDO (Chief Data Officer). The power of data lies in its dynamic processing and interpretation.
A 360-degree change in mindset
Senior management should embrace the idea that data and analytics is now a core business function. Unless the C-suite introduces a data-driven culture within the organization, this behavioral change will not radiate amongst the employees of the organization. The first question that they must ask, ‘Where and how data and data-driven insights can increase performance?’. This exercise should be taken right from the C-suite until the lowest individual unit in the hierarchy. Each division and business unit must find avenues where data analytics can deliver better results. Such discussions would open new possibilities and help an organization always stay ahead of the competitors.
Predictive Analytics and Machine Learning are very critical to decision making. The adoption of these techniques by the C-level employees would remove any speculations and ease the promotion of the data-driven culture.
Define a Data-Analytics Roadmap
Like any other opportunity, Data analytics would remain under-utilized if there is no clear and well-defined strategy. Many companies adopt data analytics but cannot reap the benefits of it due to the lack of a data-driven strategy. The planning of the strategy must begin from the top-level management. It should include different business heads and leaders. They, in turn, would communicate the strategy to their mid-level managers. In this way, the data culture would run deep into the veins of the organization.
A few years back, a telecom company adopted big data analytics to improve their pricing and service based on consumer insights. The data team did their part and prepared the models, but the operations team had no idea how to use them. For them, it was not a priority, and they had no plan on how to use the insights.
If you want to explore the full potential of data analytics, you must have a well-defined roadmap.
Securing the Experts
To establish authority and expertise in data analytics, you need a lot of resources, tools, and models. The top management must figure out the dilemma of the buy vs. build trade-off. The typical questions that plague the mind at this stage are – Do the performance improvements and plans justify the development of in-house data analytics resources and intellectual property? Or is it wise to outsource the task, and use the models and tools developed by an external vendor?
‘Leave it to the experts’ is the best modus operandi when it comes to data analytics. Customized software and dashboards help you not only with data discovery but also with analysis and interpretation enabling you to deliver tangible business results.
Why use customized dashboards
Dashboards are a one-stop solution for interacting with data, gathering insights, and staying up-to-date. Customized dashboards allow you to quickly access data, measure the performance of the organization in real-time, and take better business decisions. You can put up the KPI’s and information you need and keep customizing it according to the business need. This allows you to see all the information and even dig deep into any of the data if you wish to.
This allows you to measure the performance of each functional department and formulate strategies to improve them. Customized dashboards give way to great visualization, intuitive analysis, and makes issues easier to notice. With an overwhelming amount of data around you, custom dashboards serve to be the answer for better insights.
Also, there is no additional need for training; every custom dashboard is intuitive in nature with easy navigation through the information and controls. With custom dashboards, you can realize the true impact that data and analytics create for your organization.
Once the top management starts using predictive analytics, machine learning, and custom dashboards, it would create a data revolution in the entire organization. With custom dashboards, C-suite leaders can put all the metrics under one screen, monitor the performance of the company, and make quick data-driven decisions to drive productivity and revenue and reduce risk.
In this changing world of uncertainty, you need to evolve each day to stay ahead. If an organization can take full advantage of data analytics lead by its C-suite, then it would always stay ahead in the game.
At i2e consulting we help you build customized dashboards to gain critical business intelligence in quick to view graphics. You can get answers to critical business questions, align business actions with strategy, and boost productivity in just a few clicks.
more information visit www.i2econsulting.com