Data and analytics can help organizations to figure out what might be going to happen, it can give you actionable insights and recommendations for the business. Moving towards digital transformation, organizations may have huge collected data that can be your business assets like your people, products/services, or property if the organization successfully brings most out of data with the right data analytics strategy. Traditional or modern data analytics strategy?.
According to Gartner’s recent study- less than 50% of documented corporate strategies mention data and analytics as key components for delivering enterprise value. Reason for this because traditional data and analytics strategies overlook the demands of digital business initiatives.
Mike Rollings, research vice president at Gartner, said, “IT leaders need to look at data first to succeed in their digital initiatives, rather than treating them as an afterthought to help with ad hoc projects, Chief data officers (CDOs) must shift toward using data and analytics capabilities to transform business models and improve customer experiences, elevating data and analytics strategy to the enterprise level.”
For decades businesses embracing data and analytics strategies and have been service-centered, which is where strategy looked more like a list of projects or changes going on in the enterprise that required peripheral support from the data and analytics department.
With digital transformation, organizations must look towards the benefits and use of data and analytics in everything we do and across our business ecosystems, helping our organizations examine how the use of internal and external data can reinvent how we deliver value.
Tech advancements helping the business to move fast, but many businesses struggling to maintain the pace, These business leaders must understand the importance of data and analytics for their business and how the investment of data and analytics could be a game-changer for them.
Benefits of Modern Data and Analytics strategies
- Better customer understanding
- Key decision making
- Delivering relevant product and services to the right customer
- A better understanding of competitors and market trends
- Very helpful in advertising campaign planning
- Improved customer experience
- Better product management
- Demand oriented solutions
- Vendor and partner management
- Internal operation management
Modern Approach to Data and Analytics: According to Gartner, nearly half of IT leaders plan on increasing their analytics investments to support digital transformation in the coming year. “It’s impossible to be a digital business without being a data-driven enterprise. And, increasingly, data and analytics is part of every business discussion about digital transformation,” said Mr. Rollings.
According to a Gartner CDO survey, data and analytics strategy implementation were ranked at 3rd position in the most-critical success factor among CDO respondents, yet not enough CDOs have achieved a balanced data and analytics operating model.