Brands that promote collaborative working are five times as likely to be high performing. That’s the finding of a recent study of more than 1,000 companies conducted by the Institute for Corporate Productivity (i4cp) and Rob Cross, Edward A. Madden Professor of Global Business at Babson College.
This is why Ventana Research SVP David Menninger focuses on the importance of collaboration when it comes to analytics in 10 Enterprise Analytics Trends to Watch in 2019. Individuals shouldn’t just be doing analytics for analytics’ sake or consistently presenting a single point of view when it comes to findings from data, but should be collaboratively driving insights and actions that improve their organization’s bottom line.
Keep your eye on the prize—action, not just analytics. Look to support those actions with collaborative decision making. Doing so will help ensure that your analytic processes result in actions that improve the bottom line for your organization. —David Menninger, Ventana Research
“Good analytics tools can help organizations solve problems by exploring the impacts of different scenarios and comparing them to help clarify which would be the best course of action,” says Menninger. “But even when organizations have decision-making options to compare, the choice of a best decision is rarely black and white. Usually, communication with others is required to pick the best course of action.
“The best outcomes typically are ones that have been vetted with colleagues as an integral part of the process and have included the assigning of tasks to the participants and tracking those tasks to completion,” notes Menninger. “This visibility into the process helps document decisions, both for compliance purposes and for knowledge sharing. Collectively, I describe these capabilities as collaborative decision making.”
Ventana Research says that more than half (52%) of organizations either already use or intend to use collaboration with analytics, and that by 2020, collaboration will become a standard feature of three-quarters of data and analytics processes, similar to how visualizations are part of them now.
Is your organization already benefiting from collaboration?
Looking for more advice on becoming a data and analytics leader in 2019? See what today’s top thought leaders say requires your organization’s attention now. Download the eBook, 10 Enterprise Analytics Trends to Watch in 2019, to read insights from today’s top thought leaders, including Constellation Research’s Doug Henschen and founder Ray Wang, Forrester analyst Mike Gualtieri, Ventana Research’s Mark Smith and David Menninger, IDC’s Chandana Gopal, Marcus Borba, Ronald van Loon, and more.