“You’ve got to think about big things while you’re doing small things, so that all the small things go in the right direction.” —Alvin Toffler
According to MicroStrategy’s Global State of Enterprise Analytics Report, 90% of respondents note that analytics is key to their organization’s digital transformation, with 64% saying they plan to invest more in analytics in 2019 and 71% planning to invest more over the next five years.
However, Ventana Research CEO Mark Smith notes that before investing, organizations should think about how their investments will be able to transform their business, both now and in the future—and opt for a platform if they haven’t already. In the Ventana Research white paper, Digital Innovation for the Intelligence Enterprise, Smith writes, “investments must do more than simply replace the last generation of analytics. They should be smart, carefully considered, and appropriate.
“Being analytics-driven requires that an organization have technology platforms that are able to access and integrate efficiently with data from existing on-prem and cloud applications to support business and IT roles, including analysts, business users, and developers.
“Every platform must be able to operate across the enterprise, support applying analytics to data at any level, and scale as needed to generate metrics or derivative data. An organization often encounters challenges when it splits its efforts across a variety of tools that do not have the ability to share metrics and analytics.”
To maximize investments in and the potential of their analytics technology, Smith advises organizations consider the needs above, along with the ones below, to build a technological foundation for insights-driven success:
- Accessibility: Ventana’s research notes that 72% of organizations consider embedded analytics important
- Collaboration: More than two-thirds of organizations are using collaboration with analytics, and more than half (52%) are planning to use them both together, according to Ventana Research
- Mobility: For 54% of organizations, mobile technology has significantly improved their access to and use of data in the cloud
- Security: 57% of organizations say that security is a top concern for managing their analytics and data-related initiatives
- Artificial Intelligence and Machine Learning: Currently, the use of predictive analytics technology significantly impacts results in almost a third of all organizations
- IoT: Ventana’s research shows that almost half (43%) of organizations currently use analytics and BI tools to derive value from IoT data
“Successfully navigating digital transformation and embracing analytics requires a program and process to manage change effectively across work and resources,” notes Smith.
Organizations should take a big picture view when developing or evolving their data and analytics strategy, thinking about all the little things that need (or will need) to work together for brands to survive and thrive when it comes to competitive advantage and innovative advancement.
“You’ve got to think about big things while you’re doing small things, so that all the small things go in the right direction.”
To read more insights and advice from Ventana Research CEO and Chief Research Officer Mark Smith, download a complimentary copy of Digital Innovation for the Intelligent Enterprise.