Sears, Toys “R’ Us, RadioShack... many of this generation’s best-loved brands have been disrupted in part because they could not transform from business as usual. In today’s business environment, new customer experiences and business models often mean the difference between success and decline. Survival relies not only on recognizing trends and knowing (or anticipating) what customers want or need—but also acting upon this knowledge faster than competitors.
An insights-driven organization has the advantage in this situation. These data-driven businesses possess key capabilities such as extracting new value and insights from their analytics application and pulling in and combining data from a variety of sources both inside and outside their organization. The effectiveness of each organization when it comes to these capabilities sets them apart even further, as shown below:
Leading Insights-driven Change
When it comes to insights-driven leaders, their approach is often marked by taking a step back before leaping forward. These organizations are:
- Always thinking about how they are going to evolve their business model or create a new one
- Thinking of what their data should look like and asking questions of it based on their customer experience and business model evolution goals
- Assessing their processes and platform and breaking down silos to create an organization-wide strategy rather than starting in one or two departments and hoping a data-driven revolution will catch on
For organizations striving to become the ultimate Intelligent Enterprise, their transformation must be both well thought out and holistic. “This is not a revolution, although it looks like one because the pressure is so high,” says big data, analytics, and digital transformation influencer Ronald van Loon in a new Pulse Survey from Harvard Business Review Analytic Services. “It’s a step-by-step approach, and it needs to be long-term and consistent. Companies must focus on the customer, create organizations that are flexible enough to adapt to these changes, put in place a platform to manage data, and have a clear view on strategy.”
Evolving into an Intelligent Enterprise
What’s holding most organizations back from a game-changing evolution? How are others leading and succeeding? The Harvard Business Review Pulse Survey, sponsored by Snowflake, MicroStrategy, and Wipro, reveals goals, challenges, and insights on data and analytics maturity from 729 business leaders.