Data and analytics are fundamentally changing how companies operate.
Operations are becoming more efficient, making better and faster business decisions based on reliable and up-to-date insights, risks are being better mitigated, and customer and operational insight is driving improvements in core functions such as HR, procurement, and sales and marketing.
The old conventions for measuring, managing and monitoring a business — as well as assuring the quality of data — are being stretched to new extremes as speed, transparency and the need for trustworthy information continue to influence the marketplace.
But, while opportunity abounds for D&A in almost every corner of today’s organizations, some significant challenges still exist.
- How will organizations ensure that their data is valid and trustworthy?
- What are the questions that most need to be answered within the organization?
- How will executives guide their organizations toward an information culture?
- What operating and governance models will be successful in an analytics-enabled world?
- What competencies are needed to turn data into business insight?
- How can D&A be built in – rather than bolted on – to organizational processes to deliver more effective and responsive analytics capabilities?
In this new world, leading organizations are focusing on change management to create the type of high-performance, analytical culture that values new capabilities, infrastructure and underlying performance metrics.
But, above all, organizations are finding that by unlocking their data with smart analytics, they can make better business decisions, reduce risk and increase revenue. Clearly, this new world is a bright one.