Today’s digitilised businesses generate huge amounts of data. The problem is to actually make any sense of this huge volume in a timely manner and harness the power of data to swiftly react to and capitalise on opportunities for growth, innovation and competitive advantage.
Your organisation may not fully be utilising the myriad ways data and analytics can bring about strategic insights. Data analytics is a strategic business tool to solve specific and complex organisational problems, equipping you to routinely and swiftly make fact-based decisions throughout your business.
This is not about buying some software tool with the words “business intelligence” on it, installing it and “Hey presto: instant analytics!” Too many business intelligence projects have failed to deliver on the promise of everything to everyone at the press of a button. It’s all about presenting a perspective on the data that suits each business manager but that is consistent throughout the organisation.
Implementing the tools involves understanding the various facets of the business and seeing what data sources should be included and then analysed; how it needs to be brought together; and how it should be displayed to help the decision-makers – the CEO, owner, marketing and sales managers – know what is actually happening at any given moment.
This can enable your organisation to use new business models to drive revenue and profitable growth. Using fact-based insights to drive your innovation strategy, powered by analytics applied to rich data, enables your company to identify opportunities for innovation and growth.
You can also know and serve your customers better. Alignment between internal operating effectiveness and external customer experience is possible. Data and analytics can yield valuable insight into customer behaviour.
Another advantage is that you can transform organisation models and workforce strategies with better insights: nurture a data-driven culture in your organisation to make and take timely, fact-based decisions and actions.
Using fact-based decisions to drive your business strategy, powered by analytics applied to rich data, enables your organisation to be more successful. Selecting the right tools, data engineers and performance metrics are some of the steps that build and encourage a fact-based decision culture for improved results.
According to PwC’s fifth Annual Digital IQ survey of more than 1,100 business and technology executives, 41 per cent of respondents are concerned about big data overload. The survey identified five main behaviours which lead to achieving a high level of digital IQ: the CEO actively champions digital initiatives; the CIO and CMO have a strong working relationship; they look outside their companies for innovation ideas: an integrated approach to IT transformation; The New IT Platform; understand that digital skills are an enterprise-wide capability.
PwC says it helps organisations and individuals create the value they’re looking for. For more information visit www.pwc.com.