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Why Analytics is Viable and Affordable for Your Business

Thu, Aug 8, 2013 @ 12:53 PM / by Jennifer Cook

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Recent research from IDC indicates that there is a compelling partner opportunity for analytics. While there is no question that there is a strong partner opportunity, what this information and graphic really represent is how partners can help businesses utilize the data and information they have to make more informed, timely decisions. Businesses that normally would not consider analytics to be a viable, affordable resource can now compete with the larger companies that have been using analytics for years. In the infographic there are key data points for businesses to consider. Given that 68% of companies do not have a stated Business Intelligence/ Analytics strategy and 63% of IT and business executives are not familiar with the phrase "Big Data”, it’s clear that there is a compelling reason for businesses to look to third-party experts on how they can use the most powerful information they have, their own data, to drive better processes and decision-making.

An informative article from Tech Republic guides with ten steps you can take to ensure your analytics project is in step with a successful path. Oddly enough, number ten is probably the most critical and important, "Don't let your analytics do all the thinking for you."

Working with a third party expert that deeply understand big data and analytics to help a business identify what the goals are in using their data is a critical step in success.

For example, with analytics being accessible more widespread throughout an organization, it’s also important to scope out a project in many different levels of the organizations, such as, department, group, management, etc.  Analytics on their own can be powerful, but without a plan for knowledge and guidance, projects can quickly get off track. If you look at the data for the data’s sake without a plan and limit exposure to certain functions or capacities within an organization, you might miss the real opportunity to share and act upon critical data, which becomes knowledge and empowers your organization.

Topics: business intelligence, analytics

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