“For a typical Fortune 1000 company, just a 10 percent increase in data accessibility will result in more than $65 million additional net income.” - Richard Joyce, Senior Analyst at Forrester.
Let me ask you this –
Do all your employees have access to data? How many times do you or/and your employees refer to data before making a decision? How many times do you or/and your employees refer to data before defining strategies and determining actions?
What if you lose all your data tomorrow? Will it impact business decision processes? Will it hurt operations? To what extent will the loss impact your ‘Business as Usual’?
Your answers will give you an idea of how far ahead or behind your organisation is in the space of data analytics adoption.
Whether it’s for small value projects or high-stake situations, people make gut-based decisions every day, across hierarchies and across departments.
There is no doubt that data driven decisions are far more reliable and effective.
Studies suggest that firms that adopt data driven decisions have output and productivity that is 5-6% higher than what would be expected given their other investments and information technology usage.
Yet we don’t push that enough. Why? The answer requires us to look at various levels that hinder data analytics adoption for businesses –
Let’s consider for a moment that everyone has access to data and that data is well secured. Now, let’s talk about the last 2 very critical points with respect to data analytics adoption.
Data mining is a cumbersome process. And let’s face it, not everyone’s skill-set or role-expectations need them to be proficient at this. So, what happens when people have access to data but no way to understand, analyse and use that data in time? It’s way bigger a loss than not having access to data in the first place. Because at this stage companies have invested in aggregating data, yet they can’t leverage it for profits.
Also, it’s as unfair as it is impractical to expect all employees to possess or gain technical knowledge to be able to analyse relevant data for business decisions. Can we expect everyone to draw creative illustrations? No. Then, how can we expect everyone to be data savvy.
Organisations do not consider data analytics in business processes, where it’s equally, if not more, significant as in any other domain.
A furthermore concerning issue related to data analytics adoption is that most organizations operate in silos across the enterprise, which leads to improper communication, delayed information and ineffective decision-making.
The need is for a solution that integrates these data silos and enables efficient data analysis for each concerned party.
Beagle is a virtual data analyst that addresses all these problems for your business data analytics adoption needs.
Through this analyst, we empower people and businesses to promote data democratization and foster collaboration among teams.
This analyst provides a centralized platform for all concerned stakeholders within the company to access processed, structured data with guided analytics.
Looking to drive data analytics adoption in your business? Connect with us and our data & analytics experts will take care of it.
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