Many of the country’s largest and most respected companies aren’t entirely data driven. Yet a typical Fortune 1000 company will garner $65 million in additional net income with just a 10% increase in data accessibility.
So what’s holding up the mass adoption of analytics culture?
Well, beyond issues like security concerns, a shortage of analytical talent and budget constraints, there’s also the added challenge of making data truly central to your business strategy, which can be a considerable undertaking.
But in the long run, companies that do so will ultimately perform better than their peers.
An analytics culture demands that the data that flows into your business daily is managed well and informs your decisions.
And while many successful businesses often already perform data science on their own in some capacity, only half (50.84%) are truly effective at analyzing that data for insights that drive business, according to a recent study from The Economist.
There are many reasons for that shortfall, including obvious ones, like a lack of data and the necessary technology to perform highly sophisticated data modeling.
But those aren’t the only reasons. In a company that isn’t already built around big data, only significant organizational changes and a shift in employee behavior will kick-start an analytics culture.
Below are three key areas where companies can focus to drive that change and make analytics a priority.
Recognize that analytics dashboards don’t hold all the answers.
Business intelligence and analytics tools have been around for years, and these solutions can be valuable — but only if you can understand what they are telling you.;