The biggest question facing organisations yet to embark upon any serious analytics activity is where to start?
With so much data and so many analytics techniques to explore, it is easy to freeze like a rabbit in the headlights. Choosing to do nothing is not an option when two thirds of respondents to a recent survey report that big data and analytics initiatives had a significant, measurable impact on their revenues.
That’s not to say that companies should throw themselves in at the deep end. So what are the options?
Honesty is the Best Policy
Companies need to be honest with themselves and ask, what is our current level of analytics maturity? How do we compare to the competition and to other market sectors? Have some teams demonstrated more expertise than others?
Why is this important? The more mature an organisation is at using analytics to interpret data, the better it will become at tackling tough decisions to keep the business at the top of its game.
The first step is to identify and fill in the gaps in skill sets, data and technology. The emphasis is not just to get better at collecting data and analysing it with the most appropriate analytic tools; it should be about exploring how these resources can drive organisational change.
Without a bias towards action, any newly created insight will not amount to much.
Let the Data Tell the Story
Armed with the right, detailed data, a company can define and prioritise the parts of the business or the types of challenges that data and analytics can have the largest impact.