There is a famous observation by Sue Trombley at Iron Mountain that most organizations simply lack the skills and the culture to actually use their information for a competitive edge. It is a sentiment that still rings true for many business leaders today.
In the rush to keep up with the latest tech trends, many companies treat advanced analytics like any other technology wave. They move quickly to buy expensive tools and build massive big data infrastructures to power their projects. However, even after spending significant amounts of money on these solutions, many businesses fail to see any real change in their bottom line.
Why Is the Impact Missing?
The reason is actually quite simple. We often forget that analytics is not just about the tools or the infrastructure. Neither knowledge nor technology can solve business problems when they exist in a vacuum.
Instead, we should view analytics as a data driven problem solving process. It is about using the right information and applying the correct statistical techniques to gain insights that actually help you make a better decision. To build an organization that truly thrives on analytics, you have to focus on the ecosystem. This means cultivating a team of people who apply data driven thinking to every part of the business while using technology as a supporting tool rather than a final destination.
Success Requires a Shift in Thinking
So where should you start? In our daily conversations with partners, we find that most people start by looking at their existing data assets. They ask questions like:
- What data do I already have?
- What can I analyze right now?
This is a traditional bottom up approach. The problem with this method is that when you sift through massive amounts of data without a clear goal, your actual business problems become secondary. You end up with a lot of charts but very few answers.
Turning the Pyramid Upside Down
True analytical thinking requires a different path. It starts at the top of the decision pyramid. You begin with the specific decisions you want to make, followed by the questions that need answers. These answers are your actual insights.
Once you know the questions, you can identify the type of analysis needed to find those insights. Only then do you look at what data is available or determine what new data you need to collect to solve the problem.
At Intuceo, we help enterprises move beyond the hype and start getting more out of their information. We pride ourselves on being a partner that helps you rank among the best in your industry by putting decisions first and data second.
Watch the video below to see why our customers consistently rank us as their preferred partner for data analytics.
