Business Intelligence and the Wave of Change: Ready to jump in?
You see the writing on the wall as it relates to the transformation of business intelligence and data analytics, but where and how do you start?
As discussed in our last post, we predict that some key changes will transform how organizations approach data and analytics over the next few years:
The depth and relevance of useful data will expand to include a much broader reach of employees;
Savvy organizations will embrace the complexity of analytics and become increasingly more comfortable with less visibility of the “back-end;” and
More effective use of data will help AI-driven recommendations that leverage time relevant, contextual-driven insights.
In short, analytics will adapt to the needs of an organization’s employees and customers instead of forcing them to adopt more traditional approaches to producing and consuming information. Data and analytics leaders must plan for fewer constraints in how analysis is done and focus on more choices in how it can be used.
Leading-edge enterprises have already begun thinking about the implications of this impending step change as they plan their data management and analytics strategies. Wondering how to tackle it in your own organization? Deciding to jump in rather than watching from the sidelines is a great start!
Here are several initial steps every organization can take to help prepare and embrace the upcoming era of information gathering and sharing:
Begin the adoption of push-driven, conversational, augmented analytics by identifying common errors in business processes that could have been avoided with simple analysis. Be sure to involve many different parts of the business in the conversation; chances are they already have visibility on areas that are ripe for probing.
Change the product criteria for analytics to include elements that reflect the context in which a decision is made. Evaluate a product’s ability to respond to location, activity, and user profile when creating insights.
Create a culture of “citizen data scientists” by sharing examples of how data driven information is impacting business performance across the organization and encourage the use of analytics to question assumptions and drive business decisions. You might be surprised how eager people are to have new tools to help them make better, more informed decisions.
Create an effective process for identifying valid analytic techniques for each business decision by combining analysts, line-of-business decision makers, and other supporting departments such as finance and legal into an analytic governance committee. Developing a formal plan that not only drives towards but instills the need to have a single source of truth is vital for effective data management and governance practices.
Whether an organization chooses to act now or adopts a wait-and-see approach, one thing is clear: Change is here now for some and coming to the rest, and like it or not, it will have a profound impact on everyone. Will you and your organization be ready to ride the wave? Let’s start a discussion.